Report : Animal Health Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Prescription, and Non-prescription); Animal Type (Production Animal, Companion Animal); and Geography
Prescription Segment to Drive Growth of Global Animal Health Market, by Product
According to The Insight Partners market research study titled "Animal Health Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Product and Animal Type", the market is projected to reach US$ 119,570.99 million in 2027 from US$ 73,798.33 million in 2019. The market is estimated to grow at a CAGR of 6.3% from 2020 to 2027. The report highlights the trends prevalent in the global animal health market and the factors driving the market along with those that act as deterrents to its growth.
The animal health market, by product, is further segmented into prescription and non-prescription. The prescription segment is subsegmented into vaccines, pharmaceuticals, feed additives, and diagnostics. Whereas the non-prescription is subsegmented into parasiticides, grooming products, and nutrition/supplements. The prescription segment held a larger share of the market in 2019. However, the non-prescription segment is estimated to register a higher CAGR in the market during the forecast period. Vaccines held the largest share of the animal health market and is also expected to continue its dominance in the coming years.
The growth of the market is attributed to few key driving factors such as increasing incidences of zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, the market is likely to have plummeting growth due to high complexity and cost of animal drug development and approval processes.
A few prominent players operating in the animal health market are Merck & Co., Inc, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Cargill, Incorporated, Zoetis Inc., Bayer AG, Vetoquinol SA, Nutreco N.V, Virbac, and Elanco. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The market players focused toward acquisitions with industry players in order to sustain their position in the market. For instance, in February 2019, Zoetis Inc. announced the acquisition of Diagnostic Science, a veterinary reference lab business. The acquisition has enabled the company to strengthen its service portfolio.
The report segments the global animal health market as follows:
By Animal Type