Animal Health Market Size to Outstrip $126.50 Billion, Globally, by 2028 – Lead by Non-Prescription Segment with 7% CAGR | Premium Report by The Insight Partners

New York, March 08, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Animal Health Market Size, Share, Growth, Trends and Global Forecast to 2028 – COVID-19 Impact and Global Analysis by Product (Prescription and Non-Prescription) and Animal Type (Production Animal and Companion Animal)” the global animal health market size is expected to grow from USD 87.54 billion in 2022 to USD 126.50 billion by 2028; it is estimated to register a CAGR 6.2% during 2022–2028.

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Global Animal Health Market – Report Scope:

Global 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 are among the key companies operating in the animal health market. Leading players are adopting strategies such as the expansion and diversification of their market presence, as well as focusing on acquisition of new customer base for tapping prevailing business opportunities.

In February 2020, Vetoquinol SA announced the acquisition of Profender and Drontal product families from Elanco Animal Health. It will also acquire intellectual property, registrations, and other rights currently owned by Bayer AG’s animal health business

In January 2020, Nutreco N.V announced investment in a Dutch company Kingfish Zeeland. The company aims to bring supplies of yellowtail kingfish to the US and European markets. The distribution will be done through a proprietary recirculating aquaculture system.

In November 2019, Merck announced receiving FDA approval for BRAVECTO PLUS, an extended-duration, a broad-spectrum combination used for both external and internal parasite infestations, e.g., ticks and fleas, heartworm, intestinal roundworm, and hookworm in cats.

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Increasing Incidences of Zoonotic Diseases to Drive the Global Animal Health Market Growth:

The clinical effect of zoonotic illnesses may range from mild to severe, and they might sometimes lead to death. As per the estimates of the Center for Disease Control (CDC), more than 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. In 2016, at least 55,000 people 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, emerged from animal reservoirs. Outbreaks such as severe acute respiratory syndrome (SARS) and avian influenza have reminded of 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 originated from animals or products of animal origin. According to the WHO, ~60% of emerging infectious diseases reported globally are zoonoses, and every year, about 1 billion cases of illness and millions of death occur from zoonoses. Based on above factors, the market is likely to grow in the coming years.

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Global Animal Health Market – Segmentation Overview:

Based on product, the animal health market is segmented into prescription and non-prescription. The prescription segment held a larger share of the market in 2022. The non-prescription segment is estimated to register the highest CAGR of 7.0% in the market during the forecast period. The prescription segment is further divided into vaccines, pharmaceuticals, feed additives, and diagnostics. The non-prescription segmented is further categorized into parasiticides, grooming products, and nutrition/supplements. Over-the-counter (OTC) veterinary products are expected to witness a significant growth owing to the standard shift from Rx to OTC by most of the pharmaceutical manufacturers. Moreover, increasing concern of pet owners toward the health of their companion animals, along with the massive cost savings with non-prescription products, further boosts the demand for OTC veterinary products, in turn, driving the non-prescription product segment revenue.

Based on animal type, the animal health market is segmented into production animal and companion animal. The production animal segment held a larger share of the market in 2022. The companion animal segment is estimated to register a higher CAGR of 6.8% in the market during the forecast period. The rising adoption of companion animals is likely to influence market growth during the forecast period. For instance, according to Shelter Animals Count data for 2015–2018, nearly 3.2 million companion animals are adopted every year in the US. The data represents ~1.6 million dogs and 1.6 million cats are adopted each year.

Global Animal Health Market – Strategic Insights:

The market players are focusing on partnerships, collaborations, and acquisitions to develop genetically modified breeds and maintain their market share. In March 2020, Bayer AG announced the launch of Care4Pigs initiative; this was launched in collaboration with the Farm Animal Welfare Education Centre (FAWEC) and the Korean Association of Swine Veterinarians (KASV). Under the collaboration, EUR 10,000 were granted to support innovation aimed at enhancing swine well-being.

In November 2019, Cargill, Incorporated expanded its Animal Nutrition & Health facility in Temple, Texas. It invested US$ 34 Mn to build the manufacturing, packaging, warehousing, and shipping capabilities center. The facility centers will serve Cargill’s farm and ranch feed store owners and beef feed customers. It will serve through reduced transportation costs for local customers and also has increased manufacturing capabilities.

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North America accounted for a major share of the global animal health market in 2022. The growth of the market in North America is attributed due to a wide range of effective measures adopted by government animal welfare organizations along with technological advancements, rising incidence of zoonotic diseases, and increasing number of pet owners in the region. Besides, the increase in the number of pet owners and rising concern to maintain the health of pets will help in the growth of the market. For instance, as per Animal Health Institute (AHI), more than 67% of American households own pets, totaling nearly 400 million pets, including dogs, cats, horses, birds, and fish. In addition, Americans spent over US$ 75.5 billion on their pets in 2016, with an average total household expenditure of US$ 892 on pet food, veterinary services, supplies, and other services.

The presence of strong players, with continuous development in the region, is further augmenting the market growth. In August 2019, Elanco Animal Health Incorporated, headquartered in the US, agreed with Bayer AG to acquire its animal health business in a transaction valued at US$7.6 billion.

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