Animal healthcare has become a focus area for many pharmaceutical companies in the past decade. The particular market has become even more important because of greater instances of animal disease outbreaks coupled with large-scale factory farming that requires high quality animal feed additives, vaccines as well as hygiene management products. The animal healthcare market is categorised into product type and animal type. Products in animal healthcare market comprises feed additives, pharmaceuticals and vaccines. Feed additives include feed supplements, medicated food and nutritional feed to overcome the protein and vitamin deficiency majorly in farm animals. Pharmaceuticals include antibiotics, antiparasitics, anti-inflammatories, analgesics and fertility drugs. Animal healthcare market depends on the animal type that is production animals and companion animals. Production animal includes poultry, swine, cattle, equine and aquaculture. Companion animals include dogs, cats and other small animals.
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Market Value and Forecast
The Global Animal Healthcare market revenues are projected to expand at a CAGR of 4.3% during the forecast period 2017-2027 and a reach value of US$ 54,548.0 Mn by the end of 2027.
The primary factors fuelling demand in the Animal Healthcare market are increasing consumption of meat and milk globally. Beside that increasing foodborne and zoonotic diseases and rising trend of pet adoption are also fuelling the growth of the market. Consumers demand natural products and food processors demand transparent labelling – this is also anticipated to drive the demand in the Animal Healthcare market. Some of the factors hampering the growth of the Animal Healthcare market are increasing regulations and growing costs of animal testing. Restrictions imposed by regulatory authorities over usage of antibiotics has been negatively impacting antibiotic sales in the animal healthcare market.
Market Segmentation by Product Type
Based on product type, the global Animal Healthcare market has been segmented into Feed Additives, Pharmaceuticals and Vaccines. Feed Additive segment is estimated to account for 45% value share of the market by 2017 end. Pharmaceutical segment is expected to reach US$ 20,767.8 Mn by 2027 end and projected to grow at a CAGR of 4.2%. Vaccines segments is expected to be the least attractive segment by product type in the animal healthcare market over the forecast period.
Market Segmentation by Animal Type
Based on animal type, the global Animal Healthcare market has been segmented into Production Animals and Companion Animals. Among the animal types, Production Animals segment is projected to grow at the fastest CAGR over the forecast period to reach a value of US$ 35,041.9 Mn by 2027 end. Companion Animals segment is expected to gain a market value of US$ 13,725.0 Mn in 2017 and is projected to grow at a CAGR of 3.6% over the forecast period.
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The global Animal Healthcare market has been segmented into seven major regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA). North America dominates the global market for Animal Healthcare and is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to account for the second largest market value share, followed by APEJ. North America and Europe collectively constitute more than 60% of the market share over the forecast period. Japan is expected to be the least attractive region for animal healthcare due to less pet adoption.