The global animal health market size is expected to reach USD 92.8 billion by 2030, registering a CAGR of 10.0% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven by technological advancements in veterinary care, which are anticipated to offer the market future growth opportunities. For instance, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future.
Animal Health Market Report Highlights
- By product, diagnostics are expected to dominate the market due to a significant increase in the adoption of pets, which demands long-term health plans
- Based on animal type, the companion animal segment is anticipated to witness a lucrative rate of 10.5% during the forecast period owing to associated health benefits for humans such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
- By distribution channel, retail channels and e-commerce platforms accounted for a notable share owing to factors such as convenience associated with online pharmacies and the increasing number of retail pharmacies
- The point-of-care testing segment is expected to witness a CAGR of 12.4% over the forecast period due to an increase in demand for highly productive animals and growing investments in R&D for novel animal products
- In 2021, North America accounted for the largest revenue share in the market owing to the local presence of established pharmaceutical companies, consistently striving for extensive commercialization of their products
- In Asia Pacific, the market is anticipated to witness a CAGR of 10.5% over the forecast period owing to the high clinical urgency to curb incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola.
- Industry rivalry for the market is expected to remain at a higher level over the forecast period. Market players are involved in adopting extensive growth strategies such as entering strategic alliances, increasing product differentiation, and expansion of product portfolios in an attempt to capture a larger share of the market.
- The market is consolidated in nature. The market growth remains steady regardless of disruption in the supply chain due to pandemic
- In February 2021, Ceva and INRAE signed an agreement to collaborate in animal health. This partnership is expected to accelerate the innovation and development of products
- Animal healthcare is rebounding faster as compared to others post-pandemic. Large animal health companies are focusing on innovative strategies to gain a competitive edge
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With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. The incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence. As a consequence of the aforementioned factors, it is presumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market demand as well as revenue. The threat of zoonotic infections spreading through mosquitoes, ticks, and fleas or through contact with animals is high. The WHO is involved in various cross-sectoral activities for the purpose of addressing health threats at the human-animal-ecosystem interface.
Food-borne zoonoses, antimicrobial resistance, and emerging zoonoses are some of the threats in the market. The implementation of a wide range of technologies for the detection and monitoring of various animal diseases is one of the major growth contributing factors. North America captured a substantial share in the global market, owing to a wide range of definitive measures adopted by welfare organizations, technological advancements, rising incidence of zoonotic diseases, and an increasing number of pet owners. Asia Pacific is expected to exhibit lucrative growth over the coming years as a consequence of consistent R&D investments deployed by prominent players and their efforts to commercialize branded and generic therapeutics at a relatively inexpensive price.
COVID-19 Impacts On Animal Health Industry
Despite disruption due to the COVID-19 pandemic, the animal health industry witnessed a steady growth. The economic downturn is relatively lower in the animal health market as compared to others. The trend for telemedicine has witnessed significant growth during the coronavirus pandemic. There will be a shift in business models for veterinarians. Traditional veterinary practices generate a majority of their revenues from selling high-margin products like pharmaceuticals. However, as the adoption of telehealth has been on the rise, the demand for knowledge, expertise, and consulting solutions will increase.
Animal Health Market Insights By Geographical Regions
North America dominated the market for animal health and accounted for the largest revenue share of 29.5%, owing to the wide range of definitive measures adopted by government animal welfare organizations that are consistently working for overall improvement in animal health. In Asia Pacific, the market for animal health is expected to register a lucrative CAGR of 10.5% over the coming years. The high growth registered by this region is believed to be a consequence of consistent R&D investments by prominent players in the field of animal health and their efforts to commercialize branded and generic therapeutics at a relatively inexpensive price.
Industry Share Analysis By Major Companies
Key market participants employ sustainability strategies, such as expanding product portfolio, to gain a competitive advantage. For instance, in January 2021, Zoetis launched the Poulvac Procerta HVT-IBD vaccine for the protection of poultry against Infectious Bursal Disease (IBD). This added to Zoetis’ product portfolio of recombinant vector vaccines. Major players operating in the market witnessed growth during the pandemic in spite of the restriction and supply chain disruption. Some prominent players in the global animal health market include:
- Merck Animal Health
- Ceva Santé Animale
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- IDEXX
- Elanco
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Animal Health Market Segmentation
Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end use, and region:
- Animal Health Type Outlook (Revenue, USD Million, 2017 – 2030)
- Animal Health Product Outlook (Revenue, USD Million, 2017 – 2030)
- Animal Health Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Animal Health End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Animal Health Regional Outlook (Revenue, USD Million, 2017 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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