(PharmaNewsWire.Com, June 20, 2019 ) According to the latest market research report by IMARC Group, titled “Global Animal Health Market Research Report and Forecast 2019-2024”, the global animal health market reached a value of US$ 44 Billion in 2018. At present, the animal health industry is witnessing rapid growth as livestock farmers and pet owners across the globe have become more aware of the effects of animal disease outbreaks. The medicines used in the animal healthcare sector fall into three main categories, namely biologics, pesticides and pharmaceuticals. These medicines, including anti-infectives and anti-inflammatories, are used for treating or preventing conditions including Lyme disease, diabetes, tick infestation and feline leukemia. Over the past years, animal health has become a vital part of the economic growth of numerous countries.
Governments of various nations have started introducing animal vaccination programs in order to fulfill the rising demand for safe and nutritious animal-based products. These programs have provided a boost to the sales of animal healthcare products including vaccines and other veterinary medicines. In addition, rising incidences of zoonotic diseases have prompted the market players to formulate effective medicines and adopt different marketing strategies to spread awareness about their products. The growing prevalence of these diseases has also led to an increase in the number of veterinary hospitals being established across the globe. Moreover, rising pet adoption is another emerging trend which has influenced the growth of the global animal health industry owing to the consequent improvement in access to veterinary services. Looking forward, the market is projected to reach US$ 58 Billion by 2024, expanding at a CAGR of 5% during the forecast period (2019-2024).
On the basis of product types, the animal health market has been categorized into pharmaceuticals, biologicals, medicinal feed additives and diagnostics. Amongst these, pharmaceuticals are the most popular products used for curing and preventing animal diseases.
Market Breakup by Region:
1. North America 2. Europe 3. Asia Pacific 4. Middle East and Africa 5. Latin America
Region-wise, North America represents the largest animal health market, holding the majority of the total share. This can be attributed to increasing R&D activities focused on the development of innovative medicines for food-producing as well as companion animals. The other markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
The competitive landscape of the market has also been examined with some of the key players being Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol and Virbac.
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