Pune, India, Nov. 29, 2021 (GLOBE NEWSWIRE) --
The global animal health market size is projected to show tremendous growth during the forecast period, thanks to the expanding need for effective anti-parasitic drugs, medicated feed additives, and animal vaccines. Apart from making hefty investments in R&D, industry participants are seeking clearances for mergers and acquisitions.
Livestock segment to broaden in North America
By animal type, the animal health market in North America has been categorized by companion animals and livestock animals. As per the statistics published by the National Agricultural Statistics Service (NASS), a unit under the U.S. Department of Agriculture (USDA), the number of livestock animals has substantially risen since last three to four years. The livestock animals’ segment in North America contributed about $18.8 billion toward the total revenue during 2020.
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North American state policies support consumption
By 2027, North America market size is expected to be worth nearly $69.8 billion, on account of the favorable policies and initiatives of Canadian and U.S.-based state agencies. The U.S. FDA announced the adoption of the One Health Initiative for understanding the links between animal and human health, at the same time advocating environmental concerns. The allotment of an array of funds is another enabler of the industry.
Animal vaccination programs across United Kingdom
The COVID-19 pandemic raised concerns regarding the immunity of pet and farm animals. Since the immunity of aging pets is on the decline, several pet owners in the U.K. are consulting their vets for vaccinating their feline and canine companions. Livestock owners are concerned about the rising prevalence of diseases caused by parasites, viruses, fungi, and bacteria.
The availability of affordable pet care health packages for managing the costs of regular checkups is supporting the uptake of these products across Europe.
Augmenting use of medical devices in Europe
The medical devices segment is projected to expand at over 4.8% CAGR in Europe animal health market between 2021 and 2027, due to the rising installation of surgical, monitoring, and diagnostic equipment across new and old vet clinics. The high percentage of skilled veterinary doctors, alongside their substantial contribution toward the provision of compassionate care and progressive medicine in the face of the pandemic-induced challenges, is a key driver.
As the importance of high-quality medical services for pets has been growing, healthcare expenditure is likely to shoot upward across Russia, Poland, Italy, Germany, Sweden, and Spain. The average annual household expenditure on dogs in Spain is estimated to be around $150, while that for cats is about $105.
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Rising popularity of pet cats across Italy
Italy, France, and the U.K. are among the topmost countries with largest pet cat populations in the world. Italy market outlook is likely to remain positive due to growth opportunities from the cats segment, as cats have multiple privileges as pets. Even stray cats receive attention from their human friends. The nation has several no-kill shelters for cats. One of the famous shelters includes the Torre Argentina Cat Sanctuary in Rome, where a wide variety of stray cats enjoy a free roaming status.
Online veterinary consultations across Asia Pacific
Asia Pacific animal health market share from the veterinary segment was estimated at more than $13.7 billion in 2020. As large number of pet owners have now turned to online consultations for their pets, the segment is likely to make a steady growth over 2027 as well. Numerous non-profit organizations and government entities are working to spread awareness regarding animal health.
With the prevalence of infectious diseases rising amongst the regional livestock population, the national expenditure toward animal medicine has been growing. Zoonotic disorder prevalence has been increasing in the region, facilitating greater spending on animals.
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Japan registers increase in pet adoption rate
Japan market size is expected to augment significantly over the next five years, owing to the growing awareness regarding animal care in the nation. Nonprofit organizations and animal rescue centers in Japan are tirelessly working to protect and rescue animals. Pet no Ouchi, ARK Tokyo, KDP, Chibawan, and NPO Sala Network are a few organizations that find new homes for dogs, cats, and other abandoned animals.
Apart from the rise in pet adoption, Japan is witnessing a growing demand for meat. The consumption of processed meat products and beef, lamb, pork, and chicken, has been surpassing the production rate since the last few years.
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