According to a new market research study titled “Animal Health Market Forecast to 2027 – Covid-19 Impact and Global Analysis by Product and Animal Type,” the market is projected to reach US$ 119,570.99 million in 2027 from US$ 73,798.33 million in 2019. The market is estimated to grow at a CAGR of 6.3% from 2020 to 2027. The report highlights the trends prevalent in the global animal health market and the factors driving the market along with those that act as deterrents to its growth.
Animal health is maintained by the various pharmaceutical and non-pharmaceutical products. The preventive measure can be taken by the early diagnostics and giving vaccines to prevent diseases.Factors such as of zoonotic diseases, rise in demand for proteinaceous food are majorly contributing to the growth of animal health market.
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The report segments the global animal health market as follows:
• By Product
• Prescription
o Feed additives
o Pharmaceutical
o Vaccines
o Diagnostics
• Non-prescription
o Nutrition/Supplements
o Grooming Products
o Parasiticides
• By Animal Type
• Production Animal
• Companion Animal
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A few prominent players operating in the animal health market are Merck & Co., Inc, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Cargill, Incorporated, Zoetis Inc., Bayer AG, Vetoquinol SA, Nutreco N.V, Virbac, and Elanco. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The market players focused toward acquisitions with industry players in order to sustain their position in the market. For instance, in February 2019, Zoetis Inc. announced the acquisition of Diagnostic Science, a veterinary reference lab business. The acquisition has enabled the company to strengthen its service portfolio.
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