(PharmaNewsWire.Com, March 03, 2021 ) The Asia-Pacific Animal Health Market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period.
Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market. However, restrictions on the use of parasiticides in food-producing animals, shift toward vegetarian diets, and the rising cost of storage of animal vaccines are expected to restrain the growth of this market.
The vaccines will have the highest growth rate, by product type, during the forecast period
Based on product, the APAC animal health market is segmented into parasiticides, antimicrobials and antibiotics, vaccines, feed additives/nutritional products, growth promoters, and other pharmaceuticals. Vaccines is expected to have the highest growth rate during the forecast period due to growing prevalence of animal-related diseases in Asian countries.
The food-producing animals had the largest share, by animal, in 2019.
Based on animal, the APAC animal health market is categorized into food-producing animals and companion animals. In 2019, food-producing animals accounted for large share of the APAC animal health market. The larger share of this segment is due to the increasing livestock population and rising demand for animal-derived food products.
China market to witness the highest growth during the forecast period
The APAC animal health market is divided into five countries—China, Japan, India, Australia, and RoAPAC These are analyzed further at the country levels. The Asia Pacific market is driven primarily by the increasing disposable income, growing awareness about animal health, rising demand of animal derived food products, and growing adoption of companion animals.
The market is dominated by a few globally established players such as Boehringer Ingelheim (Germany), Zoetis Inc. (US), Elanco Animal Health (US), Merck & Co. Inc (US), Phibro Animal Health (US), Virbac (France), Vetoquinol S.A (France), Ceva Sante Animale (France), Dechra Pharmaceuticals Plc. (UK), Kyoritsu Seiyako (Japan), Tianjin Ringpu (China), China Animal Husbandry (China), and Jinyu Bio-Technology (China).
Recent Developments
In July 2020, Boehringer Ingelheim launched an external innovation hub in China. In July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites. In July 2020, Zoetis announced a collaboration with Trianni for the development of transgenic monoclonal antibody platforms for the discovery of new veterinary treatments In April 2020, Elanco collaborated with VetNow to provide relief to veterinarians by expanding its products and service access through the telemedicine platform. In July 2017, Zoetis completed the acquisition of Nexvet, a biologic therapeutics company.
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