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 Global Animal Health Market is accounted for USD 38,500 million in 2017 and expected to register ~ 5.7% CAGR during the forecast period (2018–2023).
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. Additionally, improvement in productivity, rising focus toward food safety, and increasing pet ownership also fueling the growth of market during forecast periods.
The rising incidence rate of zoonotic diseases, spending on animal health, rising pet population, and growing pet insurance are expected to drive the growth of the market. Moreover, rising demand for animal protein, improvement in productivity, rising focus toward food safety, and increasing pet ownership are contributing to the growth of the market. For instance, according to the data published by the American Pet Products Association (APPA), the overall expenditure in the pet industry for 2016 was USD 66.75 billion, whereas the expenditure in 2017 was USD 69.51 billion. As per a report published by the European Pet Food Industry Federation (FEDIAF) in 2017, 80 million households in the European Union owned at least one pet animal.
The high cost associated with animal health, lack of awareness regarding animal health, and unaffordability of veterinary services in underdeveloped and developing regions may hamper the growth of the market during the assessment period.
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Animal Health Market – Key Players
Some of the key players in the Global Animal Health Market are
- Bayer AG
- Boehringer Ingelheim GmbH
- Ceva Sante Animale
- Eli Lilly
- Merck Animal Health
- Nutreco N.V.
- Vetiquinol SA
Animal Health Market – 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. Also, companion animal segment has been further divided into dog, cat, equine, and others. the market, by product, has been classified into pharmaceuticals, vaccines, and feed additives. Pharmaceuticals segment has been further segmented into parasiticides, anti-infectives, anti-inflammatory, analgesics, and others. The vaccines segment has been further segmented into live attenuated vaccines, DNA vaccines, recombinant vaccines, inactivated vaccines, 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.
Animal Health Market – Regional Analysis
The market is likely to dominate by Americas during the forecast period owing to the demand for animal protein, improvement in production, and focus on food safety. Moreover, rising pet ownership and increased medicalization for pets also fueling the growth of the market during forecast periods.
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The European market is expected to be the second-largest due to government support for research & development and increasing pet population. However, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to increased pet adoptions trends, rising population of companion animals, and rise in the number of animal welfare programs.
The market in the Middle East & Africa is likely to account for the smallest share of the global animal health market.
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