Growing consumer awareness of animal health products, rising demand for protein-rich foods such as meat, milk, eggs, and fish, increasing incidences of zoonotic and food-borne diseases, an increasing trend of companion animal adoption, and rising investments in research and development of medications and vaccines for animal care are a few of the main drivers driving the global animal health market.
Animal health is a medical specialty that focuses on the prevention, identification, management, and treatment of veterinary illnesses, disorders, and injuries. It encompasses a wide range of animal species, both domesticated and wild, as well as a wide range of disorders that impact several species. It entails the proper use of vaccinations, anti-infective and anti-parasitic medications, pharmaceutical specialty goods, performance technology, and value-added programs such as livestock data management software to care for animals.
Advancements in the Animal Health Market Technology
From artificial intelligence to stem cell treatment and new generations of vaccinations, scientific discoveries, innovations, and developing technologies have increased our ability to forecast, prevent, diagnose, and treat animal sickness more quickly, precisely, and safely. Because of the creation of new medications and immunizations for animal health, veterinary researchers and developers continue to break new ground in decreasing disease transmission and effect. Several technical advancements have recently been created to improve the quality of life of animals, including:
- In April 2022, Zoetis announced its latest innovation in diagnostics with the addition of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM
- In June 2021, Vetoquinol announced the launch of a new device called Phovia for faster skin recovery in dogs and cats
“A new wave of innovation from smart sensors that continually monitor vital signs and AI-driven prediction technologies to mRNA vaccines, feed supplemented with health-boosting ingredients, and many more scientific advances offer enormous potential for better animal health.” — President, Global Operations, Animal Health Company, United States
Growing Utilization of Pet Animals for Companionship & Communities is Boosting the Animal Health Market
Pet ownership has increased dramatically over the world. Over 50% of families in major markets now own a pet, rising to over 80% in countries such as Brazil and Argentina. This reflects a growing realization that pets are more than just companions; they also provide concrete advantages to our health and happiness. Furthermore, pet owners are more likely than non-pet owners to become acquainted with their surroundings, which may lead to increased community participation and improved quality of life and relationships. The increased ownership of companion animals is predicted to increase use of parasiticides, antimicrobials and antibiotics, vaccinations, feed additives, and growth boosters in the future years.
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North America Likely to Continue its Dominance in the Animal Health Market in Coming Years
Geographically, North America controls a sizable portion of the animal health business. This may be ascribed to an increasing number of pet owners in this area — more than 67% of American households own pets –, a rise in the frequency of zoonotic illnesses, technical developments, and an increase in research and development efforts by key businesses in this region.
Competitive Landscape Analysis of the Animal Health Market
Some of the Major Companies operating in the market include Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.
Companies Adopting Aggressive Growth Strategies to Increase their Animal Health Market Share
To gain market share, players in this market use both organic and inorganic growth tactics such as partnerships, acquisitions, investment, and new product releases. In June 2022, for example, Boehringer Ingelheim and CarthroniX announced a research cooperation to develop small molecule therapies in canine cancer. The cooperation will focus on discovering novel compounds that can be used to treat cancer in dogs.
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