Animal Health Market Significant Profits Estimated to be Generated by 2030: Grand View Research Inc.

 Animal Health Market Growth & Trends

The global animal health market size is expected to reach USD 92.8 billion by 2030, registering a CAGR of 10.0% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven by technological advancements in veterinary care, which are anticipated to offer the market future growth opportunities. For instance, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future.

With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. The incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence. As a consequence of the aforementioned factors, it is presumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market demand as well as revenue. The threat of zoonotic infections spreading through mosquitoes, ticks, and fleas or through contact with animals is high. The WHO is involved in various cross-sectoral activities for the purpose of addressing health threats at the human-animal-ecosystem interface.

Food-borne zoonoses, antimicrobial resistance, and emerging zoonoses are some of the threats in the market. The implementation of a wide range of technologies for the detection and monitoring of various animal diseases is one of the major growth contributing factors. North America captured a substantial share in the global market, owing to a wide range of definitive measures adopted by welfare organizations, technological advancements, rising incidence of zoonotic diseases, and an increasing number of pet owners. Asia Pacific is expected to exhibit lucrative growth over the coming years as a consequence of consistent R&D investments deployed by prominent players and their efforts to commercialize branded and generic therapeutics at a relatively inexpensive price. 

Key market participants employ sustainability strategies, such as expanding product portfolio, to gain a competitive advantage. For instance, in January 2021, Zoetis launched the Poulvac Procerta HVT-IBD vaccine for the protection of poultry against Infectious Bursal Disease (IBD). This added to Zoetis’ product portfolio of recombinant vector vaccines. 

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Animal Health Market Report Highlights

• By product, diagnostics are expected to dominate the market due to a significant increase in the adoption of pets, which demands long-term health plans
• Based on animal type, the companion animal segment is anticipated to witness a lucrative rate of 10.5% during the forecast period owing to associated health benefits for humans such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
• By distribution channel, retail channels and e-commerceplatforms accounted for a notable share owing to factors such as convenience associated with online pharmacies and the increasing number of retail pharmacies
• The point-of-care testing segment is expected to witness a CAGR of 12.4% over the forecast period due to an increase in demand for highly productive animals and growing investments in R&D for novel animal products
• In 2021, North America accounted for the largest revenue share in the market owing to the local presence of established pharmaceutical companies, consistently striving for extensive commercialization of their products
• In Asia Pacific, the market is anticipated to witness a CAGR of 10.5% over the forecast period owing to the high clinical urgency to curb incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola.
• Industry rivalry for the market is expected to remain at a higher level over the forecast period. Market players are involved in adopting extensive growth strategies such as entering strategic alliances, increasing product differentiation, and expansion of product portfolios in an attempt to capture a larger share of the market.
• The market is consolidated in nature. The market growth remains steady regardless of disruption in the supply chain due to pandemic
• In February 2021, Ceva and INRAE signed an agreement to collaborate in animal health. This partnership is expected to accelerate the innovation and development of products
• Animal healthcare is rebounding faster as compared to others post-pandemic. Large animal health companies are focusing on innovative strategies to gain a competitive edge

Access Press Release@ https://www.grandviewresearch.com/press-release/global-animal-health-market

Animal Health Market Segmentation

Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end use, and region:

Animal Health Type Outlook (Revenue, USD Million, 2017 - 2030)

• Production Animal
  • Poultry
  • Swine
  • Cattle
  • Sheep & Goats
  • Fish
• Companion Animal
  • Dogs
  • Cats
  • Horses
  • Others

Animal Health 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 Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• E-commerce
• Retail
• Veterinary Hospitals & Clinics

Animal Health End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Point-of-care Testing/In-house Testing
• Reference Laboratories
• Veterinary Hospitals & Clinics
• Others

Animal Health Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • 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 of Animal Health Market

• Merck Animal Health
• Ceva Santé Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• IDEXX
• Elanco
• Heska Corporation
• Virbac
• 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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.