Animal Healthcare Market Outlook 2028
- The globalanimal healthcare market was valued at US$ 5 Bn in 2020
- It is estimated to expand at a CAGR of 2%from 2021 to 2028
- The globalanimal healthcare market is expected to cross the value of US$ 2 Bn by the end of 2028
Emergence of New Disease Conditions Contributing to Market Growth
There are several new diseases that are affecting animals these days. These diseases can either make the animal seriously ill or can even kill them. It is, therefore, necessary for the animals’ owner to have necessary medications to cure the animals. Moreover, the emergence of such diseases has heightened the need for veterinary clinics to be located close to animal husbandries or farms. This is also a major factor that is boosting the growth of the global animal healthcare market during the years 2021 to 2028.
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Stakeholders Ensure Robust Supply of Life-saving Therapeutics During COVID-19 Pandemic
Veterinarians in the market for animal healthcare have been striving to meet urgent care needs of companion and production animals during the ongoing COVID-19 pandemic. Since veterinarians are at a high risk of exposure to the novel infection, these practitioners are indefinitely postponing elective animal treatment procedures. Such trends are resulting in an impetus to the telehealth and eHealth app sector. At the same time, participants in the market are ensuring robust supply of life-saving therapeutics, animal feed additives, and vaccines to prevent interruptions in treatment procedures. Domestic and global companies are in the midst of rapid shift in supply chain planning, operations, and inventory management to address the impact of the pandemic.
NGOs Hamper Market Growth by Raising Concerns over Animal Drug Testing
There are several non-government organizations (NGOs) that are actively opposing pharmaceutical companies and research organizations that are using live animals as their test subjects. These organizations are one of the major reasons that are boosting the growth of the global animal healthcare market during the projected period. However, due to these oppositions, pharmaceutical companies are not able to develop drugs that can help the animals to regain their deteriorating health. This might act as growth hampering factor for the global animal healthcare market. Nevertheless, companies have started to examine the animals’ health via several survey and are collecting data from pet owners to innovate in new drugs. This data can help the market players to derive effective drug and therapeutic formulations for the animals. As a result of this development, the global animal healthcare market is projected to sustain its growth momentum over the assessment period.
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Innovations in Vaccines Hold Potentials to Offer Protection against Several Diseases
Vaccination is the best protection that any animal owner can provide to its pet or production animal. These vaccines improves the immunity of the animal against several diseases. This is the reason that the segment is witnessing massive investments by pharmaceutical companies. The companies are investing a fortune to develop new vaccines that can protect the animals from diseases such as hepatitis, cholera, and other viral & bacterial diseases in the future.
Investment in Animal Healthcare Budgets Creating Lucrative Opportunities in North America
The animal healthcare market is dominated by North America in terms of revenue. The region is witnessing massive growth in the demand for better healthcare services in countries such as the U.S. and Canada. These countries are investing a massive amount in their annual budget to offer better healthcare service in the upcoming years. Due to these reasons, the global animal healthcare market is expected to be dominated by North America on regional front throughout the assessment period.
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Animal husbandry and agriculture are two of the most important industries influencing the economy of any country. It is, therefore, essential for the farmers and industry owners to ensure that their animals are in good health and in good shape. Due to this growing awareness of animal health, the global animal healthcare market is projected to grow substantially in the upcoming years.
Animal Healthcare Market: Overview
- According to Transparency Market Research’s latest report on the global animal healthcare market for the historical period 2017–2020 and forecast period from 2021 to 2028, increase in animal population, high prevalence of diseases, and surge in global consumption of meat and milk are projected to drive the global animal healthcare market during the forecast period
Rise in Prevalence of Diseases in Animals and Increase in Global Consumption of Meat & Milk: Key Drivers
- Increase in global consumption of meat and milk, new diseases in animals, and their transfer to humans via product consumption and companionship drive the global animal healthcare market. Changing lifestyle, increase in per-capita income, and surge in population have led to a rise in meat consumption globally. Demand for protein rich food such as meat, eggs, and milk is rising. This increases the number of animal farms globally. The healthcare expenditure in farms is rising due to surge in number of animals and growing concern about their health.
- According to the European Food Safety Authority (EFSA), around 320,000 cases of food-borne and zoonotic diseases are reported each year in the European Union. Campylobacteriosis was the most-commonly observed zoonoses in animals, which affected 220,209 people in 2012 in the European Union (EU) countries due to the consumption of infected broiler meat.
Advancement in Technology Leading to Easy Usage Boosts Market Growth
- The animal health industry is currently thriving due to technical breakthroughs and increase in research & development operations in the veterinary pharmaceutical business. Data generated in veterinary clinics can now be uploaded to the Internet, and shared with other academics and physicians attributed to new technology tools. This technology also assists in the investigation of changes in disease prevalence in real time. Governments in numerous industrialized nations are also pursuing projects and implementing animal immunization programs in order to improve the veterinary healthcare industry.
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Stringent Regulations and High Cost of Animal Healthcare Services to Hamper Market
- Some challenges have emerged in the form of regulations against the excess use of antibiotics in production animals and protest of animal activists and institutions against animal research. Antibiotics are used in animals for therapeutic and non-therapeutic purposes, including their growth promotion. However, excessive use of antibiotics in animals has been affecting the health of people consuming their products. This has led to serious concerns within regulatory authorities globally who have started imposing restrictions on the use of antibiotics in production animals.
Animal Healthcare Market: Competition Landscape
- This report profiles major players in the global animal healthcare market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global animal healthcare market is quite competitive, with the top 10 players accounting for major share of the market and every company focusing on research & development to produce better pharmaceutical and vaccine products for the existing diseases
- Leading players operating in the global animal healthcare market are
- Zoetis, Inc.
- Merck & Co., Inc.
- MERIAL Limited
- Bayer AG
- Novartis Animal Health, Inc.
- Virbac SA
- Ceva Santé Animale
- Boehringer Ingelheim GmbH
- Elanco Products Company
- Vétoquinol SA, among others.
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