Animal Health Market is Expected to Gain Popularity Across the Globe by 2026
Animal Health Market is projected to increase at a 4% CAGR to reach $49.1 billion by 2026
Animal health is a medical disciple that focuses on the treatment of veterinary diseases, disorders, and injuries as well as their prevention, detection, and control. It covers a wide range of animal species, including the domesticated and wild, with an extensive range of conditions that affect several species. It entails providing proper care for animals through the use of vaccines, anti-infective and anti-parasitic drugs, pharmaceutical specialty products, performance technologies, and value-added programs, such as livestock data management tools.
The Global Animal Health Market is expected to grow at a rate of ~4% to reach ~$49 billion by 2026. Rising awareness regarding animal health products, increasing demand for protein-rich food including meat, milk, eggs, and fish, growing incidence of zoonotic and food-borne diseases, increasing trend of companion animal adoption, and rising investments in research and development of medications & vaccines for animal care are some of the key factors driving the global animal health market.
Modernizations in Animal Health Market
Technical advances, innovations, and emerging technologies from artificial intelligence to stem cell therapy and new generations of vaccines, have provided greater opportunities to predict, prevent, diagnose and treat animal illness more quickly, accurately, and safely. Due to the development of new medicines and vaccinations for animal health, veterinary researchers and developers continue to make strides in limiting disease spread and its impact.
Recently, a number of technical advancements have been created to enhance animal welfare, including:
- In April 2022, Zoetis announced its latest innovation in diagnostics with the addition of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM
- In June 2021, Vetoquinol announced the launch of a new device called Phovia for faster skin recovery in dogs and cats
“A new wave of innovation from smart sensors that continually monitor vital signs and AI-driven prediction technologies to mRNA vaccines, feed supplemented with health-boosting ingredients, and many more scientific advances offer enormous potential for better animal health.”- President, Global Operations, Animal Health Company, United States
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Increased Pet Animals Adoption for Companionship & Communities
Pet ownership has skyrocketed across the globe. In large markets, Over 50% of households currently own a pet which rises to over 80% in nations like Brazil and Argentina. This reflects the increased recognition that pets are not only companions but offer tangible benefits to our health and happiness. Additionally, pet owners are more likely to get to know their neighbourhood than those without pets, which can lead to more community engagement and improves the quality of life and relationships. Rise in companion animal ownership is anticipated to boost the consumption of parasiticides antimicrobial & antibiotics, vaccines, feed additives, and growth promoters in the upcoming years.
Companies Implementing both Organic & Inorganic Growth Strategies to Increase their Market Share
Players operating in global animal health market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner market share.
- In June 2022, Boehringer Ingelheim and CarthroniX announced that they have entered into a research collaboration to pursue small molecule therapeutics in canine oncology. The collaboration will focus on identifying new molecules to target cancers in dogs.
North America is likely to maintain its dominance in the upcoming years
Geographically speaking, North America holds a major market share of the animal health market. This can be attributed to an increasing number of pet owners in this region - more than 67% of American households own pets, increasing occurrence of zoonotic diseases, technical developments & surge in research and development activities by prominent players in this region.
Competitive Landscape Analysis of Animal Health Market
Some of the key players operating in the global animal health market include Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.
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