Market Overview
MRFR (Market Research Future) expects the animal health market to soar at a rate of 5.7?tween 2018 and 2023 (evaluation period).
Top Drivers and Deterrents
In the past decade, the animal health industry has been growing tremendously, thanks to the dramatic increase in zoonotic as well as food-borne diseases along with the surging demand for protein food. The unprecedented growth in the number of animal diseases has prompted firms to focus on launching more advanced drugs and vaccines, which have been favorable for the global market. Most of the companies are ramping up their efforts to cut down the number of food-borne diseases along with pathogen contamination risks, which should foster the growth of the animal health market in the following years.
Some of the major innovations over the past few years are the advent of information management systems, vaccine banks, animal owner mobile technology, and many more. This have favored the global industry to a large extent. Also, players’ escalating focus on technical advances catering to pets and the soaring number of vets worldwide should enhance the market share. The rising knowledge among people about the latest available treatment options and the high purchasing capacity also elevate the market position.
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The market also stands to benefit from the increased adoption of mergers and acquisitions, research initiatives expansion strategies, and new launches among players. To illustrate, in January 2021, Merck Animal Health partnered with The Street Dog Coalition to offer vaccines, treatment and medications for pets belonging to homeless people. Through the alliance, Merck Animal Health plans to support the volunteer team of veterinary students, veterinarians, technicians and practice managers by supplying its vast portfolio of medications and vaccines including Sentinel, Nobivac and Bravecto, to protect unsheltered cats and dogs from numerous infectious diseases as well as parasites caused by ticks, fleas, intestinal worms and heartworms.
Segmentation Insight
The animal health industry has been considered for animal type, product, route of administration, and distribution channel.
The animal types include farm animal as well as companion animal. Farm animal health segment should perform relatively better than companion animal segment due to the rising efforts of various healthcare organizations to improve agricultural practices.
The products studied in the market study are pharmaceuticals, vaccines and feed additives. The vaccines segment can potentially secure the fastest growth rate in the coming years. However, feed additive segment can garner significant traction in the years ahead due to frequent innovations in feed additives, such as the use of enzymes, metabolic modifiers, probiotics and minerals. Government’ growing focus on enhancing the agricultural practices as well as animal health should also encourage segment expansion.
Routes of administration studied in the MRFR report include parenteral, oral, topical, and more.
Distribution channels studied in the report are veterinary hospitals & clinics, retail, e-commerce, and others. Soaring number of hospitals, combined with the burgeoning procedural volume due to continuous readmissions of pets elevate the segmental position.
Regional Status
The animal health market has been regionally categorized as Europe, Asia Pacific/APAC, MEA or Middle East & Africa and the Americas.
The Americas is on track to become the most profitable market in the years to come, thanks to the strong demand for animal protein, large-scale production, and the high focus on food safety. Escalation in pet ownership along with the surging need for effective drugs and medicines for pets also benefit the regional market. The animal testing industry is seeing rapid expansion in the region, since people are increasingly growing aware regarding the latest treatment lines, while the presence of a thriving healthcare sector also bolsters revenue generation.
Europe should attain the second lead during the evaluation period, as a result of a supportive government and the large funds allocated for research & development activities. The burgeoning companion animal population coupled with the increase in technological innovations and the surge in zoonotic diseases are the major growth rendering factors.
APAC is all set to be the fastest gaining market in the near future, on account of the accelerated pet adoptions, mounting number of animal welfare programs in India and China and heavy R&D expenditure by renowned firms in the animal health field. Most of these players are also focused on developing generic therapeutics at competitive prices, which translates to considerable market growth.
Major Vendors
Some of the prominent firms profiled in the MRFR report include Virbac, Boehringer Ingelheim GmbH, Elanco, Nutreco N.V., Zoetis, Eli Lilly, Ceva Sante Animale, Bayer AG, Vetiquinol SA, Merck Animal Health, to mention a few.
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