Asia Pacific Animal Health Market Developments and Forecast by 2027
Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027Asia Pacific Animal Health Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product (Prescription, and Non-Prescription); Animal Type (Production Animal, Companion Animal); and Country
- Report Date : Aug 2020
- Report Code : TIPRE00013026
- Category : Life Sciences
- Status : Published
- Available Report Formats :
- No. of Pages : 143
Asia Pacific, the animal health market, is anticipated to reach US$ 27,884.0 Mn in 2027 from US$ 16,425.4 Mn in 2019. The market is projected to grow with a CAGR of 6.9% from 2020-2027.
The animal health market is growing primarily due to therise in demand for proteinaceous food. Restraining factor such as high complexity and cost of animal drug development and approval processes, is likely to damage the growth of the market in the coming years. On the other hand, growing R&D activities is expected to have a positive impact on the growth of the Asia Pacific animal health market in the coming years.Over the last two decades, the costs and time of developing an animal health product have both increased by >100% and six years, respectively. According to the Animal Health Institute’s Research and Development Survey, animal health companies spent $ 663 million in 2006 in the R&D pertaining to new potential products as well as in the research for maintaining the long life of offered products. This constitutes a 7% increase over the spending reported in 2005. Innovative research accounts for 86% of total R&D spending, while the remaining 14% was occupied by the research required to ensure prolonged performance of existing products.
Investments by the significant players are further likely to augment the market growth. For instance, Zoetis is focused on continuous innovation to develop animal health solutions meeting the needs of buyers. R&D is at the center of the company’s efforts to provide innovation outcomes that anticipate the future needs of veterinarians and livestock producers in their local markets around the world. On January 30, 2020, Zoetis and Colorado State University signed an agreement to establish the Zoetis Incubator Research Lab and begin a research collaboration focused on exploring the livestock immune system to target new immunotherapies. Further, Merck Animal Health, a leading animal health company, is focused on exploring better adjuvants to boost vaccine effectiveness by leveraging advanced technologies in the field of immunogenomics and bioinformatics. Hence, the continuous R&D for coming up with new veterinary products is likely to offer lucrative opportunities to the corresponding market players during the forecast period.
In 2019, the China accounted for the largest market share in Asia Pacificanimal health market, and it is also expected to grow at a faster pace over the forecast period. Growth in the Chinese animal health market can be attributed towards the increasing consumption of animal-derived food products, growing livestock population, growing awareness about animal health and zoonotic diseases, and rising frequency of animal disease outbreaks in China. Moreover, the Chinese government has adopted new strategies and has taken actions to deal with the challenges of these diseases, including the establishment of disease reporting systems,issuing of laws and regulations, implementation of special projects for main infectious diseases, foreign disease surveillance, and health education. Hence, considering the mentioned factors, the animal health market is expected to grow at a significant pace in Chinaduring the forecast period.
Rest of Asia PacificAnimal Health Market Revenue and Forecasts to 2027 (US$ Mn)
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
ASIA PACIFICANIMAL HEALTH – MARKET SEGMENTATION
By Product
- Prescription
- Feed additives
- Pharmaceutical
- Vaccines
- Diagnostics
- Non-prescription
- Nutrition/Supplements
- Grooming Products
- Parasiticides
By Animal Type
- Production Animal
- Companion Animal
By Geography
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
Company Profiles
- Virbac
- Elanco
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
- Ceva Santé Animale
Asia Pacific Animal Health Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 16,425.4 Million |
| Market Size by 2027 | US$ 27,884.0 Million |
| Global CAGR (2020 - 2027) | 6.9% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
Market Research & Consulting
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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- Virbac
- Elanco
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
- Ceva Santé Animale
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