The global animal health market reached a value of US$ 48.1 Billion in 2020. Animals regularly require adequate care from their owners in order to have a good health. As the production of healthy livestock ensures safe food supply and retains the stability of consumer prices, regular monitoring of animal health and averting animal disease outbreaks have become indispensable for every country. As effective control and prevention is necessary for limiting the spread of zoonotic diseases among animals and human beings, the animal health market is gradually gaining traction across the globe. Moreover, pet and livestock owners nowadays are willing to spend on animal healthcare products and services owing to their inflating disposable incomes, growing awareness through print and electronic media, and the emerging trend of pet humanization.
Global Animal Health Market Drivers:
Currently, the animal health industry is flourishing on account of rapid technological advancements and increasing research and development activities in the veterinary pharmaceutical industry. With the help of advanced technological systems, data produced in veterinary clinics can be now uploaded on the internet and shared with other researchers and clinicians. This technology also aids in facilitating real-time analysis of fluctuations in the prevalence of diseases. In order to optimize the veterinary healthcare sector, governments in several developed countries are also undertaking initiatives and implementing animal vaccination programs. Looking forward, IMARC Group expects the global animal health market to exhibit moderate growth during 2021-2026.
Breakup by Animal Type:
On the basis of animal types, the market has been bifurcated into commercial and companion animals. At present, commercial animals account for the majority of the market share.
Breakup by Product Type:
Based on the product type, the animal health market has been divided into pharmaceuticals, biologicals, medicinal feed additives and diagnostics. Pharmaceuticals currently represent the largest product type.
On a geographical front, North America enjoys the leading position in the global animal health market. Other regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is highly fragmented in nature with the presence of several small as well as large players who compete in terms of prices and quality. Some of the major players operating in the market include:
Key Questions Answered in This Report:
The global animal health market size was valued at US$ 48.1 Billion in 2020.
According to the estimates by IMARC Group, the global animal health market is expected to witness a CAGR of 4.8% from 2021 to 2026.
The growing number of R&D activities in the veterinary pharmaceutical sector for facilitating real-time disease analysis represents one of the key drivers for the global animal health market.
Numerous governments across several developed countries are undertaking various initiatives and implementing animal vaccination programs representing one of the key trends in the global animal health market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in postponement of various research and development activities pertaining to veterinary applications.
On the basis of the animal type, the market has been divided into commercial animals and companion animals. Among these, commercial animals represent the largest segment.
On the basis of the product type, the market has been segmented into pharmaceuticals, biologicals, medicinal feed additives and diagnostics. At present, pharmaceuticals exhibit a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global animal health market are Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol, and Virbac.
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