Animal Health Market to Reach USD 67.56 Billion by 2026; Stringent Regulations and Rise in Focus Towards Prevention from Animal Epidemics to Bolster Growth

The global animal health market size is prognosticated to reach USD 67.56 billion by 2026, owing to the increasing number of pet adoption and the growing inclination towards animal health worldwide. Fortune Business Insights™ presents this information in recent published report, titled, “Animal Health Market Size, Share and Industry Analysis by Product (Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and Companion Animals), By End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, and Others) and Geography Forecast, 2029-2026.” As per the report, the market size was USD 41.50 billion in 2018 and is likely to grow at a CAGR of 6.3 % during the forecast period, 2019 to 2026.

Current Trends in Veterinary Healthcare Market

• People have been adopting pets on a large scale. The reason attributed to this wide adoption rate is companionship. The American Pet Products Association (APPA) states that according to their 2019 report, 67% of U.S. households own a pet. Therefore, the increasing number of pet owner population is expected to boost the animal healthcare market.


• OIE held a survey of over 181 member nations and private entities as per their experience with Public-Private Partnership (PPP) in the animal health services. After the 10-year long experience in the Poultry, Veterinary, and Shrimp (PVS) program, the OIE is convinced that PPP has the potential of improving the quality of Animal Services all around the world. In addition to this, PPP also has the aptitude for building sustainable and robust animal health systems that contribute to the overall health and well-being of humans.

To Get the detailed report summary and research scope of this market, click here

https://www.fortunebusinessinsights.com/animal-health-market-102371

Increasing Prevalence of Zoonotic Diseases will Drive Market

The rise in the adoption of pets, worldwide, is a major driver for the animal healthcare market growth. Besides this, the market is driven by the rise in the prevalence of zoonotic diseases worldwide. Additionally, there is a rise in the consumption of animal-based food products, and this is further expected to add impetus to the overall market during the forecast period. Furthermore, animals work as test subjects in research laboratories for the development of new therapeutics for deteriorating diseases, due to which maintaining their health is a vital factor. Such factors indicate the need for animal health services.

On the flipside, stringent regulations on animal drug approval may cause hindrance to the overall animal healthcare market. All animal drugs require approval to launch from the U.S. Food and Drug Administration. As per the Animal Health Institute, it may take approximately 10 years or more to develop a new animal drug, costing more than USD 100 million. Such factors may also restrict the market from growing in the forecast period.

Expansion of Geographical Presence Will Help Attract High Market Revenue

Major animal health companies in the market are emphasizing on the launch of novel therapeutics for use in animal healthcare clinics. These include medicated animal feed, vaccines, novel diagnostic tests, animal drugs, and others. Players operating in the market are investing large sums for this purpose. The introduction of new products in specialty disease cases is anticipated to help players gain a competitive edge in the market. Besides this, players are also keen on expanding their geographical reach for strengthening their market position on one side and attract high veterinary healthcare market revenue in the forecast duration.

Significant Industry Developments of the Veterinary Healthcare Market include:

November 2019 – A full-service animal health company for clinical reference laboratory, ‘ZNLabs’, was acquired by Zoeti. The main objective behind this acquisition is to develop a comprehensive diagnostic center with better value for animal health professionals. It is a follow-up of the recent acquisition of Phoenix Lab by Zoetis to enter reference laboratory services.

Significant Animal Healthcare Market Manufacturers include:

• Merck & Co., Inc.


• Boehringer Ingelheim International GmbH


• Zoetis


• Bayer AG


• Intervet Inc.


• IDEXX Laboratories, Inc.


• Elanco


• CSL Limited


• Ceva


• Emergent BioSolutions, Inc.


• Virbac


• Novartis AG


• Others

Further Report Findings

• North America dominated the market in 2018 with an animal healthcare market revenue of USD 14.12 billion. This is attributed to the fact that this region is technologically ahead of other nations in terms of research and development of novel therapeutics for animal diseases.


• Asia Pacific will witness rapid growth on account of the increasing number of biopharma companies in the region especially in nations such as India, Japan, and China.


• Based on segmentation by end-user, the veterinary hospitals and clinics segment earned the highest animal health market share. This is attributable to the rise in awareness about zoonotic diseases, which in turn has urged pet owners to visit animal healthcare centers or veterinary hospitals.

The Global Animal Health Market is segmented into: