Animal Health Market Size to reach USD 67.56 Billion | Market Rising in United States
The global animal health market size is anticipated to
reach USD 67.56 billion by 2026 owing to the increasing number of animal health
issues worldwide. Animals have always been of immense help to man either as
companions or as livestock. With time, man starting adopting animals and keeping
them as pets. Animals, alike humans, are susceptible to infections and diseases
and require medical aid. As per a recently published report by Fortune Business
insights™ titled, “Animal Health Market Size, Share and Global Trend By Product
(Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and
Companion Animals), By End User (Veterinary Hospitals & Clinics, Animal
Care & Rehabilitation Centers, Diagnostic Centers, and Others) and
Geography Forecast till 2026” the market size was USD 41.50 billion in 2018 and
is anticipated to rise at a CAGR of 6.3%.
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|
North America |
United States, Canada and Mexico |
|
Europe |
Germany, UK, France, Italy, Russia and Turkey etc. |
|
Asia-Pacific |
China, Japan, Korea, India, Australia, Indonesia, Thailand,
Philippines, Malaysia and Vietnam etc. |
|
South America |
Brazil, Argentina, Columbia etc. |
|
Middle East & Africa |
Saudi Arabia, UAE, Egypt, Nigeria and South Africa |
Animal Type Insights
The production animal segment dominated the market for animal health and
accounted for the largest revenue share of over 64.0% in 2021. The substantial
share captured by the segment can be presumed a consequence of high concern for
food safety and sustainability by government healthcare organizations globally.
Policymakers in various countries are striving to achieve total food security,
which propels large-scale food production and results in greater rearing of
livestock. The policies are focused on long-term sustainability, which can be
achieved through a combination of improving productivity and greater attention
to livestock veterinary healthcare.
Increasing Prevalence of Zoonotic Diseases will
Drive Market
The rise in the adoption of pets, worldwide, is a
major driver for the animal healthcare market growth. Besides this, the market
is driven by the rise in the prevalence of zoonotic diseases worldwide.
Additionally, there is a rise in the consumption of animal-based food products,
and this is further expected to add impetus to the overall market during the
forecast period. Furthermore, animals work as test subjects in research
laboratories for the development of new therapeutics for deteriorating
diseases, due to which maintaining their health is a vital factor. Such factors
indicate the need for animal health services.
On the flipside, stringent regulations on animal
drug approval may cause hindrance to the overall animal healthcare market. All
animal drugs require approval to launch from the U.S. Food and Drug
Administration. As per the Animal Health Institute, it may take approximately
10 years or more to develop a new animal drug, costing more than USD 100
million. Such factors may also restrict the market from growing in the forecast
period.
Objectives of the Report
The report on the veterinary healthcare
market is based on qualitative and quantitative analysis of factors driving,
repelling, and challenging the market. It also provides a well-presented
segmentation of the market based on factors such as product, animal, end user,
and region. Additionally, the report offers insights about key industry
developments and recent innovations in the market with the list of market names
and the blueprints chalked out by them to stay ahead of the market competition.
Furthermore, the report lists the current animal healthcare market trends and
opportunities and is available for sale on the company website.
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Major Growth Drivers:
Increasing Number of Pet Owners and
Emphasis on Animal Health to Propel Growth
The increasing pet adoption is a major
factor propelling animal health market growth. Besides this, analysts at
Fortune Business Insights™ say, “the rising prevalence of diseases among
animals, especially zoonotic diseases, is likely to promote the animal health
market growth during the forecast period.” Zoonotic diseases can be transmitted
from animals to humans; a few of which include bubonic plague, salmonellosis,
anthrax, rabies, and West Nile virus. Besides this, the rise in the number of
animal healthcare clinics worldwide will also drive the market.
Additionally, animals work as test
subjects for various medication and drug tests. It is important to test drugs
on animals attributable to the fact that research on most prolonged and genetic
diseases affecting man cannot be approved for testing on human subjects. Animal
studies are used for the development of new surgical techniques such as organ
transplantations, new drug testing, and also for nutritional research. The fact
that animals serve as research subjects for valuable research on long-lasting
deteriorating diseases is further propelling the need to maintain the health of
these animals.
Regional Analysis
Presence of Advanced Teams for Research
and Development Activities Will Aid Growth of the Market in North America
Geographically, the global animal
health market is categorized into Europe, North America, Latin America, Asia
Pacific, and the Middle East and Africa. These regions are further categorized
into nations. Among these, North America held the largest veterinary healthcare
market share and generated a revenue of USD 14.12 billion in 2018. This is
attributable to the presence of numerous animal health centers and
technologically advanced team for research and development of novel
therapeutics. Besides this, the rise in the number of pet owners and their
rising concern for maintaining the health of their pets will help in the
expansion of the market.
Europe stands second in the veterinary
healthcare market, owing to the consistent growth witnessed in the past few
years. Besides this, the market in Asia Pacific will witness significant growth
on account of the increasing number of biopharma companies in countries such as
India, Japan, and China.
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