Dublin, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The "Animal Health Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global animal health market has grown strongly in recent years. It will grow from $50.99 billion in 2023 to $55.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. North America was the largest region in the animal health market in 2023. The growth observed during the historical period in the field of animal health can be attributed to several factors. These include the globalization of food supply chains, the intensification of livestock farming practices, a rise in zoonotic diseases (diseases that can be transmitted between animals and humans), a heightened emphasis on regulatory compliance and standards within the industry, and an increased focus on preventive healthcare measures for animals. These factors collectively contributed to the development and expansion of the animal health sector during the historic period.
The animal health market is expected to see strong growth in the next few years. It will grow to $76.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period in the field of animal health can be attributed to various factors, including a heightened focus on aquaculture health, the adoption of a one health approach (considering the interconnectedness of animal, human, and environmental health), global efforts in disease surveillance, the expansion of pet insurance coverage, increased crisis preparedness in animal agriculture, and the globalization of animal health products. Key trends expected in the forecast period encompass the integration of technology in diagnostics, advancements in biotechnology and genomics, the adoption of telehealth services for animals, digitalization of supply chain and distribution processes, and collaborative research initiatives within the animal health industry. These trends collectively contribute to the continued growth and evolution of the animal health sector.
The escalating prevalence of zoonotic diseases is poised to bolster the expansion of the animal health market in the foreseeable future. For example, as per the World Health Organization, Africa witnessed a 63% surge in zoonotic outbreaks from 2012-2022 compared to the previous decade. Globally, these diseases account for 2.5 billion human illness cases and 2.7 million human deaths annually. Consequently, the growing prevalence of zoonotic diseases will act as a catalyst propelling the animal health market.
The increasing traction for pet insurance is projected to propel the expansion of the animal health market. For instance, data from the North American Pet Health Insurance Association indicates that the number of insured pets in North America surged to 5.36 million in 2022, marking a notable 21.7% increase from 2021's 4.4 million. Hence, the rising demand for pet insurance emerges as a significant driver propelling the growth of the animal health market.
Technological advancements represent a pivotal trend gaining momentum within the animal health market. Key industry players are intensifying their focus on introducing innovative and sophisticated technologies to fortify their market positions. For instance, in April 2022, Elanco Animal Health Incorporated and Ginkgo Bioworks collaborated to introduce a groundbreaking product named Animo GPS under the Merck Animal Health portfolio. Animo GPS, designed for dogs, integrates GPS tracking with activity and behavior monitoring. Equipped with smart technology, this device tracks individual canine activity levels and behaviors, offering real-time updates through an intuitive mobile application. Notably, the device records behaviors such as barking, scratching, shaking, and sleep duration, utilizing an adaptive algorithm to analyze deviations and promptly alert pet owners through the app. This technological innovation embodies a significant stride toward enhancing pet care and underscores the market's orientation toward cutting-edge solutions.
Leading companies within the animal health market are forging ahead with innovative products such as the Lactate Scout Vet, aiming to secure a competitive edge. This particular product serves as a point-of-care lactate analyzer, significantly enhancing animal health by delivering rapid and precise lactate measurements. For example, in December 2022, EKF Diagnostics, a UK-based healthcare company, introduced the Lactate Scout Vet. Tailored specifically for veterinarians and animal welfare professionals, this device furnishes accurate lactate measurements within a mere 10 seconds. Notably, it features an e-paper display designed to augment result readability. The Lactate Scout Vet caters to various animals such as dogs, horses, pigs, and cattle, aiding in the prognosis and diagnosis of a wide array of animal health conditions, including shock, severe sepsis, low cardiac output, liver failure, poisoning, and drug therapy.
In July 2022, Dechra Pharmaceuticals plc, a UK-based enterprise specializing in the development and marketing of veterinary products, completed the acquisition of Piedmont Animal Health for $210 million. Through this strategic acquisition, Dechra Pharmaceuticals plc will pivot its focus towards the expansion of its human health business. Piedmont Animal Health, a US-based specialty pharmaceutical company, is renowned for its contributions in therapeutics for both human and animal health. This acquisition marks a strategic shift for Dechra Pharmaceuticals, signaling a concentrated effort to steer its growth trajectory towards the human health sector, further consolidating its position and diversification within the pharmaceutical industry.
Report Scope
Markets Covered:
1) By Product: Vaccines; Pharmaceuticals; Medicinal Feed Additives; Diagnostics ; Equipment and Disposables; Other Products.
2) By Animal Type: Commercial; Companion.
3) By Route of Administration: Oral; Parenteral; Topical.
4) By End-user: Veterinary Hospitals and Clinics; Animal Care and Rehabilitation Centers; Diagnostic Centers.
Key Companies Mentioned: Elanco Animal Health Incorporated; Merck Animal Health; Zoetis Inc.; Boehringer Ingelheim International GmbH; Ceva Sante Animale.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast.
A selection of companies mentioned in this report includes:
- Elanco Animal Health Incorporated
- Merck Animal Health
- Zoetis Inc.
- Boehringer Ingelheim International GmbH
- Ceva Sante Animale
- Heska Corporation
- Vetoquinol SA
- Virbac
- Bayer AG
- Novartis AG
- Biogenesis Bago
- Intervet International BV
- IDEXX Laboratories Inc.
- Hester Biosciences Ltd.
- Intas Pharmaceutucals Ltd.
- Dechra Pharmaceuticals
- Kindred Biosciences
- Phibro Animal Health Corporation
- Neogen Corporation
- Norbrook Laboratories
- Huvepharma EOOD
- Abaxis Inc.
- ECO Animal Health Group
- Hipra
- Zoetis Inc.
- Kemin Industries
- DeLaval
- Troy Laboratories
- Parnell Pharmaceuticals
- Ceva Sante Animale
- Bimeda Inc.
- Animalcare Group
- PetIQ
- AdvaVet Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9j0uez
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