Animal Health Market is Estimated to Grow at a Evolutionary CAGR of 4.7% During Forecast 2018-2023

Market Highlights:

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 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. For instant, according to the data published in 2016 by the North American Pet Health Insurance Association (NAPHIA), the growth of the pet health insurance in North America was exceeded by 17.2% from 2014 to 2015. Also, In recent years, various government and private associations are working to control zoonotic diseases.

Key Players:

·         Bayer AG

·         Boehringer Ingelheim GmbH

·         Ceva Sante Animale

·         Elanco

·         Eli Lilly

·         Merck Animal Health

·         Nutreco N.V.

·         Vetiquinol SA

·         Virbac

·         Zoeti

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.

·         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.

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. 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.