Animal Health Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Prescription, and Non-prescription Animal Type and Geography

The animal health market was valued at US$ 73,798.33 million in 2019 and is expected to grow at a CAGR of 6.3% from 2020 to 2027 to reach US$ 119,570.99 million by 2027.

The animal health is maintained through regular screening and diagnosis of health problems. Diseases in animal can be prevented by diagnostics and vaccines. Maintaining proper hygiene for animal through grooming products also help in preventing the outbreak of zoonotic diseases. The global animal health market is being driven by factors such as zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, the use of counterfeit medicines, and high complexity and cost of animal drug development and approval processes are likely to restrain the market growth during the forecast period. However, increase R&D activities are likely to offer growth opportunities for the animal health market during the forecast period.

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Animal Health Market: Competition Landscape and Key Developments

A few prominent players operating in the animal health market are Merck & Co., Inc, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Cargill, Incorporated, Zoetis Inc., Bayer AG, Vetoquinol SA, Nutreco N.V, Virbac, and Elanco. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market.

The market players focused toward acquisitions with industry players in order to sustain their position in the market. For instance, in February 2019, Zoetis Inc. announced the acquisition of Diagnostic Science, a veterinary reference lab business. The acquisition has enabled the company to strengthen its service portfolio.

Increasing Incidences of Zoonotic Diseases

Animals can act as carriers of harmful bacteria, viruses, parasites, and fungi to humans, leading to illness, which are referred as zoonotic diseases or zoonoses. An increase in such diseases is driving the animal health market. The clinical effect of zoonotic illnesses may range from mild to severe, and might sometimes lead to death. Zoonotic diseases are prevalent in the world. As per the estimates of the Center for Disease Control (CDC), >6 out of every 10 known infectious diseases in people can spread through animals, and 3 out of every 4 new or upcoming infectious diseases in people would come from animals. Moreover, in 2016, at least 55,000 people have died of rabies in Asia and Africa.

In the past decades, many previously unknown infectious human diseases, such as Ebola virus, Human Immunodeficiency Virus (HIV), Nipah virus, West Nile virus, and Hantavirus infections, have emerged from animal reservoirs. Outbreaks such as severe acute respiratory syndrome (SARS) and avian influenza have reminded the potential of microorganisms from animal reservoirs to adapt to human hosts. More than three-quarters of the human diseases that are new, emerging, or re-emerging at the beginning of the 21st century are caused by pathogens that are originated from animals or products of animal origin. According to the WHO, ~60% of emerging infectious diseases reported globally are zoonoses, and every year, about one billion cases of illness and millions of death occur from zoonoses. Over 30 new human pathogens have been detected in the last three decades, 75% of which have originated from animals. Hence, emerging and re-emerging of zoonotic diseases have become a significant factor raising the demand for animal health, and this has triggered companies to produce advanced pharmaceuticals and vaccines to help animal owners or other stakeholders to maintain the overall health of animals.

Animal Health Market: Segmental Overview

The prescription segment captured a larger share in the global animal health market. Veterinary prescription products are labeled for use only by or on the order of a licensed veterinarian. The prescription-based product segment is likely to grow at a steady pace in the review period owing to the factors such as the increasing preference for generic drugs for animal care. During 2013–2015, the US Food and Drug Administration approved 22 generic animal drugs for cats and dogs, which have increased the adoption of generic drugs by veterinarians, thereby propelling the market growth for the prescription products.

The animal health market, by animal type, is further segmented into production animal and companion animal. In 2019, the production animal segment captured a larger share of the global animal health market. Production animals are also known as livestock animals that are nurtured to produce consumables and non-consumables products. The segment has witness rapid changes in the past few years as the demand for food derived from animals has increased significantly. The food derived animals have led to an increase in livestock production, which is supported by major technological innovations and structural changes across the sector. Through the business point of view, the segment supports more than 1.3 billion people across the world. Also, it is among the fastest-growing part of the agriculture sector across the world.

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