Animal Health Market Size Worth $119,570.99 Mn by 2027 | CAGR 6.3% - The Insight Partners
November 25, 2021
Animal Health Market to Grow at a CAGR of 6.3% to reach US$ 119,570.99 Mn Million from 2020 to 2027
NEW YORK, UNITED STATES, November 25, 2021 /EINPresswire.com/ -- According to The Insight Partners market research study titled "Animal Health Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product and Animal Type", the market is projected to reach US$ 119,570.99 million in 2027 from US$ 73,798.33 million in 2019. The market is estimated to grow at a CAGR of 6.3% from 2020 to 2027. The report highlights the trends prevalent in the global animal health market and the factors driving the market along with those that act as deterrents to its growth.
Report Coverage Details
Market Size Value in - US$ 73,798.33 Million in 2019
Market Size Value by - US$ 119,570.99 Million by 2027
Growth rate - CAGR of 6.3% from 2020-2027
Forecast Period - 2020-2027
Base Year - 2020
No. of Pages - 195
No. Tables - 95
No. of Charts & Figures - 69
Historical data available - Yes
Segments covered - Product ; Animal Type ; and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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The animal health is maintained through regular screening and diagnosis of health problems. Diseases in animal can be prevented by diagnostics and vaccines. Maintaining proper hygiene for animal through grooming products also help in preventing the outbreak of zoonotic diseases. The global animal health market is being driven by factors such as zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, the use of counterfeit medicines, and high complexity and cost of animal drug development and approval processes are likely to restrain the market growth during the forecast period. However, increase R&D activities are likely to offer growth opportunities for the animal health market during the forecast period.
Increasing Incidences of Zoonotic Diseases
Animals can act as carriers of harmful bacteria, viruses, parasites, and fungi to humans, leading to illness, which are referred as zoonotic diseases or zoonoses. An increase in such diseases is driving the animal health market. The clinical effect of zoonotic illnesses may range from mild to severe, and might sometimes lead to death. Zoonotic diseases are prevalent in the world. As per the estimates of the Center for Disease Control (CDC), >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 have 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 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 that are originated from animals or products of animal origin.
COVID-19 Impacts on Animal Health Market
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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The prescription segment captured a larger share in the global animal health market. Veterinary prescription products are labeled for use only by or on the order of a licensed veterinarian. The prescription-based product segment is likely to grow at a steady pace in the review period owing to the factors such as the increasing preference for generic drugs for animal care.
The animal health market, by animal type, is further segmented into production animal and companion animal. In 2019, the production animal segment captured a larger share of the global animal health market.
Animal Health Market: Competitive 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.
The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The market players focused toward acquisitions with industry players in order to sustain their position in the market. For instance, in February 2019, Zoetis Inc. announced the acquisition of Diagnostic Science, a veterinary reference lab business. The acquisition has enabled the company to strengthen its service portfolio.
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Animal Health Market Size (6.3% CAGR ) from 2020 to 2027