26 December 2018, the global Animal Health Market is poised to witness steady expansion in terms of revenue over the forecast period of 2017 to 2025. Advancing veterinary care technologies coupled with high prevalence of zoonotic diseases is expected to drive market growth. Rise in animal food-borne diseases globally is projected to promote adoption of pharmaceuticals and animal vaccines. This factor is expected to give a fillip to market expansion. Growing demand for protein rich food has given rise to commercial animal farming to increase production of meat cattle, milch, and other livestock. Growing trend towards the adoption of companion animals is also expected to promote veterinary healthcare in the forthcoming years.
There is an explosive rise in the demand for meat and poultry among other animal products. Rise in global population is also projected to drive the market over the forecast period. As per a report by the UN Department of Economic and Social Affairs (UN DESA), the global population is projected to reach nearly 9.7 billion by 2050. In the same year, around 795 million people will be malnourished or undernourished, according to the International Fund for Agricultural Development (IFAD).’
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Rise in food-borne diseases is a major concern for the meat and animal products industry. Hence, companies focus on research and development for vaccination and pharmaceuticals to prevent and control contaminations and possible risks of diseases. This is expected to propel the global market in the coming years. Advancements in pet care technologies, such as vaccine banks, mobile technology, and data management systems among others could further fuel growth.
Major types of production animals include cattle, poultry, goat, sheep, fish, and swine among others. Dogs, cats, and horses are some of the most popular companion animals. Concerns over food safety and increased efforts to promote veterinary healthcare are expected to propel the production animal sector over the forecast period. Long term health and sustainability are expected to be key markets trends over the coming years. According to Food and Agriculture Organization (FAO), one-third of the overall human protein consumption in emerging economies is based on animal-based food products. This is anticipated to drive the demand for livestock productivity. This factor is anticipated to impel their market share in the forthcoming years.
Some of the major animal health products include vaccine, pharmaceuticals, diagnostics, and feed additives among others. Government organizations have increased focus on improving agriculture and animal care practices which in turn is expected to drive the demand for both medicinal and nutritional feed additives. Advancements such as inclusion of probiotics, enzymes, antioxidants, and metabolic modifiers in feed among others will further impel the demand for these products. Demand for vaccine would also witness significant rise in the near future. High adoption of pets and awareness regarding short- and long-term health check-ups may drive market expansion. Technological advancements and rising research and development is expected to further drive the demand for vaccines in near future.
North America is expected to hold a significant market share in the near future on account of concentration of top companies, access to advanced technology, and government efforts to promote healthcare infrastructure and initiatives for vet health. Asia Pacific, on the other hand, is projected to witness significant rise in market revenue owing to the prevalence of diseases such as Ebola and Swine flu coupled with efforts from regional governments on management and eradication of these diseases
Major participants operating in the animal health market are Boehringer Ingelheim; Phibro Animal Health; Elanco; Zoetis Inc.; Ceva Sante Animale S.A.; Vetoquinol; and Bayer among others. The market is characterized by intense competition. Companies engage in mergers and acquisitions, regional expansion, product launches, and product differentiation among other business strategies. For instance, in 2018 Zoetis acquired Abaxis, which is one of the leaders in veterinary Point-of-Care (POC) diagnostic instruments. This transaction is expected to provide the former a new platform for product sales when it comes to consumables and diagnostic instruments.
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