Growing Pet Population Influencing Animal Health Industry at a Stagnant CAGR of 5.7% During Forecast 2018-2023
Market Analysis:
The global animal health
market is predicted to touch USD 38,500
million at a 5.7% CAGR over the forecast period (2018-2023), states the latest Market
Research Future (MRFR) report. Animal health, simply put, is a branch of
veterinary science that deals with monitoring and treatment of animal disease.
It plays a crucial part in the safety and economy of the food supply of the
country.
Various factors are
propelling the animal health market growth. Some of these factors, according to
the Market Research Future report, include rising pet insurance, increasing
incidences of zoonotic diseases, growing pet population, and rising expenditure
on animal health. Additional factors pushing market growth include rising pet
ownership, increasing emphasis on food safety, improvement in productivity,
rapid technological advancements, rising focus on animal welfare, and rising
R&D activities in the veterinary industry. Moreover, the rising popularity
of animal participation in sports such as team events, one-on-one, and racing,
fighting, and hunting is increasing the need for best performance of animals in
different sports activities that in turn is propelling better animal health
care and pushing market growth.
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Key Players:
·
Zoeti
·
Virbac
·
Vetiquinol
SA
·
Merck
Animal Health
·
Nutreco
N.V.
·
Eli
Lilly
·
Elanco
·
Ceva
Sante Animale
·
Boehringer
Ingelheim GmbH
·
Bayer AG
Market Segmentation:
·
The
MRFR report offers a wide segmental analysis of the animal health market on the
basis of distribution channel, route of administration, product, and animal
type.
·
Based
on animal type, the animal health market is segmented into companion animal and
farm animal. The farm animal segment is again segmented into sheep and goats,
cattle, swine, poultry, and others.
·
Based
on product, the animal health market is segmented into feed additives,
vaccines, and pharmaceuticals. The pharmaceuticals segment is again segmented
into analgesics, anti-inflammatory, anti-infectives, parasiticides, and others.
·
Based
on route of administration, the animal health market is segmented into topical,
parenteral, oral, and others.
·
Based
on distribution channel, the animal health market is segmented into retail,
e-commerce, hospitals and clinics, veterinary, and others. Of these, the
e-commerce and retail segment will lead the market over the forecast period.
Regional Analysis:
Based on region, the
animal health market report covers the latest trends and growth opportunities
across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and
Africa (MEA). Of these, the Americas will spearhead the market over the
forecast period. This is due to the growing demand for animal protein, emphasis
on food safety, and improvement in production. Besides, rising medicalization
for pets and increasing pet ownership are also boosting the market growth.
The animal health market
in Europe is predicted to have the second-largest share in the market over the
forecast period. This is owing to increasing pet population and support from
the government for R&D.
The animal health market
in the APAC region is predicted to grow at the fastest pace over the forecast
period. This is owing to the increase in animal welfare programs, increasing
population of companion animals, and the rising trend of pet adoption.
The animal health market
in the Middle East and Africa will have the smallest share in the market over
the forecast period.
Industry Updates:
August 2019: Elanco will
soon acquire the animal health division of Bayer.
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