Animal programs

The animal health market is expected to reach $63.2 billion by the end of 2028

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WILMINGTON, DELAWARE, USA, Aug. 1, 2022 /EINPresswire.com/ — According to Transparency Market Research’s latest report on the global animal health market for the historical period 2017-2020 and the forecast period 2021-2028 , increasing animal population, high prevalence of diseases and rising global consumption of meat and milk are expected to drive the global animal health market over the forecast period.

Animal Health Market Outlook 2028

The global animal health market was valued at US$34.5 billion in 2020
It is estimated to grow at a CAGR of 7.2% from 2021 to 2028
The global animal health market is expected to surpass the value of US$63.2 billion by the end of 2028

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Rising prevalence of animal diseases and rising global meat and milk consumption: key drivers

Rising global consumption of meat and milk, emerging diseases in animals and their transfer to humans through product consumption and companionship are driving the global animal health market. Changing lifestyles, rising per capita income and increasing population have led to an increase in meat consumption around the world. The demand for protein-rich foods like meat, eggs and milk is increasing. This increases the number of animal farms in the world. Health costs on farms are increasing due to the increase in the number of animals and growing concerns about their health.

According to the European Food Safety Authority (EFSA), approximately 320,000 cases of foodborne and zoonotic diseases are reported each year in the European Union. Campylobacteriosis was the most commonly observed zoonosis in animals, affecting 220,209 people in 2012 in European Union (EU) countries due to consumption of infected chicken meat.

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Technological advancements leading to ease of use are driving the growth of the market

The animal health industry is currently booming due to technical breakthroughs and increased research and development operations in the veterinary pharmaceutical sector. Data generated in veterinary clinics can now be uploaded to the Internet and shared with other academics and doctors using new technological tools. This technology also helps in the study of changes in disease prevalence in real time. The governments of many industrialized countries are also pursuing projects and implementing animal vaccination programs to improve the veterinary health care industry.

Strict regulations and high cost of animal health services are hampering the market

Some challenges have emerged in the form of regulations against overuse of antibiotics in production animals and protests by animal activists and institutions against animal research. Antibiotics are used in animals for therapeutic and non-therapeutic purposes, including their growth promotion. However, the excessive use of antibiotics in animals affects the health of people who consume their products. This has caused serious concern among regulatory authorities around the world, who have begun to impose restrictions on the use of antibiotics in production animals.

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Animal Health Market: Competition Landscape

This report profiles leading players of the global Animal Health market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.

The global animal health market is quite competitive with the top 10 players accounting for a major share of the market and each company focusing on research and development to produce better pharmaceuticals and vaccines for existing diseases.

Key players operating in the global animal health market are

Zoetis, Inc.
Merck & Co., Inc.
MERIAL Limited
Bayer AG
Novartis Animal Health, Inc.
Virbac SA
Ceva Animal Health
Boehringer Ingelheim GmbH
Elanco Products Company
Vétoquinol SA, among others.

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