The global animal health market is expected to reach USD 58.4 billion by 2025, according to a new study by Grand View Research, Inc. The market is driven by technological advancements in veterinary care, which are anticipated to serve future growth opportunities to the market. For instance, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, emergence of veterinary health information systems, specifically in the developed economies, is expected to provide high growth potential in future.
With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. The incorporation of this technology will facilitate real-time analysis of fluctuations in disease prevalence. As a consequence of the aforementioned factors, it is presumed that there will be significant improvement in the overall penetration rate of animal health products, which is also anticipated to fuel the market demand as well as the revenue to unprecedented heights.
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Further key findings from the study suggest:
Vaccines are expected to exhibit lucrative growth rate during the forecast period. The exponential growth can be attributed to significant increase in the companion animal population, which demands long-term health
Companion animal segment is anticipated to grow at an exponential rate owing to is a consequence of associated health benefits for humans, which includes lower blood pressure, greater psychological stability, and reduced anxiety attacks
In 2015, North America accounted for the largest share in the global animal health market owing to local presence of established pharmaceutical companies, consistently striving for extensive commercialization of their products
Asia Pacific is anticipated to grow at an exponential CAGR as a consequence of high clinical urgency to curb high incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola
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
Grand View Research has segmented the animal health market on the basis of product, animal type, and region:
Product Outlook (Revenue, USD Billion, 2014 - 2025)
Type Outlook (Revenue, USD Billion, 2014 - 2025)
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
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