November 26, 2019

Animal Health Industry is Supposed to Dominate Market at 5.7% CAGR

Animal Health Market:

What is animal health? Animal health industry growth encompasses everything from livestock animals to companion pets and their regular checkups, medications, and feed nutrition. Animal health has become a crucial topic in recent years in light of the increasing demands from the livestock industry as well as the growing demand for companion animals. Here’s a look at the various aspects of the global animal health market.

Animal Health Market Overview:

Animal health can be broadly classified as livestock animals and companion animals. The companion animals segment has been crucial for the animal health market over the last few years, as the number of people opting for pets of various kinds has grown. With pets come the various responsibilities associated with them, including that of maintaining the animal’s health and administering medications as necessary. This has driven the global Animal Health Market at strong growth rate. Companion animals are seen as a crucial aid in removing loneliness from the lives of their owners. Due to this, many new pet owners have been established in the last few years. This has driven the demand for animal health measures such as vaccinations and medications.

The issue of livestock animals has also been at the forefront of the animal health industry. Livestock animals include cattle, pigs, chicken, and others. These are the animals that are used as industrial commodities, in order to obtain commodities such as milk, eggs, and meat. Over the last 25 years, standards in livestock animal health have dropped noticeably, with bovine respiratory conditions increasing in prevalence and accounting for up to 40% of all deaths in livestock cattle. This has come on the back of the growth of the livestock industry, as the demand for meat and other animal products has grown steadily. This has led to a growing demand to improve animal health measures in the livestock animal trade.

Animal Health Market-Competitive Analysis:

Leading players in the global animal health market include Zoetis, Virbac, Vetiquinol SA, Nutreco NV, Merck Animal Health, Eli Lilly, Elanco, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Bayer AG.

In November 2019, AnimalhealthEurope pledged GBP 7.7 billion to inventing new vaccines and diagnostic tools by 2025. Such pledges are likely to be a major driver for the global animal health market.

In October 2019, L1 Health announced plans to acquire Destination Pet and launch a new platform for animal health and wellness across Europe and the U.S.

Regional Analysis:

North America is likely to remain the center of the global animal health market over the forecast period, followed by Europe. The companion animal as well as livestock animal trades have flourished in North America in recent years, leading to legal necessities regarding pharmaceuticals administered to the same. The growing legal support to the animal health industry is a major boost to the animal health market in North America.

The meat industry in North America is among the largest in the world, with the U.S. alone accounting for a significant share in the global charts. This has led to significant legal statutes regarding the provision of pharmaceuticals to livestock animals. The growing meat industry in North America is likely to be a major driver for the animal health market over the coming years. The animal health market growth in North America is also likely to be aided by increasing efforts from meat producers to keep livestock animals healthy and fit.