Animal Health Market Size, Global Dynamics and Global Forecast to 2023

Market Highlights:

Animal health is medical term related to the wellbeing of the animals and achieved by efficient prevention and control of animal diseases. it is important with respect to pre-harvest food safety aspects.

The growing pet insurance, rising incidence rate of zoonotic diseases, growing pet population, and spending on animal health are the major factors driving the growth of the global Animal Health Market Size Additionally, improvement in productivity, rising focus toward food safety, and increasing pet ownership also fueling the growth of market during forecast periods.

Various factors are propelling the animal health market growth. Some of these factors, according to the Market Research Future report, include rising pet insurance, increasing incidences of zoonotic diseases, growing pet population, and rising expenditure on animal health. Additional factors pushing market growth include rising pet ownership, increasing emphasis on food safety, improvement in productivity, rapid technological advancements, rising focus on animal welfare, and rising R&D activities in the veterinary industry. Moreover, the rising popularity of animal participation in sports such as team events, one-on-one, and racing, fighting, and hunting is increasing the need for best performance of animals in

different sports activities that in turn is propelling better animal health care and pushing market growth.

On the contrary, unaffordability of pet services in developing and underdeveloped regions, lack of awareness about animal health, and high cost related to animal health are factors that may restrict the animal health market growth over the forecast period.

Key Players:

·         Bayer AG

·         Boehringer Ingelheim GmbH

·         Ceva Sante Animale

·         Elanco

·         Eli Lilly

·         Merck Animal Health

·         Nutreco N.V.

·         Vetiquinol SA

·         Virbac

·         Zoeti

Segmentation:

·         The global animal health market has been segmented on the basis of animal type, product, route of administration, and distribution channel.

·         On the basis of animal type, the market has been segmented into farm animal and companion animal. The farm animal segment has been further divided into poultry, swine, cattle, sheep & goats, and others.

·         Based on route of administration, the market has been segmented into oral, parenteral, topical, and others. The market, by distribution channel, has been segmented into veterinary hospitals & clinics, retail, e-commerce, and others.

·          On the basis of animal type farm animal segment is expected to hold the largest market share of the animal health market. Also, vaccines segment to register the significant CAGR in the global animal health market during the forecast period.

Regional Analysis:

Based on region, the animal health market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period. This is due to the growing demand for animal protein, emphasis on food safety, and improvement in production. Besides, rising medicalization for pets and increasing pet ownership are also boosting the market growth.

The animal health market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to increasing pet population and support from the government for R&D.

The animal health market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to the increase in animal welfare programs, increasing population of companion animals, and the rising trend of pet adoption.

The animal health market in the Middle East and Africa will have the smallest share in the market over the forecast period.