Generated Summary
This industry report, “Animal Health Market Analysis, 2020,” provides a comprehensive overview of the global animal health market, focusing on market trends, drivers, restraints, and future growth opportunities. The analysis covers market estimations and trends for various animal health products, including vaccines, pharmaceuticals, feed additives, and diagnostics, segmented by animal type (production and companion animals), distribution channel (retail, e-commerce, veterinary hospitals & clinics), and end-use. The study employs a hybrid model incorporating top-down and bottom-up approaches to assess market size and integrates a market comparison model. The report’s scope spans the period from 2020 to 2027, offering detailed insights into regional markets across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The methodology includes information procurement, analysis, market formulation, validation, and publishing, with a focus on data triangulation and primary validation through interviews with industry experts. The report also includes a detailed analysis of market dynamics, competitive landscapes, and company profiles, with an emphasis on the impact of the COVID-19 pandemic.
Key Findings & Statistics
- In 2019, the global animal health market was valued at USD 47.12 Billion and is anticipated to grow at a CAGR of over 5.8% during the forecast period.
- North America captured a substantial share of over 31.86% of the overall animal health sector in 2019.
- The global veterinary services market size was valued at USD 102.34 billion in 2019, with an anticipated CAGR of 5.6% during the forecast period.
- The global pet care market size was estimated at USD 151.5 billion in 2016, with an expected CAGR of 4.9% over the forecast period.
- In 2019, North America held a substantial share of 31.87% of the overall animal health sector revenue.
- The North America animal health market was valued at USD 15,018.0 Million in 2019.
- Feed additives dominated the overall market in terms of revenue in 2019.
- The global feed additives market was valued at USD 18,767 Million in 2019 and is expected to grow at a CAGR of 5.4% during the forecast period.
- The hospital pharmacy segment held the largest share in the distribution channel segment in 2019, with 50.85%.
- The global veterinary hospitals & clinics market was valued at USD 23,887 Million in 2019, and is expected to grow at a CAGR of 4.6% during the forecast period.
- In 2019, production animals accounted for the major share of the animal type segment, with 58.06%, which is projected to be 57.08% in 2027.
- Market size of USD 27,362.0 mn in 2019 for Production animal and CAGR 5.5% from 2019 – 2027.
Other Important Findings
- The registered growth in the sector is a consequence of undertaking extensive expansion strategies, geographical expansions, new product development, mergers & acquisitions, and collaborative research initiatives.
- The market is driven by technological advancements in veterinary health care.
- R&D investments in animal vaccines and pharmaceuticals have increased significantly.
- The production animal/livestock industry has been largely impacted due to the coronavirus outbreak.
- Veterinary practices are witnessing consolidation in developed economies such as the U.S., Canada, and the UK.
- Key companies held a sizeable market share in 2019 and have a strong brand reputation.
- Products with longer shelf lives & established distribution channels helped leaders sustain their position in the market.
- Generic competition is less compared to human pharmaceuticals.
- After food, veterinary care was the second-highest source of spending.
- The increase in veterinary care spending could be attributed to lower prices of veterinary services and the popularity of pet insurance.
- Increase in government initiatives to promote animal health products is expected to drive market growth.
- The OIE (World Organisation for Animal Health) issues standards to improve animal health and promote international trade of animal products.
- The increase in chronic animal disease burden over this region is anticipated to be driving the inclination of researchers and healthcare professionals toward advanced technologies.
- The increasing influx of substandard and counterfeit drugs in the treatment of a wide range of diseases is one of the major growth-restricting factors.
- High demand for pet products, grooming & boarding services, and the global rise in the adoption of pets are some of the major factors estimated to drive the market.
- Hospital pharmacy segment is expected to grow at a constant rate owing to the increasing prevalence of epidemics and chronic diseases.
Limitations Noted in the Document
- The report’s limitations include the potential for fluctuation in data, as findings are primarily based on interviews.
- The study acknowledges that it does not take responsibility for any incorrect information supplied by manufacturers or users.
- The scope of this report is for strategic business/market analysis services to a select group of customers and is limited to the content.
Conclusion
The “Animal Health Market Analysis, 2020” report provides a forward-looking perspective on the animal health market, emphasizing the significance of innovation, strategic collaborations, and the rising global demand for advanced veterinary solutions. Key takeaways include the importance of government initiatives, technological advancements, and the impact of the COVID-19 pandemic on market dynamics. The analysis highlights opportunities within the companion animal and production animal segments, with particular emphasis on the expansion of veterinary services and the growing influence of e-commerce and retail channels. The competitive landscape underscores the pivotal roles of major players and the adoption of strategies aimed at enhancing product penetration and market reach. The report stresses the impact of high procedural volumes in veterinary hospitals & clinics and the increase in animal health spending. The study emphasizes that the rise of the high global prevalence of target diseases, which has triggered the companies to produce advanced vaccines and pharmaceuticals, will continue to trigger the production of advanced vaccines and pharmaceuticals. Ultimately, the report advocates for a new strategic partnership and relationship between the public and animal health communities. In the evolving landscape of animal healthcare, the insights and recommendations from this report are essential for stakeholders to navigate the challenges and capitalize on the growth prospects in the industry.