Newark, NJ, Oct. 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global animal healthcare market is expected to grow from USD 46.8 billion in 2019 to USD 72.92 billion by 2027, at a CAGR of 5.7% during the forecast period 2020-2027.
Animal healthcare is the act of protecting & curing animals from various diseases using vaccines & other treatments, and also providing them veterinary services for the purpose of expanding their lifespan & yield. In recent years, the number of public & private partnerships between livestock producers, veterinary service providers, veterinary laboratories, and private veterinarians and private companies that focus on animal health care has risen. Certain key factors are driving the global animal healthcare market growth such as increasing pet ownership around the world, increasing awareness, growing demands of pet owners for better healthcare for their pets coupled, expanding government initiatives to encourage animal health products, rising demand for protein, and increasing cases of zoonotic & food-borne diseases worldwide.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the animal healthcare market. With less disposable income and broken supply chains, the market's growth is expected to slow down.
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Key players operating in the global animal healthcare market include Ceva Santé Animale, Zoetis, Vetiquinol S.A., Merck Animal Health, Bayer AG, Boehringer Ingelheim GmbH, Heska, Virbac, and Nutreco N.V., among others. To gain a significant market share in the global animal healthcare market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Animale, Zoetis and Merck Animal Health are some of the biggest players in the global animal healthcare market.
- For instance, Merck acquired Vallee S.A in March 2018. This acquisition was carried out in order to strengthen Merck's presence in Brazil and expand its animal health portfolio.
- Bayer AG collaborated with Boehringer Ingelheim Vetmedica, Inc. (BIVI) in December 2016 to obtain BIVI's Cydectin bovine & ovine endectocide products. This acquisition was carried out to broaden Bayer's product portfolio.
Production animal dominated the market and held the largest market share of 62.8% in the year 2019
Based on type, the market has been divided into production animal and companion animal. Production animal dominated the market and held the largest market share of 62.8% in the year 2019. The large share captured by the segment was primarily because of the growing concerns for food safety & sustainability by various organizations globally. Policymakers in many countries are trying to achieve food security, which leads to large-scale food production by rearing more livestock. As per the Food and Agriculture Organization of the United Nations, animal-based food products in emerging economies account for one-third of protein consumption by humans, leading to a rise in livestock productivity, which is needed to meet the dietary needs of an expanding population.
Feed additives dominated the market and was valued at USD 12.6 billion in the year 2019
The product segment consists of pharmaceuticals, diagnostics, vaccines, feed additives, and others. Feed additives dominated the market and was valued at USD 12.6 billion in the year 2019. The large share of this segment was attributed to factors such as advancements in feed additives, including the usage of metabolic modifiers, minerals, enzymes, & probiotics, additives increasing muscle growth, and government health care organizations encouraging better animal health & agricultural practices. The feed additives segment is further divided into two categories: medicinal and nutritional.
Veterinary hospitals & clinics dominated the market and held the largest market share of 38.5% in the year 2019
On the basis of distribution channel, the market has been segmented into veterinary hospitals & clinics, e-commerce, and retail. Veterinary hospitals & clinics dominated the market and held the largest market share of 38.5% in the year 2019. The significant share of this segment can be attributed to key factors like the growing number of hospital pharmacies and high procedural volume due to frequent readmission of pets for various kinds of treatments.
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Veterinary hospitals & clinics dominated the market and was valued at USD 13.5 billion in the year 2019
The end-use segment comprises of point-of-care testing/in-house testing, reference laboratories, veterinary hospitals & clinics, and others. Veterinary hospitals & clinics dominated the market and was valued at USD 13.5 billion in the year 2019. The majority share captured by this segment was because of its various applications like toxicology tests, clinical pathology, & therapy, and the availability of a broad range of diagnostic options & treatment options in veterinary hospitals & clinics.
Regional Segment Analysis of the Animal Healthcare Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global animal healthcare market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 45.2% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as technological advancements, increasing incidences of zoonotic diseases, and a growing number of pet owners. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is owing to factors like rising cases of zoonotic diseases, rising awareness regarding pet nutrition & supplies, and increasing R&D activities by prominent players in the region.
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About the report:
The global animal healthcare market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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