Dublin, June 05, 2023 (GLOBE NEWSWIRE) -- The "Global Animal Health Market: Insights & Forecast (2023-2027)" report has been added to ResearchAndMarkets.com's offering.
The global animal health market is expected to record a value of US$60.87 billion in 2027, growing at a CAGR of 6.30% for the period spanning 2023-2027. The factors such as growing middle class population, rising cattle/cow population, surge in demand for animal protein, rising U.S. expenditure on pets and growing urbanization would drive the growth of the market. However, the market growth is predicted to be hindered by increasing competitive landscape and rising cost of product development, along with the stringent regulatory approval of veterinary drugs. A few notable trends may include upsurge in meat consumption, increasing companion animal ownership, rising incidences of zoonotic diseases and technological advancements.
Based on product type, the global animal health market can be segmented into feed additives, pharmaceuticals and vaccines. Feed additives segment has been dominating the global market over the past few years, followed by pharmaceuticals and vaccines. The feed additives market is expected to dominate the market in future due to the increased production of meat and dairy products.
The fastest regional market was North America due to the presence of well established healthcare infrastructure and major pharmaceutical players that continue to develop new veterinary products in the market.
Scope of the report
- The report provides a comprehensive analysis of the global animal health market along with the focus on feed additives, pharmaceuticals and vaccines market.
- The major regional markets (North America, Europe, Asia Pacific and ROW), along with the country coverage of the U.S., France, the U.K., Italy, Germany, India and Brazil have been analyzed in detail.
- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (Merck & Co., Inc., Bayer, Eli Lilly, Boehringer Ingelheim, Zoetis Inc. and Elanco) are also presented in detail.
Market Dynamics
Growth Drivers
- Growing Middle Class Population
- Rising Cattle/Cow Population
- Surge in Demand for Animal Protein
- Rising U.S. Expenditure on Pets
- Growing Urbanization
- Favorable Demographics Supporting Pet Market
Key Trends
- Upsurge in Meat Consumption
- Growth in Pet Insurance
- Increasing Companion Animal Ownership
- Growing Incidences of Animal-to-Human Disease
- Technological Advancements
Challenges
- Highly Competitive Landscape for New Entrants
- Rising Cost of Product Development
- Stringent Regulatory Approval Process for Drugs
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 118 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $47.67 Billion |
| Forecasted Market Value (USD) by 2027 | $60.87 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Market Overview
1.1 Animal Health
1.2 Animal Health Products
1.3 Value Chain Analysis
2. Impact of COVID-19
2.1 Decline in Meat Production
2.2 Fall in Pet Adoption Rate
2.3 Impact on Consumers' Eating Habits
3. Global Animal Health Market
3.1 Global Animal Health Market by Value
3.2 Global Animal Health Market Forecast by Value
3.3 Global Animal Health Market by Product
3.4 Global Animal Health Market by Animal Type
3.5 Global Animal Health Market by Region
4. Regional Markets
4.1 North America
4.2 Europe
4.3 Asia-Pacific
4.4 ROW
5. Market Dynamics
5.1 Growth Drivers
5.1.1 Growing Middle Class Population
5.1.2 Rising Cattle/Cow Population
5.1.3 Surge in Demand for Animal Protein
5.1.4 Rising U.S. Expenditure on Pets
5.1.5 Growing Urbanization
5.1.6 Favorable Demographics Supporting Pet Market
5.2 Key Trends
5.2.1 Upsurge in Meat Consumption
5.2.2 Growth in Pet Insurance
5.2.3 Increasing Companion Animal Ownership
5.2.4 Growing Incidences of Animal-to-Human Disease
5.2.5 Technological Advancements
5.3 Challenges
5.3.1 Highly Competitive Landscape for New Entrants
5.3.2 Rising Cost of Product Development
5.3.3 Stringent Regulatory Approval Process for Drugs
6. Competitive Landscape
6.1 Global Market
6.1.1 Global Animal Health Market Share by Company
7. Company Profiles
- Merck & Co., Inc.
- Bayer
- Eli Lilly
- Boehringer Ingelheim
- Zoetis Inc.
- Elanco
For more information about this report visit https://www.researchandmarkets.com/r/b60lbo
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