The global animal health market size is expected to reach USD 69.44 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.7% during the forecast period. Ongoing technological advancements in veterinary care are anticipated to serve future growth opportunities to the market. For instance, MediLabSecure, a laboratory network project, was initiated with an aim to identify emerging viruses and pathogens in 19 countries in the Mediterranean region. In addition, emergence of veterinary health information systems, specifically in the developed economies, is expected to provide high growth potential in future.
The data generated through these health information systems in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. Incorporation of this technology will facilitate real-time analysis of fluctuations in disease prevalence. As a result, it is presumed that there will be significant improvement in the overall demand for animal health products, which is anticipated to fuel the animal health market as well as the revenue to unprecedented heights.
The companion animal segment is anticipated to witness exponential growth over the forecast period. Rise in adoption of companion animals owing to various advantages such as lowered blood pressure, greater psychological stability, and reduced anxiety attacks are anticipated to create growth opportunities for the market over the forecast period.
In terms of regions, the Asia Pacific region is projected to expand at an exponential CAGR in the forthcoming years. Rising clinical urgency to curb high prevalence of zoonotic diseases and efforts towards management of disease outbreaks, such as swine influenza and Ebola is expected to create growth opportunities for the regional market in near future.
The retail channels and e-commerce platform is projected to hold a significant market share in the forthcoming years. Factors, such as high convenience associated with online pharmacies and increasing number of retail pharmacies is projected to bode well for the segment growth.
Further key findings from the report suggest:
- Vaccines are expected to exhibit lucrative CAGR over the forecast period due to significant increase in adoption of companion animals driving the need for long-term health
- Hospital pharmacy segment held a substantial market share in 2018 owing to increasing number of hospital pharmacies coupled with high procedural volume as a consequence of frequent readmission of pets for treatment
- Point-of testing is fastest growing end use of animal health products due to increase in demand for highly productive animals and growing investment for R&D for novel animal products
- In 2017, North America accounted for the largest share of the global animal health market owing to the presence of established pharmaceutical companies, consistently striving for extensive commercialization of products
- The key participants employ sustainability strategies, such as expanding product portfolio to gain competitive advantage. For instance, In March 2016, Merial entered into distribution agreement with Zoetis, Inc. to expand the dairy product portfolio in India.