Dublin, April 19, 2022 (GLOBE NEWSWIRE) -- The "Animal Health Market Size, Share & Trends Analysis Report by Animal Type (Production, Companion), by End Use, by Product (Pharmaceuticals, Feed Additives, Vaccines), by Distribution Channel, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
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.
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
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Animal Health Market Variables, Trends & Scope
Chapter 4 Regulatory & Political Forces
Chapter 5 Competitive & Vendor Landscape
Chapter 6 Animal Health Market: Animal Type Estimates and Trend Analysis
Chapter 7 Animal Health Market: Product Estimates & Trend Analysis
Chapter 8 Animal Health Market: Distribution Channel Estimates & Trend Analysis
Chapter 9 Animal Health Market: End-use Estimates & Trend Analysis
Chapter 10 Animal Health Market: Regional Estimates & Trend Analysis, by Animal Type, Product, Distribution Channel, End-use
Chapter 11 Company Profiles
- Merck Animal Health
- Ceva Sante Animale
- Vetiquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- Bayer AG
- Elanco
- Nutreco N.V.
- Virbac
- Heska Corporation
For more information about this report visit https://www.researchandmarkets.com/r/1jnmsy
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