Animal Health Market Overview:
The Animal Health Market was worth USD 31 billion in 2020 and is expected to be worth USD 99 billion by 2028, growing at an 8.5% CAGR during the forecast period (2021–2028).
The primary concern of animal health care is the well-being of pets and farm animals. Animals, like humans, can catch parasites and other diseases that necessitate disease diagnosis, prevention, and control. The increasing disease prevalence in livestock and poultry has provided pharmaceutical companies with lucrative growth opportunities to develop new medications and drugs.
In the Animal health market, the vaccinations segment has the highest market rate. Vaccines have been shown to boost the immune systems of pets such as cats, dogs, and horses. However, there is no evidence that any vaccine on the market can provide a 100% immune system to the pet. On the other hand, some major market challenges include the non-potency of vaccinations and the poor health conditions of the pet during vaccination. Based on the anatomy, animals’ breeds, and immune systems, proper diagnosis is required for their protection. As a result, the market requires increased funding for R&D development.
The widespread pandemic has impacted the growth of the animal health market, both positively and negatively. The wide spread of COVID infection in several countries has compelled governments to impose strict regulations regarding travel to other locations. As a result, movement restrictions have limited access to veterinary medicine and health care facilities. Because several governments were focused on the ongoing crisis and the urgency of saving human lives, veterinary consultations and checkups were postponed because they were not deemed an emergency. During the second wave of COVID, animal COVID testing kits became increasingly popular, prompting market players to take appropriate actions to assist veterinarians. Even during the pandemic, such factors propelled the Animal health market.
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Animal Health Market Segmentation:
The Animal Healthcare Market is divided into three categories: drug, animal, and vaccine.
By Drug Type:
By Animal Type:
Animal Health Market Regional Analysis:
The Global Animal Healthcare Market is divided into four regions: North America, Asia-Pacific, Europe, and the Rest of the World. North America is the largest market in Animal Healthcare Market. A wide range of effective measures adopted by technological advancements as well as government animal welfare organizations, rising incidence of zoonotic diseases, and an increasing number of pet owners in the countries have enabled the North American region to be the largest market.
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Nutreco N.V announced an investment in a Dutch company, Kingfish Zeeland, in January 2020. The company intends to supply the US and European markets with yellowtail kingfish. The product will be distributed using a patented recirculating aquaculture system.
In February 2020, Vetoquinol SA announced the acquisition of Elanco Animal Health’s Profender and Drontal product families by Vetoquinol SA. It will also acquire intellectual property, registrations, and other rights held by Bayer AG’s animal health division.
In February 2020, Zoetis Inc. announced the purchase of Diagnostic Science, a veterinary reference lab. The acquisition allowed the company to expand its service offerings.
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