Animal Health Market Trends - Global Industry Growth, New Opportunities and Forecast – 2027
Animal Health Market Trends 2021
MRFR (Market Research Future) expects the Animal Health Market to soar at a rate of 5.7% between 2018 and 2023.
Top Drivers and Deterrents
In the past decade, the animal health industry has been growing tremendously, thanks to the dramatic increase in zoonotic as well as food-borne diseases along with the surging demand for protein food. The unprecedented growth in the number of animal diseases has prompted firms to focus on launching more advanced drugs and vaccines, which have been favorable for the global market. Most of the companies are ramping up their efforts to cut down the number of food-borne diseases along with pathogen contamination risks, which should foster the growth of the Animal Health Market Trends in the following years.
Some of the major innovations over the past few years are the advent of information management systems, vaccine banks, animal owner mobile technology, and many more. This have favored the global industry to a large extent. Also, players’ escalating focus on technical advances catering to pets and the soaring number of vets worldwide should enhance the market share. The rising knowledge among people about the latest available treatment options and the high purchasing capacity also elevate the market position.
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Major Key Players:
Some of the key players in the global Animal Health Market are Bayer AG, Boehringer Ingelheim GmbH, Ceva Sante Animale, Elanco, Eli Lilly, Merck Animal Health,Nutreco N.V., Vetiquinol SA, Virbac, Zoeti, and others.
Segmentation
The animal health industry has been considered for animal type, product, route of administration, and distribution channel.
The animal types include farm animal as well as companion animal. Farm animal health segment should perform relatively better than companion animal segment due to the rising efforts of various healthcare organizations to improve agricultural practices.
The products studied in the market study are pharmaceuticals, vaccines and feed additives. The vaccines segment can potentially secure the fastest growth rate in the coming years. However, feed additive segment can garner significant traction in the years ahead due to frequent innovations in feed additives, such as the use of enzymes, metabolic modifiers, probiotics and minerals. Government’ growing focus on enhancing the agricultural practices as well as animal health should also encourage segment expansion.
Routes of administration studied in the MRFR report include parenteral, oral, topical, and more.
Distribution channels studied in the report are veterinary hospitals & clinics, retail, e-commerce, and others. Soaring number of hospitals, combined with the burgeoning procedural volume due to continuous readmissions of pets elevate the segmental position.
Regional Analysis:
The market is likely to dominate by Americas during the forecast period owing to the demand for animal protein, improvement in production, and focus on food safety. Moreover, rising pet ownership and increased medicalization for pets also fueling the growth of the market during forecast periods. The European market is expected to be the second-largest due to government support for research & development and increasing pet population. However, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to increased pet adoptions trends, rising population of companion animals, and rise in the number of animal welfare programs. The market in the Middle East & Africa is likely to account for the smallest share of the global Animal Health Market Trends.
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