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The global animal health market was valued at US$ 48.1 Billion in 2020.
We expect the global animal health market to grow at a CAGR of 4.8% during 2021-2026.
The growing number of R&D activities in the veterinary pharmaceutical sector for facilitating real-time disease analysis, along with the emerging trend of pet humanization, is currently driving 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.
Based on the animal type, the global animal health market has been segmented into commercial animals and companion animals. Currently, commercial animals hold the majority of the total market share.
Based on the product type, the global animal health market can be segregated into pharmaceuticals, biologicals, medicinal feed additives, and diagnostic. Among these, pharmaceuticals currently represent the largest segment.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global animal health market include 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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