Animal
healthcare market is expected to reach $42,926.7 million by 2023,
according to P&S Intelligence.
The growth in the market can be attributed to the
increasing consumption of milk and meat, rising adoption of companion animals,
and increasing prevalence of food-borne zoonotic diseases.
Insights into the market segments
Based on product, the market is classified into feed
additives, vaccines, anti-infectives, anti-inflammatories, parasiticides, and
others, wherein “others” include oncological and antiemetic products, drugs for
reproductive problems, and sedatives for pain relief. Among these, the category
of feed additives held the largest share in the animal healthcare market in
2017. Increasing consumption of animal-derived products and rising feed
production are the key factors driving the market growth of this category.
Based on animal type, the animal healthcare market is
categorized into farm animals and companion animals. Of these, farm animals
held a larger revenue share, of over 55%, in the market in 2017. This can be
majorly attributed to the increasing adoption of farm animals to fulfil the
demand for animal-based food products across the globe.
According to Animal Matters, a volunteer-run organization
promoting animal welfare, approximately 70 billion farm animals are reared for
food every year, globally. Further, in the U.S., an estimated 2.2 million sheep
and lambs and 1.5 million goats are slaughtered for meat every year.
Based on distribution channel, the market is classified
into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and
others, wherein “others” include online and retail stores. Of these, veterinary
hospitals held the largest share in the global animal healthcare market in
2017. As compared to veterinary clinics, veterinary hospitals provide complete
animal healthcare services for animals, including accommodation and nursing
care, due to which a large number of pet owners prefer taking their animals to
these hospitals.
Increasing prevalence of food-borne zoonotic diseases has
raised concerns among farm owners and pet owners over animal healthcare.
Brucellosis (a type of bacterial infection), which causes stillbirth or
abortion in animals, is increasing especially in the U.S. The bacterial
infection generally affects goats and livestock animals, such as cows and
sheep. According to the European Food Safety Authority (EFSA), about 320,000
cases of food-borne zoonotic diseases are registered every year in the European
Union. Thus, players in the animal healthcare market are increasingly focusing
on the development of medicines to help prevent the spread of food-borne
zoonotic diseases.
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Discovery
of animal diseases is expected to offer lucrative opportunities to
medicine-manufacturing companies
With increasing animal population and rising incidence of
diseases in animals, there has been a rise in the development of medicines for
inhibiting the growth of diseases in animals. A lot of animal diseases are
reported every year, which offer opportunities to companies in the animal
healthcare market for product development. Diseases such as the Nipah virus
(NiV) infection, melioidosis, bluetongue, and porcine reproductive and
respiratory syndromes are commonly reported in animals. Hence, companies in the
market are actively working toward the development of medicines that would help
reduce the spread of such diseases.
Animal
Healthcare Market – Competitive Landscape
The intensity of rivalry among players in the animal
healthcare market is moderate. Most of the major players are actively focusing
on partnerships, and mergers and acquisitions to meet the growing demand in the
emerging market. For instance, in June 2018, Zoetis Inc., a key market player,
and Regeneron Pharmaceuticals Inc., a biotechnology company that develops
medicines for critical animal diseases, announced a five-year collaboration to
study the use of monoclonal antibody therapeutics in animals.
Some of the other key players operating in the animal
healthcare market are Merck & Co. Inc., C.H. Boehringer Sohn AG & Co.
KG, Bayer AG, Virbac Group, Ceva Santé Animale, Elanco Animal Health, and
Vetoquinol S.A.
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