Newark, Nov. 16, 2022 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the animal health market of $35.42 billion in 2022 will grow to $60.31 billion by 2030. The increasing pace of climate change is seen worldwide with increasing example of extreme weather changes like flash floods, frequent storms and heat waves. The increase in global average temperature is having a profound impact on animals, given their increased vulnerability to extreme climate change events. The slow process of evolution means that the majority of animals do not adapt to new changes and die because of these changes. Habitat loss and the re-emergence of pathogens leading to an increased risk of zoonotic diseases put animals at high risk of dying. Climate change affecting animals will have a direct impact on the global food industry. The serious consequences of not prioritizing animal health by developing life-saving vaccines and drugs to protect them will create a global food crisis. The imbalance caused by rising temperatures will alter land use patterns and affect food crops. Therefore, it is essential to address animal health with increased urgency.
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Key overview of the animal health market
Asia-Pacific is expected to experience the fastest growth over the forecast period.
Asia-Pacific is expected to experience the fastest growth over the forecast period. The region’s extensive ranching is a vital source of revenue for the government; it is therefore crucial to focus on improving the animal health infrastructure. The market will witness high growth in the forecasted years owing to the growing focus on improving animal husbandry and husbandry to provide access to high quality food, medicine and feedstuffs. quality. The sophisticated and large pharmaceutical industries of China and India represent a distinct advantage for the animal health sector.
The production animal segment will grow the animal health market over the forecast period.
The Animal Types segment is divided into Production Animals and Companion Animals. The food producing animal segment led the market with a revenue share of around 57% in 2022.
The pharmaceuticals segment is expected to grow the animal health market over the forecast period.
The product type segment is divided into vaccines, medical food additives, equipment and disposables, pharmaceuticals, diagnostics and others. The pharmaceutical segment dominated the market with a market share of around 38% in 2022.
The market size of veterinary hospitals and clinics segment of USD 20.54 billion in 2022
The end-user segment is divided into reference laboratories, veterinary hospitals and clinics, point-of-care testing and others. The veterinary hospitals and clinics segment dominated the market with a market share of around 58% in 2022.
The retail segment market size of USD 17 billion in 2022
The distribution channel is divided into veterinary hospitals and clinics, retail, e-commerce and others. The retail segment dominated the market with a market share of around 48% in 2022.
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Scope of Animal Health Market:
|Growth momentum and CAGR||Accelerate at a CAGR of 6.88%|
|Market Growth 2022-2030||$60.31 billion|
|Regional analysis||APAC, Europe, North America, South America and MEA|
|Successful market contribution||The North American region has emerged as the largest market for the global animal health market, with a market share of 33.91% in 2022.|
|Competitive landscape||Leading companies, competitive strategies, scope of consumer engagement|
|Profiled companies||Boehringer Ingelheim International GmbH, Covetrus, Elanco, Heska Corporation, Intervet International BV, Merck Animal Health, Novartis AG, Vetoquinol SA, Virbac, Zoetis|
|Market dynamics||Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period.|
|Customization overview||If our report does not include the data you are looking for, you can contact our analysts and customize the segments.|
Merck Animal Health acquired Sense Poultry Ltd. in February 2021 to expand its vertical poultry business and gain access to environmental and health monitoring technology.
Driver: the growing cases of zoonotic diseases
Animal habits have been destroyed due to climate change. Recently, the likelihood of catching zoonotic diseases from an animal vector, such as domesticated or exotic animals, has increased. For example, the covid-19 epidemic has killed millions of people around the world by infecting people with a vector of animal origin, most likely a bat. Attention to animal health has also increased due to many cases of slaughtering chickens to eradicate chicken pox or ducks to stop disease transmission to humans. Scientists have been motivated to create better vaccines, drugs, animal feeds, and feedstuffs as the possibility of zoonotic diseases spreading from animals to humans has increased.
Constraint: insufficient infrastructure
In low- and middle-income countries, implementation of government initiatives to improve animal health has been less than adequate. For example, recent events in India where hundreds of cattle died from lumpy skin disease show that there are not always preventive measures. Similar cases of killing chickens and ducks have resulted in significant national financial losses. A lack of adequate infrastructure will hamper the development of vaccinations, zoonotic disease surveillance, testing, tracing, isolation and treatment.
Opportunities: increased research and development spending
Government institutions have increased their spending to improve animal health due to the huge losses suffered at individual and national levels due to zoonotic diseases that lead to the death of animals. Growing government spending to develop better drugs, vaccines, tools and diagnostics to prevent and treat animal diseases will provide lucrative future prospects.
Challenge: Comprehensive and holistic drug approval process
Since animals are an important part of the food chain, damage to their health has a cascading effect on public health. Medicines and vaccines created to improve animal health must therefore undergo testing before being authorized for sale. Strict government regulations will hamper market development in developed countries overseeing the approval and use of pharmaceuticals, vaccines and other animal medicines.
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Some of the major players operating in the animal health market are:
• Boehringer Ingelheim International GmbH
• Heska Company
• Intervet International BV
• Merck Animal Health
• Novartis AG
• Vétoquinol SA
Coverage of key segments in the market:
By animal type
• Production animals
By product type
• Medical food additives
• Equipment and consumables
• Pharmaceutical products
Per end user
• Reference laboratories
• Hospitals and veterinary clinics
• Point-of-care testing
By distribution channel
• Hospitals and veterinary clinics
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, analysis of distribution and marketing channels.
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