FELTON, Calif., Jan. 17, 2023 /PRNewswire/ -- The global animal health market size is projected to reach USD 92.8 billion by the year 2030, advancing at a steady CAGR of 10.0% during the forecast period. The market growth is expected to be aided primarily by the rising incidences of zoonotic diseases that occur due to contact with animals, along with the growing involvement of technology in the development of products and services.
Key Industry Insights & Findings from the report:
- The rising significance of nutritious animal-sourced food across the globe, coupled with government initiatives to improve the health and performance of production animals, are significant drivers of the animal health market.
- In terms of product, the others segment, which includes veterinary telehealth and software, as well as livestock monitoring solutions, is expected to advance at the highest CAGR of 16.1% during the projection period, aided by the increased investments in R&D to launch advanced products and services.
- With regards to type, the production animal segment is expected to maintain its dominance during the assessment period, as government plans of achieving complete food security have propelled food production on a large scale and enhanced livestock rearing.
- The point-of-care/in-house testing end-use segment in the animal health market is projected to showcase strong growth in the coming years, owing to the increasing awareness among animal owners regarding preventative health. For instance, ELISA is a notable PoC test that is used for the diagnosis of heartworm.
- The animal health market in North America has been a significant contributor to global revenue, on account of the significant measures undertaken by animal welfare organizations in the region to improve and enhance overall animal health. Additionally, technological progress by companies as well as the rising number of pet owners in the region further help expand the industry.
- The market is highly consolidated, and the advent of the coronavirus pandemic did not have a severe impact in this area, in spite of supply chain issues. On the contrary, companies have been consistently improving their positioning through strategies such as mergers, acquisitions, and product launches. For instance, in August 2021, Kindred Biosciences was acquired by Elanco, which aided in strengthening the latter's innovation, portfolio, and productivity (IPP) strategy.
Read 200 page full market research report for more Insights, "Animal Health Market Size, Share & Trends Analysis Report By Animal Type, By End Use, By Product, By Distribution Channel, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Animal Health Market Growth & Trends
Companies have been compelled to increase the production levels of pharmaceutical drugs in order to address the increasing disease prevalence in production as well as companion animals, while there have also been constant initiatives and measures on part of governments to offer support to the industry through the formulation of programs.
There has been a growing urgency to undertake livestock adoption on a large scale, in order to expand the global food supply. As per the United Nations Department of Economic and Social Affairs, the global population is set to increase to 9.7 billion by 2050, and as of now, close to 800 million people remain undernourished. An increase in the production of animal-based food items can be achieved by ensuring proper animal performance and yield, which will ultimately increase the affordability of these products in the market.
When it comes to companion animals, the adoption of pets such as cats and dogs has witnessed a healthy increase globally, especially during the advent of the COVID-19 pandemic. According to SPCA, Los Angeles, the adoption rate of pets doubled in June 2020, reaching 10-13 per day. As pet care involves the timely administration of vaccines along with other products and services, the market for animal health has grown substantially in the past couple of years.
The companies involved in the animal health industry undertake conventional strategies such as mergers, acquisitions, expansions, and collaborative research, in order to generate revenue and achieve growth. The COVID-19 pandemic did not have much of an impact on these companies despite supply chain concerns, with IDEXX reporting a 12% increase in its year-on-year revenue, enabled by developments in its Companion Animal Group diagnostics department. Such developments are expected to grow stronger in the coming years, with the competition among major names expected to stiffen as a result of growth strategies.
Animal Health Market Segmentation
Million Insights has segmented the global animal health market on the basis of animal type, product, distribution channel, end use, and region:
Animal Health Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Production Animal
- Poultry
- Swine
- Cattle
- Sheep & Goats
- Fish
- Companion Animal
- Dogs
- Cats
- Horses
- Others
Animal Health Market - Product Outlook (Revenue, USD Million, 2017 - 2030)
- Vaccines
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Others
- Pharmaceuticals
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
- Medicinal Feed Additives
- Diagnostics
- Instruments
- Consumables
- Equipment & Disposables
- Critical Care Consumables
- Anesthesia Equipment
- Fluid Management Equipment
- Temperature Management Equipment
- Rescue & Resuscitation Equipment
- Research Equipment
- Patient Monitoring Equipment
- Others
- Veterinary Telehealth
- Veterinary Software
- Livestock Monitoring
Animal Health Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
- E-commerce
- Retail
- Veterinary Hospitals & Clinics
Animal Health Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Point-of-care Testing/In-house Testing
- Reference Laboratories
- Veterinary Hospitals & Clinics
- Others
Animal Health Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Russia
- Spain
- Netherlands
- Switzerland
- Sweden
- Ireland
- Poland
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Thailand
- Australia
- South Korea
- Philippines
- Malaysia
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- Turkey
- Iran
- United Arab Emirates
- Israel
List of Key Players in the Animal Health Market
- Merck Animal Health
- Ceva Santé Animale
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- IDEXX
- Elanco
- Heska Corporation
- Virbac
- B.Braun Vet Care
- Covetrus
- DRE Veterinary
- Televet
- Mars Inc.
- Phibro Animal Health Corporation
- Dechra Pharmaceuticals PLC
- Bimeda, Inc.
- Midmark Corporation
- Thermo Fisher Scientific, Inc.
- IDVet
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