Animal Healthcare Market Forecast and Trends
The global Animal Healthcare market has reached USD 33 Billion in 2019 and is expected to grow nearly at a CAGR of 4.90% to reach USD 47.31 billion by 2026. The global Animal Healthcare market is driven by veterinary technological advancement, which is expected to propel future growth for the Animal Healthcare sector.
Over the years, the number
of public and private partnerships (PPPs) between veterinary laboratories and
livestock producers, veterinary service providers, and private veterinarians;
and veterinary service providers and private companies that concentrate on
animal health care has increased. Animal healthcare is a fast-growing industry
that meets the needs of several species of livestock and associated animals.
Currently, various established companies are increasingly focused on developing
products and services for companion animals in the health care sector. Also,
there are numerous efforts to educate the farmers and collaborate with domestic
businesses to develop better channels for distribution of healthcare goods for
farm animals and connect with biological and social values, thus driving the
demand of the farm animal healthcare market.
With the growing animal
population and increasing incidence of infections in animals, there has been a
rise in the enhancement in medicines for preventing the growth of viruses in
animals. A lot of animal diseases are recorded every year, which offer
prospects to companies in the animal healthcare market for product improvement.
The commonly reported diseases in animals are the Nipah virus (NiV) infection,
bluetongue, melioidosis, and porcine reproductive and respiratory syndromes are
widely reported in animals. Hence, companies are aggressively working toward
the improvement of drugs that would help prevent the spread of such diseases
and cure it.
Animal Healthcare Market: Overview
Animal healthcare is an act of preserving, directing, and protecting animals from diseases and supplying them with required veterinary services to improve their longevity and yield. Animal healthcare is a prosperous industry providing the needs of livestock and companion animal to remain healthy. Animal vaccines offer immunity from illness, creating a protective barrier for humans from touching their animals ' pathogens, which are more likely to come into contact with wildlife. Presently, various recognized companies are progressively aiming at the development of healthcare services and products for different animals. Growing demand for dairy products, with the need for a diet rich in protein, has resulted in an increase in the adoption of animals for commercial purposes. The animal healthcare business has seen numerous technological and scientific advances over the past few years. Regulatory agencies have made it compulsory to immunize the companion animals will lead to the growth and deep penetration for animal healthcare. With rising disease among animals and their spread to humans is one of the reasons for the growing demand for animal healthcare. According to the European Food Safety Authority (EFSA), about 320,000 cases of food-borne zoonotic diseases are recorded every year in the European Union. Thus, companies in the animal healthcare market are gradually aiming at the advance of medicines to help prevent the spread of food-borne zoonotic diseases.
Growing animal husbandry
around the world
Animal husbandry significantly contributes to the GDP of emerging nations around the world. It is because agriculture is the mainstream of livelihood in the underdeveloped and developing countries. Even today, cattle such as cows, buffaloes, goats, sheep that provide milk and meat are the primary source of income in rural as well as urban areas. But with the rising push on the quality of animal products and big and small companies entering the domain, animal husbandry has become technology-driven. This has led to a lot of importance in controlling outbreaks of new and old animal infections. As a result, the animal healthcare market has seen an upswing.
Increase in Pet adoption and
The amount of disposable income, pet ownership, and ongoing technological changes also affect animal healthcare. Over the past decade, pet adoption for a companion among the elderly population has significantly expanded. Pets are adopted mainly for companionship by people, and the trend from pet owners to pet parents has shifted considerably the growing number of pets and the rapidly changing implications of technology. Increasing disposable income in developing countries and introducing animal-specific products will also boost the overall demand from the animal healthcare industry. The factors above will thus prove beneficial for the growth of the market.
The high price of veterinary
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, governmentally supervised,
financially exhausting, scientifically accurate, and valid method. In a broad
field of science and technology, accounting and finance, all major drug companies employ experts due to which cost rises. This may hamper the market
growth of the animal healthcare market.
Animal Healthcare Market: By Product
Based on the Product, the Animal Healthcare market segmented into Feed Additives, Pharmaceuticals, and Vaccine. 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.
Animal Healthcare Market: By Animal Type
Based on the Animal Type, the Animal Healthcare market segmented into livestock animal and companion animal. The livestock animal segment dominates the market in previous years and is expected to dominate the market in the forecast period. Due to the increase in the adoption of livestock animals to meet the demand for animal-based products. Among the livestock animal’s poultry, fish, sheep, cow, held the largest revenue in the animal healthcare market. Increasing income levels of individuals leveraging to recent trends lead to an increase in the number of livestock animal adoption, which ultimately leads to a rise in the demand for companion animal healthcare services.
Animal Healthcare Market: By Distribution Channel
Based on the Distribution
Channel, the Animal Healthcare market segmented into Pharmacies, Online, and
Distributors. The Pharmacies segment is expected to dominate the animal health
care market. 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.
Animal Healthcare Market: Regional insights
By geography, the Global
Animal Healthcare Market is segregated into North America, Europe, Asia
Pacific, Middle East & Africa, and Latin America. North America holds the
largest market in the regional category due to factors such as housing massive
animal populations of both milk and meat animals, increased demand for protein-rich
diet, and increased incidences of animal disease. Asia-Pacific will be the
fastest-growing region due mainly to factors such as the increasing prevalence
of zoonotic, 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.
objective of the Study:
To analyze and forecast the
global Animal Healthcare market size of the market in terms of value.
To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting the Global Animal Healthcare market into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
To outline, categorized, and
forecast the global Animal Healthcare market based on Product, Animal Type, and
To examine competitive
developments like technological advancement, services, and regulative framework
within the global Animal Healthcare Market.
To highlight the impact
analysis of the factors affecting the market dynamics such as drivers,
restraints, opportunities, and challenges.
To strategically profile the
key players and comprehensively analyze their market shares along with
detailing the competitive landscape for market leaders.
of the Report
Historical data – 2016-2019
Base Year – 2019
Forecast – 2020 – 2026
Revenue in USD Million/Billion
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico,
Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
By Product, Animal Type, and Distribution
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 (Elanco/Novartis), Merck & Co. Inc.
(Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn
AG & Co. KG, IDEXX Laboratories, and other prominent players.
Nutritional Feed Additives
Medicinal Feed Additives
By Animal Type
By Distribution Channel
Middle East & Africa