(USA, NY, New York City) MRFR (Market Research Future) expects the animal health market to soar at a rate of 5.7% between 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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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.
The segment study of the global companion animal healthcare market is based on vaccines, feed additives, and pharmaceuticals.
The feed additives-based segments of the companion animal healthcare market are medicinal feed additives and nutritional feed additives. The segment of nutritional feed additives includes vitamins, proteins, and minerals among others. The segment of medicinal feed additives includes immune-modulators, hormones, probiotics, enzymes, and prebiotics among others.
The pharmaceutical-based segments of the global companion animal healthcare market are anti-infectives, anti-inflammatories, and antibiotics.
The diagnostic tests-based segments of the companion animal healthcare market are immunodiagnostic tests, diagnostic imaging, and molecular diagnostics among others.
The end users-based segments of companion animal healthcare market are veterinary hospitals, home care, and veterinary clinics among others.
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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.
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