North America Animal Health Market Share and Forecast by 2027

North America, the animal health market, is anticipated to reach US$ 40,797.6 Mn in 2027 from US$ 25,719.77 Mn in 2019. The market is projected to grow with a CAGR of 6.0% from 2020-2027.

The animal health market is growing primarily due to the increasing incidences of zoonotic diseases. Restraining factor such as, use of counterfeit medicines is likely to damage the growth of the market in the coming years. On the other hand, increase in R&D activities is expected to have a positive impact on the growth of the North America 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 US accounted for the largest market share in North America animal health market, and it is also expected to grow at a faster pace over the forecast period. US is an economically advanced country, and the country has the presence of various players that are well established in the pharmaceutical market. Technologically advanced team for research and development of novel therapeutics and the presence of numerous animal health centers are also the key factors responsible for the highest revenue share of the region. Hence, considering the mentioned factors, the animal health market is expected to grow at a significant pace in the US during the forecast period.

US Animal Health Market Revenue and Forecasts to 2027 (US$ Mn)

NORTH AMERICA ANIMAL 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

• North America

• • US
  • Canada
  • Mexico

Company Profiles

• Merck & Co., Inc.
• Cargill, Incorporated
• Zoetis Inc.
• Elanco
• Nutreco N.V.

North America Animal Health Report Scope