Global Animal Healthcare Market, By Product Type (Feed Additives, Pharmaceuticals, Vaccine), By Animal Type (Livestock animals, Companion animals), By Distribution Channel (Pharmacies, Online, Distributors), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

Published:
June 2021
Report Code:
BWC19417
Available Format:
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Pages:
185

animal healthcare market bwc19417

Global Animal Healthcare Market- Industry Trends & Forecast Report 2027

The global animal healthcare market was worth USD 49.1 billion in 2020 and is further projected to reach USD 81.4 billion by the year 2027, growing at the CAGR of 7.6% in the forecast period. The increasing veterinary service providers and private companies that concentrate on animal health care and focus on developing products and services for companion animals in the health care sector are driving the growth of the animal healthcare market worldwide. Furthermore, various technological advancements and constant research and development are further propelling the market growth.


Source: BlueWeave Consulting

Global Animal Healthcare Market- Overview

Animal healthcare is conserving, directing, and safeguarding animals against disease, as well as providing them with necessary veterinary services in order to increase their longevity and yield. It is a prosperous industry that takes care of the needs of livestock and companion animals to remain healthy. Animal vaccinations provide protection against illness by forming a protective barrier that prevents humans from coming into contact with their animal's pathogens, which play a major role in the transmission of diseases to humans. Presently, various recognized companies are progressively aiming at the development of healthcare services and products for different animals.

Global Animal Healthcare Market Forecast and Trends

Growth Drivers

Growing animal husbandry around the world

Animal husbandry significantly contributes to the GDP of emerging nations around the world. Because agriculture is the primary source of income in underdeveloped and emerging countries. However, with the increased emphasis on the quality of animal products and the entry of large and small companies into the field, animal husbandry has become technology-driven. As a result, there is a greater awareness of the need to manage outbreaks of new and old animal infections. As a result, the animal healthcare market is on the rise. As a result, the animal healthcare market is witnessing an upswing.

Increase in pet adoption rates

Pet adoption for companionship has increased dramatically over the last decade, particularly among the elderly. People adopt pets mostly for companionship, and there has been a considerable transition from being pet owners to becoming pet parents. The growing number of pets and the rapidly changing implications of technology is driving the animal healthcare market globally. Increasing disposable income in developing countries and introducing animal-specific products will also boost the overall demand from the animal healthcare industry in the foreseeable future. These are some of the factors powering the growth of the market.

Restraints

The high price of veterinary Drug

Veterinary drugs are highly expensive as the authorization process for a drug is highly regulated. The process of getting a chemical to a saleable product, governmental supervision, financially exhausting, scientifically accurate, and valid method directly influences the cost of the drug. In a broad field of science and technology, all major drug companies employ experts due to which cost rises. This may hamper the market growth of the animal healthcare market.

Impact of COVID-19 on Global Animal Healthcare Market

The global animal healthcare market is one of those industries which significantly flourished after the breakout of COVID-19. This is because the virus emerged from livestock intended for human consumption and spread fast over the world, impacting millions of people. As a result, increased awareness regarding animal health and virus prevention has led to the growth of the animal healthcare sector. Furthermore, governments from various nations are beginning to develop regulatory measures to ensure that livestock animals are free of infection and safe for human consumption.

Global Animal Healthcare Market - By Product Type

Based on product type, the global animal healthcare market is segmented into feed additives, pharmaceuticals, and vaccines. Among these, the feed additives segment is expected to dominate the market in the forecast period due to their use as prevention of disease rather than cure of animal disease. Additives to feed are further divided into food and therapeutic additives. The rising development of feeding stuff is also one of the driving forces for market growth.

Global Animal Healthcare Market - By Animal Type

Based on the animal type, the global animal healthcare market is segmented into livestock animals and companion animals. The livestock animal segment dominated the market in previous years and is expected to maintain its dominance even in the forecast period. Due to the increase in the adoption of livestock animals to meet the demand for animal-based products, the livestock segment is booming. Among livestock animal poultry, fish, sheep, and cows held the largest revenue in the animal healthcare market. Individuals' rising income levels, together with adherence to recent trends, contribute to an increase in the number of livestock animal adoptions, which, in turn, leads to an increase in the need for companion animal healthcare services.

Global Animal Healthcare Market - By Distribution Channel

Based on the distribution channel, the global animal healthcare market is segmented into pharmacies, online, and distributors. The pharmacies segment is expected to dominate the animal health care market in the forecast period. The growing number of animal surgeries will drive the demand for the section due to the rising awareness of animal health and wellness. Also, the availability of modern and technologically advanced instruments in veterinary pharmacies would accelerate the growth of the market.

Global Animal Healthcare Market - Regional Insights

Geographically, the global animal healthcare market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America is expected to dominate the region during the forecast period due to factors such as housing enormous meat and milk-yielding animal populations, rising demand for protein-rich diets, and higher instances of animal disease.  Asia-Pacific will be the fastest-growing region mainly due to factors such as the increasing prevalence of zoonotic disease, the presence of major market players involved in the manufacture of animal health products, and compulsory animal immunization by regulatory agencies, as well as higher disposable income for keeping companion animals.

 

Competitive Landscape

The leading market players in the global animal healthcare market are Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players.

The leading industry players invest considerably in R&D in order to create and offer new and improved products. Global and regional market players dominate the market, and are also seeking to increase their distribution networks to make their products more accessible.

Recent Development

l  In May 2021, Anivive, a pharmaceutical company that uses AI software for developing novel therapeutics for pets, announced its collaboration with MWI Animal Health, a leading distributor of animal health products. Through this collaboration, Anivive aims to accelerate the distribution of their first oral canine lymphoma treatment called ‘LAVERDIA-CA1’.

l  In February 2021, Neogen Corporation, a US-based food safety company, announced the relaunch of FDA-approved ‘ThroKare’ (levothyroxine sodium tablets) as replacement therapy for diminished thyroid function in dogs.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Product Type, By Animal Type, By Distribution Channel, By Region

Key Players

Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals PLC, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players.

By Product Type

Ø  Feed Additives

Nutritional Feed Additives

Medicinal Feed Additives

Ø  Pharmaceuticals

Anti-infective

Antibiotics

Anti-Inflammatories

Ø  Vaccine

 

By Animal Type

Ø  Livestock animals

Ø  Companion animals

 

By Distribution Channel

Ø  Pharmacies

Ø  Online

Ø  Distributors

 

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global animal healthcare market?

Answer: The global animal healthcare market reached USD 49.1 billion in 2020.

2. What are the major factors driving the growth of the global animal healthcare market?

Answer: The major factors driving the growth of the global animal healthcare market are; growing animal husbandry around the world and an increase in pet adoption rates.

3. Who are the key players in the global animal healthcare market?

Answer: The key players in the global animal healthcare market are: Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players.

4. Which animal type segment accounted for the largest share in the global animal healthcare market?

Answer: The livestock segment accounted for the largest share in the global animal healthcare market.

5. Which region is at the highest growth rate in the global animal healthcare market?

Answer: North America has the largest share in the global animal healthcare market.

COVID-19

We've been tracking the direct impact of COVID-19 on this market, and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Contact our sales team for more details at

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