Animal Health Market Size Worth $119,570.99 Million, Globally, by 2027 at 6.3% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Dec. 14, 2021 /PRNewswire/ -- According to the new market research report "Animal Health Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Prescription, and Non-prescription); Animal Type (Production Animal, Companion Animal); and Geography", published by The Insight Partners, the global 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. Get the Latest COVID-19 Analysis on animal health market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003540

Animal Health Market: Competition Landscape and Key Developments

Merck & Co., Inc., Boehringer Ingelheim International GmbH, Ceva Santé Animale, Cargill, Incorporated, Zoetis Inc., Bayer AG, Vetoquinol SA, Nutreco N.V, Virbac, and Elanco are among the key companies operating in the animal health market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In febraury 2020, Zoetis Inc. company announced acquisition of the Diagnostic Science, a veterinary reference lab business. The acquisition has enabled the company to strengthen its service portfolio.
• In Jan 2020, Nutreco N.V company announced announces investment in a Dutch company Kingfish Zeeland. The company aims to bring supplies of yellowtail kingfish to the US and European markets. The distribution will be done through a proprietary recirculating aquaculture system.
• In Feb 2020, Vetoquinol SA company announced the acquisition of Profender and Drontal product families from Elanco Animal Health. It will also acquire intellectual property, registrations and other rights currently owned by Bayer AG's animal health business.

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The North America region is the largest market for the animal health market. The factors that have enabled North America region to be the largest market include wide range of effective measures adopted by government animal welfare organizations along with technological advancements, rising incidence of zoonotic diseases, and an increasing number of pet owners in the countries. Besides this, the increase in the number of pet owners and rising concern to maintain the health of pets will help in the growth of the market. For instance, as per Animal Health Institute (AHI), more than 67% of American households own pets, totaling nearly 400 million pets, including dogs, cats, horses, birds, fish, horses, and more. In addition, Americans spent over $75.5 billion on their pets in 2016; with an average total household spend of $892 on pet food, veterinary services, supplies, and other services.

The presence of strong players, with continuous development in the region, is further augmenting the market growth. For instance, in August 2019, Elanco Animal Health Incorporated, headquartered in the US, agreed with Bayer AG to acquire its animal health business in a transaction valued at US$7.6 billion. Further, Merck acquired privately held Antelliq Group, a leader in digital animal identification, traceability, and monitoring solutions, the fastest-growing part of the animal health industry.

With the increasing number of owners, there is a growing demand for regular veterinary services, which majorly drives the demand of the animal health market in the United States.

In 2019, Asia Pacific registered as the fastest-growing region in the global animal health market. The growth of the market is expected to be fastest in countries such as China, India, and Australia. The factors that are expected to drive the market growth include rapid rise in livestock population, increasing awareness about animal health, growing demand for animal-derived food products, and rising frequency of animal disease outbreaks.

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Increasing Diseases of Zoonotic Diseases in Animal Health Market:

Animals can act as carriers of harmful germs, such as bacteria, viruses, parasites, and fungi, to humans, leading to illness in them; such infections are known as zoonotic diseases or zoonosis. An increase in such diseases is driving the animal health market.  The clinical effect of Zoonotic illnesses may range from mild to severe, and they might sometimes lead to death. Zoonotic diseases are prevalent in the world. As per the estimates of the Center for Disease Control (CDC), more than 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 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 of 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 which are originated from animals or products of animal origin. According to the WHO, ~60% of emerging infectious diseases reported globally are zoonosis, and every year, about one billion cases of illness and millions of death occur from zoonosis. 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 zoonotic diseases have become more 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

Based on product, the animal health market is segmented into prescription, and non-prescription. The prescription segment is further sub-segmented as vaccines, pharmaceuticals, feed additives, and diagnostics. The prescription segment accounted for more than 6184% of the market share in 2019. In terms of animal type, the animal health market is segmented into production animal, and companion animal. The production animal segment held the largest share of the market in 2019.

The COVID-19 outbreak has disturbed various trades and businesses across the world. In many cases, zoonotic diseases were found in humans due to interaction with animals. Therefore, government bodies are taking more precautions and safety measures to prevent the spread of corona virus in the animals. The measures are widely carried out for companion animals as they frequently come in contact with their owners. Also, it is essential to report the cases to a veterinary authority. For instance, in the region, to report the cases of detection of Covi-19 is done to OIE through WAHIS, in accordance with the OIE Terrestrial Animal Health Code as an emerging disease.

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The OIE is actively working by providing assistance to research for their on-going research and other implications of COVID-19 for animal health and veterinary public health. The assistance is also providing risk assessment, risk management, and risk communication. Also, the OIE has put in place an Incident Coordination System to coordinate these activities. In addition, OIE is also working with the Wildlife Working Group and other partners to develop a long term work program. The aims are to provide better understandings, dynamics, and risks around wildlife trade and consumption. Also, it aims to develop strategies to reduce the risk of future spillover events.

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