Animal Health Market Forecast Assessment Report Till 2030

Posted on 2022-12-30 by researchinsights in Internet & Online // 0 Comments

Animal Health Industry Overview

The global animal health market size was valued at USD 39.9 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030.

The market is largely driven by a significant rise in demand for protein food and an increase in the incidence of zoonotic and food-borne diseases globally. This unprecedented rise in disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals. The high demand has also resulted in a subsequent increase in the number of companies undertaking consistent efforts to control pathogen contamination risks and food-borne diseases, which is contributing to market growth. In addition, the rising number of government initiatives to promote animal health products is presumed to drive the overall market.

Gather more insights about the market drivers, restrains and growth of the Global Animal Health Market

In spite of disruption due to the COVID-19 pandemic, the animal health industry witnessed steady growth. The trend for telemedicine has witnessed significant growth during the pandemic. Online channels such as eCommerce are the most preferred distribution channels by pet owners for purchasing vet products and pet food. According to the UN Department of Economic and Social Affairs, the global population is approximately 7.3 billion and it is anticipated to reach around 9.7 billion by 2050; of which, 795 million people are undernourished, as per the estimations of the International Fund for Agricultural Development (IFAD). The aforementioned statistics exemplify the urgent requirement to expand the food supply through large-scale adoption of livestock.

The heightened production of animal-based food products will lead to a significant price reduction, facilitating easy access to food at affordable prices. The market for animal health is also driven by technological advancements in veterinary health care, and this is anticipated to offer future growth opportunities. These advancements include the advent of efficient information management systems, animal owner mobile technology, and vaccine banks. Growing focus on innovation in animal health has given rise to certain measures that are strengthening market growth prospects. For instance, the Innovative Medicines Initiative (IMI) is a public-private partnership to support collaborative research to boost innovation in veterinary pharmaceuticals in Europe.

The economic downturn is relatively lower in animal health as compared to others. There will be a shift in business models for veterinarians in post-pandemic situations. Traditional veterinary practices generate the majority of their revenues from selling high-margin products like pharmaceuticals. However, as the adoption of telehealth has been on rising the demand for knowledge, expertise and consulting solutions will increase.

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