Wilmington, Delaware, United States, May 17, 2023 (GLOBE NEWSWIRE) -- The global animal healthcare market stood at US$ 34.5 Bn in 2020 and is projected to grow at a CAGR of 7.2% from 2021 to 2028.
Increase in global consumption of milk and meat, high prevalence of diseases in animals, and risk of transfer of animal diseases to humans via product consumption and companionship are driving the global animal healthcare industry.
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Increase in awareness about the nutritive value of animal protein has led to a rise in meat and milk consumption globally. This has resulted in a sizable increase in the number of animal farms globally, thereby leading to a rise in healthcare expenditure on animals.
High risk of transfer of animal diseases to humans through the food chain is compelling animal farm owners to take preventive measures for animal health. This is evident from statistics of the European Food Safety Authority of several thousand cases of zoonotic and food-borne diseases reported each year in the European Union.
Key Findings of Study
Advancement in Technology – Adoption of advanced technology and increase in R&D in the veterinary pharmaceutical sector are some of the key factors augmenting the animal healthcare industry. Data generated in veterinary clinics/hospitals is uploaded on the Internet and leveraged by research institutions and pharmaceutical companies for researching the prevalence of diseases among animals.
Governments in several industrialized countries are undertaking projects and implementing animal immunization programs for the development of veterinary healthcare industry.
High risk of veterinarians to novel infections during COVID-19 led to a surge in adoption of telehealth and eHealth apps. In this scenario, veterinarians have been striving to serve the urgent care needs of production and companion animals, with practitioners indefinitely postponing elective animal treatment procedures. Nevertheless, market stakeholders have ensured a robust supply of life-saving therapies, vaccines, and animal feed products to prevent interruption in treatment procedures during the peak of the pandemic.
Emergence of New Disease Conditions – Unfavorable living conditions in small farms has led to the emergence of several new diseases in animals. These diseases either spread to other animals on the farm or can be transferred to humans through the food chain. This compels animal farm owners to be equipped with the necessary medication to prevent the disease from spreading. Furthermore, the emergence of such diseases has spurred the demand for veterinary clinics to be located close to animal farms, which, in turn, is triggering market development.
On the other hand, drug innovation that involves live animals as testing subjects is witnessing strong opposition from animal rights activists and several non-governmental organizations. This has led to the adoption of technology, wherein pharmaceutical companies are examining health of animals via surveys and are collecting data from pet owners to innovate new drugs. Consequently, the global industry is anticipated to continue to witness growth momentum in the next few years.
Innovations in Vaccines – Efficacy of vaccines to provide protection against diseases accounts for their high market demand. Additionally, vaccines improve the immunity of animals against diseases; hence, pharmaceutical companies are investing significantly in vaccines. Therefore, rise in investment for development of new vaccines to protect animals from diseases such as hepatitis, cholera, and other bacterial and viral diseases is fueling market expansion.
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Growth Drivers
- Rise in number of animal farms to meet the growing demand for animal protein is fueling the animal healthcare market
- Government initiatives in several developed countries to roll out veterinary health programs are augmenting market growth
Regional Landscape
North America dominates the animal healthcare market in terms of revenue. High degree of concern among pet owners for the health of their pets in the U.S. and Canada is boosting market demand. Practice of substantial spending on vaccination and routine check-up for health and well-being of animals is spurring market growth in the region.
High economic value of the animal husbandry industry is bolstering the animal healthcare market in North America. Importance of health of farm animals that are reared in large numbers for high quality produce necessitates farm owners to allocate large budgets for the purpose. This is driving animal healthcare market in the region.
Competitive Analysis
The competition landscape in the animal healthcare market is consolidated with top 10 players holding majority share. Most large players are focused on R&D for improved pharmaceutical products and vaccines to consolidate their position in the global market.
Prominent players in the animal healthcare industry include Zoetis Inc., MERIAL Limited, Novartis Animal Health Inc., Ceva Sante Animale, Elanco Products Company, Merck & Co. Inc., Bayer AG, Virbac SA, Boehringer ingelheim GmbH, and Vetoquinol SA.
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The animal healthcare market is segmented as follows:
Global Animal Healthcare Market, by Product
- Pharmaceuticals
- Feed Additives
- Vaccines
Global Animal Healthcare Market, by Type
- Companion Animals
- Production Animals
Global Animal Healthcare Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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