The worldwide animal health market is anticipated to attain around USD 58.4 billion by 2025. It stood at nearly USD 34.56 billion in 2015. High prevalence of zoonotic & food-borne diseases globally is a key demand driver. This sudden onslaught has triggered pharmaceuticals to develop advanced vaccines and medicines. Technological advancements in veterinary healthcare are expected to support market growth during the forecast period (2014 to 2025).
Livestock like cattle, sheep, pigs, chicken, and turkeys are a primary source of protein in most developed countries. They are a source of sustenance for millions of malnourished people around the world. Use of feed additives and vaccines can strengthen immunity of domesticated animals. They can help prevent diseases and improve the yield of eggs, meat, and other animal products.
Innovative Medicines Initiative (IMI) is a European public-private partnership created to spur drug discovery in veterinary pharmaceuticals in the region. The European Parliament and Council recently adopted the EU Animal Health Law to prioritize animal health and prevent zoonotic diseases. Vaccines play a major role in driving the worldwide market for animal health. For instance, Ingelvac CircoFLEX, a vaccine by Boehringer Ingelheim has successfully prevented over 2 million pigs from contracting Porcine Circovirus Disease in the recent past.
In-depth research report on global animal health market - http://www.grandviewresearch.com/industry-analysis/animal-health-market
The global animal health market is segmented on the basis of products, types, and regions. Vaccines, pharmaceuticals, and feed additives are the chief product segments. Vaccines are anticipated to display a high growth rate over the forecast period ascribed to rising numbers of companion animals. With a nearly 46.5% share, feed additives led the overall market in 2015. This can be attributed to technological advances like applications of probiotics, enzymes, metabolic modifiers, and minerals. Government norms permitting the use of feed additives are expected to augment overall demand in the forthcoming years. Feed additives are further categorized into medicinal products and nutritional products.
On the basis of types, the market is bifurcated into companion animals and production animals. The latter was the dominant segment on account of high food safety concerns. With human health benefits associated with companion animals such as reduced anxiety & blood pressure levels and enhanced psychological stability, this segment can witness steady growth till 2025.
Key regions of the animal health market are Latin America, North America, Middle East & Africa (MEA), Asia Pacific (APAC), and Europe. North America led the global market due to the presence of major pharmaceutical companies in the region and commercialization of animal vaccines & medicines. The U.S. animal health market contributed significantly to this region owing to high adoption of companion animals and greater focus on health & feed additives. APAC is anticipated to expand remarkably in the forthcoming years owing to high focus on research & development by prominent players to lower the prices of branded & generic medicines.
Major players in the worldwide animal health market are Boehringer Ingelheim GmbH; Merck & Co. AG; Zoetis, Inc.; and Bayer AG among others. Expansionary business ventures, collaborative research programs, and mergers & acquisitions are key strategies often adopted by these companies to sustain market hold. Recently, Merck Animal Health, a subsidiary of Merck & Co., acquired considerable percentage of shares in Vallée S.A., a Brazil-based manufacturer of animal health products. This would result in an extensive product portfolio for Merck Animal Health.