May 10, 2022
As per the research report titled ‘Global Animal Health Market (2021 Edition) - Analysis By Animal Type (Production, Farm), Product Type (Pharmaceuticals, Vaccines, Feed Additives), By End User, By Region, By Country: Market Insights & Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, worldwide animal health market was valued at USD 47.21 billion in 2020 and is estimated to garner a substantial growth during 2021-2026.
Rise of the pet ownership trend owing to pet humanization is the primary growth driver for global animal health market. Also, individuals nowadays find friendship and comfort levels by embracing their pets, which is leading to growing demand for animal healthcare items such as medicines and food.
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Furthermore, rising trend of nuclear families all over the world has also boosted pet ownership. Consequently, the increasing animal-human bond is tending clients' enthusiasm to invest more in their pets. Moreover, the rise in contagious diseases in animals, technological developments, and growing investments by several organizations for R&D are augmenting the industry outlook.
However, the COVID-19 outbreak stymied global economy. The restrictive policies and lockdown implemented amidst the pandemic have plunged the livestock industry, specifically the meat and dairy sectors. Decline in meat consumption due to food safety concerns, alongside disrupted meat trade restrained the growth of worldwide animal health industry.
Speaking of animal type, the industry is categorized into companion animals, and production animals.
Moving on to product spectrum, the market is segmented into vaccines, pharmaceuticals, and feed additives. The vaccine segment is poised to rise at a significant rate during the analysis period. The growth is because of growing concern for various animal disease, which is eventually propelling investments in vaccination development.
Based on end-user scope, the industry is categorized into point-of-care testing, veterinary clinics & hospitals, and others. The rising demand for veterinary clinics and hospitals is slated to lead to better revenue generation by 2026. It is due to the help they provide to cure diseases and infections in animals, thus improving the production of animal-based products.
The leading players in global animal health industry space include Vetoquinol, IDEXX LABORATORIES Inc., Elanco Animal Health Incorporated, Boehringer Ingelheim, Zoetis Inc., Phibro Animal Health Corporation, Ceva Sante Animale, Virbac, Covetrus Inc., and Merck & Co. Inc.