Newark, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 35.42 billion in 2022 Animal health market will reach USD 60.31 billion by 2030. The rising pace of climate change is being witnessed across the globe with the increasing instance of extreme weather changes like flash floods, frequent storms and heatwaves. The rise in average global temperature is deeply impacting animals, given their increased vulnerability in the events of extreme weather changes. The slow process of evolution leads to the majority of the animals not adapting to the new changes and dying due to these changes. The loss of habitat and re-emergence of pathogens leading to an increased risk of zoonotic diseases leaves the animals at a high risk of dying. Climate change impacting animals will directly impact the global food industry. The grave consequences of not prioritising animal health by developing vital vaccinations and medications to protect them will create a global food crisis. The imbalance caused by temperature rise will change land use patterns and affect food crops. Therefore, it is critical to address animal health with heightened urgency.
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Key Insight of the Animal Health Market
The Asia Pacific is expected to grow the fastest during the forecast period.
The Asia Pacific is expected to be the fastest growing during the forecast period. The region's extensive animal husbandry serves as a vital source of money for the government; hence it is crucial to concentrate on improving the infrastructure for animal healthcare. The market will grow greatly in the anticipated years due to the increasing focus on improving animal husbandry and rearing to provide access to high-quality animal food, medicine, and feed. China and India's sophisticated and significant pharmaceutical industries represent a distinct edge for the animal health business.
The production animal segment will augment the animal health market during the forecast period.
The animal type segment is divided into production animals and companion animals. The production animal segment dominated the market with a revenue share of around 57% in 2022.
The pharmaceuticals segment is expected to augment the animal health market during the forecast period.
The product type segment is divided into vaccines, medical feed additives, equipment & disposables, pharmaceuticals, diagnostics, and others. The pharmaceuticals segment dominated the market with a market share of around 38% in 2022.
The veterinary hospitals & clinics segment market size of USD 20.54 billion in 2022
The end-user segment is divided into reference laboratories, veterinary hospitals & clinics, point-of-care testing and others. The veterinary hospitals & clinics segment dominated the market with a market share of around 58% in 2022.
The retail segment market size of USD 17 billion in 2022
The distribution channel is divided into veterinary hospitals & clinics, retail, E-commerce, and others. The retail segment dominated the market with a market share of around 48% in 2022.
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Animal Health Market Scope:
| Report Coverage | Details |
| Page number | 236 |
| Base year | 2021 |
| Forecast period | 2022-2030 |
| Growth momentum & CAGR | Accelerate at a CAGR of 6.88% |
| Market growth 2022-2030 | USD 60.31 billion |
| Market structure | Fragmented |
| Regional analysis | APAC, Europe, North America, South America, and MEA |
| Performing market contribution | The North American region emerged as the largest market for the global animal health market, with a 33.91% market revenue share in 2022. |
| Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
| Companies profiled | Boehringer Ingelheim International GmbH, Covetrus, Elanco, Heska Corporation, Intervet International BV, Merck Animal Health, Novartis AG, Vetoquinol SA, Virbac, Zoetis |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period. |
| Customization preview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Advancement in market
Merck Animal Health acquired poultry Sense Ltd. in February 2021 to broaden its poultry business vertical and gain access to environmental and health monitoring technology.
Market Dynamics
Driver: the rising instances of zoonotic diseases
Animal habits have been destroyed as a result of climate change. Recently, the likelihood of catching zoonotic diseases from an animal vector, such as domesticated or exotic animals, has increased. For instance, the covid-19 epidemic killed millions of people globally by infecting people with an animal-borne vector, most likely a bat. The attention on animal health has also grown due to numerous cases of culling chickens to eradicate chicken pox or ducks to stop the transfer of illnesses to people. Scientists have been motivated to create better animal vaccines, medicines, food, and feed as the possibility of zoonotic illnesses spreading from animals to humans has increased.
Restraint: insufficient infrastructure
In low- and middle-income nations, implementing government initiatives to improve animal health has been less than adequate. For instance, the recent occurrences in India where hundreds of cattle died from lumpy skin disease show there aren't always prophylactic measures. Similar instances of killing hens and ducks resulted in significant national financial losses. A lack of adequate infrastructure will hamper the development of vaccinations, monitoring of zoonotic illnesses, testing, tracing, isolation, and treatment.
Opportunities: Increasing research and development expenditure
Government institutions have increased their spending on enhancing animal health due to the enormous loss experienced at both the individual and national levels due to zoonotic diseases that result in the death of animals. The growing government spending on developing better drugs, vaccines, tools, and diagnostics to prevent and treat animal diseases will provide future lucrative prospects.
Challenge: Comprehensive and holistic drug approval processes
Since animals are an important part of the food chain, harm to their health has a cascading effect on public health. Drugs and vaccines created to improve animal health must therefore undergo testing before being licenced for sale. The strict government rules will hamper the development of the market in developed nations overseeing the approval and usage of animal pharmaceuticals, vaccines, and other medications.
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Some of the major players operating in the animal health market are:
• Boehringer Ingelheim International GmbH
• Covetrus
• Elanco
• Heska Corporation
• Intervet International BV
• Merck Animal Health
• Novartis AG
• Vetoquinol SA
• Virbac
• Zoetis
Key Segments cover in the market:
By Animal Type
• Production Animals
• Companion Animals
By Product Type
• Vaccines
• Medical Feed Additives
• Equipment & Disposables
• Pharmaceuticals
• Diagnostics
• Others
By End User
• Reference Laboratories
• Veterinary Hospitals & Clinics
• Point-Of-Care Testing
• Others
By Distribution Channel
• Veterinary Hospitals & Clinics
• Retail
• E-Commerce
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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