Rise in consumption of animal products such as milk and meat, and rising pet culture are among the key factors fueling market growth

Market Size – USD 50.51 Billion in 2020, Market Growth - CAGR of 5.9%, Market Trends – Technological advancements in veterinary diagnostics

The global animal health market size is expected to reach USD 79.29 Billion by 2028 at a CAGR of 5.9%, according to a new report by Reports and Data. Growth in market revenue is primarily attributed to increasing consumption of animal-based food products including milk, meat, and fish, growing awareness about the health benefits of animal protein, and rising prevalence of food-borne and zoonotic diseases. Rising adoption of pet or companion animals such as dogs and cats, development of advanced vaccines and medications for animals, and rise in government initiatives to promote various animal health products are other major factors driving market growth. Technological advances in veterinary diagnostics and increasing efforts of regulatory agencies to prevent and control animal disease outbreaks further drive the growth of this market to a major extent.

Animal health is a medical specialty that involves diagnosis, treatment, prevention, and control of diseases affecting the health and wellness of farm animals and companion animals. The animal health industry, in collaboration with farmers, government agencies, and veterinarians, ensures the overall health and safety of animals. Manufacturers in this industry, including biopharmaceutical companies, engage in research & development activities for effective and innovative animal health products and medicines. Animal health is closely associated with human health and sustainable food production. Hence, monitoring and prevention of animal diseases is of paramount importance for the safety of the global food supply. Vaccination is one of the most effective measures taken to prevent and control animal diseases. Moreover, it reduces the need for antibiotics and minimizes risks of antimicrobial resistance, thereby protecting public and environmental health.

Key companies profiled in the report include

Thermo Fisher Scientific, Novartis, Vetoquinol, Virbac, Elanco Animal Health Incorporated, Bayer AG, Boehringer Ingelheim Animal Health, Biogenesis Bago, Zoetis Inc., Ceva Sante Animale, Neogen, and Heska Corporation 

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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Animal Health market.

The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.

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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.

The key geographical regions analyzed in the market report are:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Animal Health Market Segmentation based on Types:

Product Type Outlook (Revenue, USD Billion; 2020-2028)

Vaccines
Live Attenuated Vaccines
DNA Vaccines
Recombinant Vaccines
Inactivated Vaccines
Others
Pharmaceuticals
Parasiticides
Anti-infectives
Anti-inflammatory
Analgesics
Others
Feed Additives
Antibiotics
Vitamins
Feed enzymes
Amino acids
Antioxidants
Prebiotics and probiotics
Minerals
Diagnostics
Instruments
Consumables
Others
Animal Type Outlook (Revenue, USD Billion; 2020-2028)

Production Animal
Poultry
Swine
Cattle
Sheep & Goats
Fish
Companion Animals
Dogs
Cats
Horses
Others
Dosage Type Outlook (Revenue, USD Billion; 2020-2028)

Oral
Tablets or Capsules
Powder or Premix
Liquid
Parenteral
Liquid
Powder
Topical
Solutions
Creams and ointments
Powder
Transdermal
Patches
Gels
Sprays
End-use Outlook (Revenue, USD Billion; 2020-2028)

Veterinary Hospitals & Clinics
Point-of-care Testing/In-house Testing
Reference Laboratories
Others
Distribution Channel Outlook (Revenue, USD Billion; 2020-2028)

Veterinary Hospitals & Clinics
Retail Pharmacies and Drug Stores
E-commerce
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Some Key Highlights in the Report:

Based on product type, the vaccines segment is projected to display the highest CAGR of 7.4% over the forecast period. Rise in animal vaccination drives for infectious diseases such as rotavirus, rabies, E. coli, and brucellosis and significant benefits of veterinary vaccines such as improved animal health and reduced need for antibiotics boost this segment’s growth.
Based on animal type, the companion animals segment is expected to register the highest revenue growth rate of 7.4% during the forecast period. Growing pet culture and rising awareness about the mental and physical health benefits of adopting companion animals bolster the growth of this segment.
Among distribution channels, the veterinary hospitals and clinics segment is the most dominant in terms of revenue. This segment’s growth is accelerated by increasing rate of pet adoption worldwide and growing incidences of animal diseases.
The Asia Pacific animal health market is expected to register the fastest revenue growth rate of 7.0% over the forecast period. Increasing adoption of pets, rapidly advancing animal healthcare infrastructure in the region, and emergence of advanced veterinary diagnostic technologies are the key parameters driving market growth in this region.
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