The global animal health market size is anticipated to reach USD 67.56 billion by 2026 owing to the increasing number of animal health issues worldwide. Animals have always been of immense help to man either as companions or as livestock. With time, man starting adopting animals and keeping them as pets. Animals, alike humans, are susceptible to infections and diseases and require medical aid. As per a recently published report by Fortune Business insights™ titled, “Animal Health Market Size, Share and Global Trend By Product (Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and Companion Animals), By End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, and Others) and Geography Forecast till 2026” the market size was USD 41.50 billion in 2018 and is anticipated to rise at a CAGR of 6.3%.
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Leading Players operating in the Animal Health Market are:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- Emergent BioSolutions, Inc.
- Boehringer Ingelheim International GmbH
- Novartis AG
- Intervet Inc.
- Bayer AG
- Merck & Co., Inc.
- IDEXX Laboratories, Inc.
- CSL Limited
Regional Analysis –
Presence of Advanced Teams for Research and Development Activities Will Aid Growth of the Market in North America
Geographically, the global animal health market is categorized into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. These regions are further categorized into nations. Among these, North America held the largest veterinary healthcare market share and generated a revenue of USD 14.12 billion in 2018. This is attributable to the presence of numerous animal health centers and technologically advanced team for research and development of novel therapeutics. Besides this, the rise in the number of pet owners and their rising concern for maintaining the health of their pets will help in the expansion of the market.
Europe stands second in the veterinary healthcare market, owing to the consistent growth witnessed in the past few years. Besides this, the market in Asia Pacific will witness significant growth on account of the increasing number of biopharma companies in countries such as India, Japan, and China.
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