The global Animal Health Market Size is projected to exhibit 5.7% over the forecast period. It can be driven by the outbreak of infectious diseases affecting animals in recent years. For instance, porcine reproductive and respiratory syndrome (PRRS) had costs farmers in the U.S. close to USD 600 million. Deterioration of animal health can negatively economic growth of nations and overall stability of the agricultural sector. The market had stood at a value of USD 38,500 million in 2017.
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Rise of zoonotic diseases, inflated spending on animal health, rising adoption numbers of pets, and growing pet insurance are major factors expected to drive market growth. Scientists suggest that 6 out of 10 infectious diseases affecting humans have the probability of coming from animals, according to the Center of Disease Control & Prevention (CDC). Government programs supporting veterinarians, scientists, and farmers in their fight against tackling infectious diseases is expected to work favorably for the market.
Animal health is a branch of medicine catering to the welfare of companion and farm animals. It is vital in preventing the propagation of infectious diseases to animals, which in turn can affect humans. Continuous monitoring of animals is a prime aspect of animal health. The global animal health market report by Market Research Future (MRFR) contains an analytical perspective on numerous trends, opportunities, drivers, and restraints to be faced by manufacturers creating medicines and drugs for the period of 2018 to 2023 (forecast period).
But high costs associated with animal health and lack of veterinary services in underdeveloped services can hamper market growth.
Eli Lilly, Virbac, Zoetis, Elanco, Vetiquinol SA, Merck Animal Health, Boehringer Ingelheim GmbH, Ceva Sante Animale, Bayer AG, and Nutreco N.V.
· The global animal health market is segmented by animal type, product, route of administration, and distribution channel.
· By animal type, the market caters to farm animal and companion animal. The farm animal segment has been further segmented into sheep & goats, poultry, swine, cattle, and others. While the companion animal segment has been further classified into equine, dog, cat, and others. Among the two, the farm animal segment is expected to hold the largest market share of the animal health market till the end of the forecast period.
· Products include feed additives, pharmaceuticals, and vaccines. Pharmaceuticals are further sub-segmented into anti-inflammatory, parasiticides, anti-infectives, analgesics, and others. While, the vaccines segment is further split into recombinant vaccines, live attenuated vaccines, inactivated vaccines, DNA vaccines, and others. The vaccines segment to register the highest CAGR in the global animal health market during the forecast period.
· Based on route of administration, the market has been segmented into topical, oral, parenteral, and others.
Geographically, the market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can dominate the global animal health market till 2024 owing to heightened demand for advanced veterinary services. Focus on animal safety, demand for animal protein, medication of pets, and adoptions of pets from shelters are major drivers of the market. According to the American Pet Products Manufacturing Association (APPA), nearly 80% of pets in the U.S. are treated with drugs.
APAC is projected to display the fastest growth rate during the forecast period owing to rise in animal welfare programs and the growth in the population of animal welfare programs. India and China are countries expected to contribute to regional market growth.