iCrowd Newswire – May 21, 2020
The animal health market was valued at US$ 73,798.33 million in 2019 and is expected to grow at a CAGR of 6.3% from 2020 to 2027 to reach US$ 119,570.99 million by 2027.
The animal health is maintained through regular screening and diagnosis of health problems. Diseases in animal can be prevented by diagnostics and vaccines. Maintaining proper hygiene for animal through grooming products also help in preventing the outbreak of zoonotic diseases. The global animal health market is being driven by factors such as zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, the use of counterfeit medicines, and high complexity and cost of animal drug development and approval processes are likely to restrain the market growth during the forecast period. However, increase R&D activities are likely to offer growth opportunities for the animal health market during the forecast period.
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A few prominent players operating in the animal health market are Merck & Co., Inc, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Cargill, Incorporated, Zoetis Inc., Bayer AG, Vetoquinol SA, Nutreco N.V, Virbac, and Elanco.
The animal health market, by animal type, is further segmented into production animal and companion animal. In 2019, the production animal segment captured a larger share of the global animal health market. Production animals are also known as livestock animals that are nurtured to produce consumables and non-consumables products. The segment has witness rapid changes in the past few years as the demand for food derived from animals has increased significantly. The food derived animals have led to an increase in livestock production, which is supported by major technological innovations and structural changes across the sector. Through the business point of view, the segment supports more than 1.3 billion people across the world. Also, it is among the fastest-growing part of the agriculture sector across the world.
The prescription segment captured a larger share in the global animal health market. Veterinary prescription products are labeled for use only by or on the order of a licensed veterinarian. The prescription-based product segment is likely to grow at a steady pace in the review period owing to the factors such as the increasing preference for generic drugs for animal care. During 2013–2015, the US Food and Drug Administration approved 22 generic animal drugs for cats and dogs, which have increased the adoption of generic drugs by veterinarians, thereby propelling the market growth for the prescription products.
Animals can act as carriers of harmful bacteria, viruses, parasites, and fungi to humans, leading to illness, which are referred as zoonotic diseases or zoonoses. An increase in such diseases is driving the animal health market. The clinical effect of zoonotic illnesses may range from mild to severe, and might sometimes lead to death. Zoonotic diseases are prevalent in the world. As per the estimates of the Center for Disease Control (CDC), >6 out of every 10 known infectious diseases in people can spread through animals, and 3 out of every 4 new or upcoming infectious diseases in people would come from animals. Moreover, in 2016, at least 55,000 people have died of rabies in Asia and Africa.
The report segments the global animal health market as follows:
- Feed additives
- Grooming Products
By Animal Type
- Production Animal
- Companion Animal
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Keywords: Animal Health Market, Animal Health