June 17, 2020
Global animal healthcare market seen to reach US$47.3 billion
The global animal healthcare market is projected to reach US$47.3 billion by the year 2026, with a growing compound annual growth rate (CAGR) of 4.9% during the estimated period 2020- 2026, MENAFN reported.
The main driving factors for the market are increased adoption of companion animals, increased consumption of meat and milk, and increased incidence of food-borne zoonotic diseases.
The animal healthcare is a prosperous industry providing the needs of livestock and companion animal to remain healthy. Presently, various recognised companies are progressively aiming at the development of healthcare services and products for different animals. The animal healthcare business has seen numerous technological and scientific advances over the past few years. Regulatory agencies have made it compulsory to immunise the companion animals will lead to the growth and deep penetration for animal healthcare.
Growing occurrence of food-borne zoonotic infections has raised the alarm among farm owners and pet owners over animal healthcare. Brucellosis (bacterial infection), which causes miscarriage or abortion in animals, is growing. This bacterial infection usually affects livestock animals, such as cows, goats, and sheep. The new technology makes it easier for farmers to work and to improve cattle health, production efficiency, and profitability. Technological developments will provide farmers with more productive, competitive, and quick ways to use management. Continuous monitoring and careful management of the disease is essential for animal management's well-being. This can be done by defining early stages and, ultimately, by recognising and treating the infection.
The key technology required by livestock farmers is electronic records, milking, walk-over-weighing heat detection, auto-drafting, genetic improvement, feeding, optimisation of the barn environment and health tracking, etc. A lot of animal diseases are recorded every year, which offer prospects to companies in the animal healthcare market for product improvement. The commonly reported infections in animals are the Nipah virus (NiV) disease, bluetongue, melioidosis, and porcine reproductive and respiratory syndromes are widely reported in animals.
Even today, cattle such as cows, buffaloes, goats, sheep that provide milk and meat are the primary source of income in rural as well as urban areas. But with rising push on quality of animal products and big and small companies entering the domain, animal husbandry has become technology driven. And there is a need for controlling outbreaks of new and old animal infections. As a result, the animal healthcare market will grow.
North America is estimated to dominate the region during the forecast horizon due to factors such as housing massive animal populations of both milk and meat animals, increased demand for protein-rich diet, and increased incidences of animal disease. During the forecast period, Asia Pacific is expected to proliferate in the animal healthcare market, owing to rapid growth in the animal healthcare market in countries like India and China. The increasing trend in the adoption of pet animals in India and China is fuelling growth in the animal healthcare market for the Asia Pacific region.
Notable players operating in the Animal Healthcare market are Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac S.A., B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company (Elanco/Novartis), Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. K.G., IDEXX Laboratories and Other Prominent Players.