(PharmaNewsWire.Com, December 21, 2017 ) The animal health market is estimated to represent a global market of USD 37.9 billion by 2017 with growth rate of 5.2%. Animal health related products covers feed additives, pharmaceuticals and vaccines which contribute significantly to the health and well-being of food producing and companion animals. Technology improvements in animal health sector of the food chain, such as farming techniques, medicine processing and development is considered to be the potential growth factor of the market. This growing animal health industry experiences the intersection of two important areas that affect the lives of global population which is companion animal care and livestock production.
In terms of products, the market is categorized as Feed Additives, Pharmaceuticals and Vaccines. Advancements in the field of feed additives in terms of metabolic modifiers, enzymes, minerals, and probiotics helped this segment to capture large share of the market. Pharmaceuticals is considered to be the second largest market and is anticipated to grow with highest CAGR.
Animal types segment is divided into production animal and companion animal. Production animal held largest market share, i.e. USD 26.8 billion in 2017 and is projected to dominate the market share during the forecast period. Animal health products is required to grand a marketing authorization before commercialization (referred as "registration"). It is required to ensure safety, efficacy and quality of the animal products through a regulatory review. Strict guidelines for this regulatory review is expected to hamper the market growth to some extent.
Developed regions such as North America and Europe contributed largest share, representing 65.8% of its global counterpart. Increasing government and non-government initiatives in favor of animal health related products drives the market in developed regions. For example, IFAH (International Federation for Animal Health) Europe is the organization primarily engaged in research, development and manufacturing of animal medicines, vaccines and health related products. Presence of these types of organizations in Europe supports the growth of regional market to great extent.
Key Companies studied under the report scope are: Elanco, Virbac, Nutreco N.V., Ceva Sante Animale, Bayer AG, Merck & Co. AG, and others. The market is highly competitive in nature and a considerable number of players, which have a high level of dominance over the overall revenue share. Market players are engaged in extensive research for the development of cost efficient and highly technologically advanced animal health products. Introduction of such efficient products are expected to provide this market with lucrative growth opportunities.
The market size and forecast for each segment has been provided for the period 2014 to 2025, considering 2016 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2017 to 2025 for every reported segment. The years considered for the study are: Historical Year - 2014 & 2015 Base Year - 2016 Estimated Year - 2017 Projected Year - 2025 TARGET AUDIENCE Hospitals Manufacturers Traders, Distributors, And Suppliers Government and Regional Agencies and Research Organizations Consultants Distributors
The scope of this report covers the market by its major segments, which include as follows: MARKET,BY PRODUCTS Feed Additives Pharmaceuticals Vaccines MARKET, BY ANIMAL TYPES Production Companion MARKET,BY REGION North America Europe Asia Pacific Rest of the World MARKET,BY COUNTRY Further Breakdown of The North America Market U.S. Canada Further Breakdown of The Europe Market Germany France Rest of Europe Further Breakdown of The APAC Market India China Rest of APAC Further Breakdown of The Rest of the World Market Middle East and Africa Latin America
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