Animal Health Market is Booming Worldwide Scrutinized in New Research
The animal health market size is projected to reach US$ 119,570.99 million by 2027 from US$ 73,798.33 million in 2019; it is estimated to grow at a CAGR of 6.3% from 2020 to 2027.
Market Overview:
According to a new market research study titled ‘Animal Health Market Forecast to 2027 – Covid-19 Impact and Global Analysis by Product, and Animal Type, the global animal health market is expected to reach US$ 119,570.99 million by 2027 from US$ 73,798.33 million in 2019. The market is estimated to grow at a CAGR of 6.3% from 2020 to 2027. The report highlights the trends prevalent in the global animal health market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due increasing incidences of zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. However, the use of counterfeit medicines, and high complexity and cost of animal drug development and approval processes are likely to restrain the market growth during the forecast period.
At present, the veterinary healthcare market is receiving significant improvement from initiatives led by the animal welfare association’s governments and of several countries, globally. To increase the adoption of animal health services, governments directly get involved in activities raising awareness regarding animal diseases, along promoting the privatization of animal healthcare services. In Europe, the Livestock Insurance scheme was implemented to increase the efficiency and effectiveness of animal healthcare systems. Moreover, the World Organization for Animal Health (OIE) is the intergovernmental organization in charge of improving animal health worldwide. In the UK, the Cattle Health and Welfare Group (CHAWG) addresses important cattle health and welfare issues; however, in the US, at associations such as Winter Haven, veterinary healthcare associates support the human–animal bond and provide high-quality services for any situation. Similarly, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to develop both animal and human health.
A few prominent players operating in animal health market are Merck & Co., Inc, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Cargill, Incorporated, Zoetis Inc., Bayer AG, Vetoquinol SA, Nutreco N.V, Virbac, and Elanco. The market players are focused toward launching new products in order to sustain their position in the market. For instance, in March 2020, Bayer AG announced the launch of Care4Pigs initiative; this was launched in collaboration with the Farm Animal Welfare Education Centre (FAWEC) and the Korean Association of Swine Veterinarians (KASV). Under the collaboration, EUR 10,000 are granted to support innovation aimed at enhancing the well-being of swine.
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The report segments the global animal health market as follows:
·By Product
· Prescription
o Feed additives
o Pharmaceutical
o Vaccines
o Diagnostics
· Non-prescription
o Nutrition/Supplements
o Grooming Products
o Parasiticides
· By Animal Type
· Production Animal
· Companion Animal
· By Geography
North America
US
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Asia Pacific (APAC)
Japan
China
India
Australia
South Korea
Middle East & Africa (MEA)
South Africa
UAE
Saudi Arabia
South & Central America (SCAM)
Brazil
Argentina
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Animal Health Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product (Prescription and Non-Prescription) and Animal Type (Production Animal and Companion Animal)
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