Future Market Insights (FMI) offers key insights on the global animal healthcare market in its research report, “Animal Healthcare Market: Global Industry Analysis and Opportunity Assessment 2015-2020”. According to the report, robust demand for feed additives, comprising medicated and nutritional feeds, is fuelling the animal healthcare market globally. FMI estimates the global animal healthcare market to reach a valuation of US$ 43,032 Mn by 2020
FMI has segmented the animal healthcare market on the basis of animal type (production animal and companion animal), product type (feed additives, pharmaceuticals, and vaccines), and region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Species-specific drugs are replacing multibillion blockbuster drugs, as farm owners look for affordable healthcare solutions. Furthermore, pharmaceutical companies have diversified into animal healthcare, primarily through acquisition of existing API or NCE manufacturing companies or through mergers with companies with patented animal drugs.
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The key factors driving the market include rising consumption of meat and dairy products, increase in foodborne and zoonotic diseases, rising trend of pet adoption, and development of controlled-release drugs to extend the commercial life of existing drugs.
FMI maintains a positive outlook on the animal healthcare market, however, stringent regulations over use of antimicrobials in animal feed and pharmaceuticals can impede the growth. Furthermore, regulations over animal testing can also impact research and development (R&D) and development of new drugs.
On the basis of animal type, the market has been segmented into production animal and companion animal. The former accounts for 65% value share of the animal healthcare market; FMI expects demand for healthcare products to be higher in the production segment as compared to companion animals.
On the basis of product type, FMI has segmented the animal healthcare market into feed additives, pharmaceuticals, and vaccines. Feed additives is the largest segment in terms of value, accounting for US$ 14,998.3 Mn in terms of value. FMI expects this segment to expand at a compound annual growth rate (CAGR) of 5.4% through 2020, reaching a valuation of US$ 20,452 Mn.
According to FMI, North America will continue to be the most lucrative market for animal healthcare, expanding at a CAGR of 4.5% during the forecast period 2015-2020. The animal healthcare market in North America, valued at US$ 10,939 Mn in 2014, is expected to reach a valuation of US$ 14,183 Mn by 2020.
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The key companies covered by FMI in its research report are Merck & Co., Inc. (Intervet), Ceva Santé Animale, Virbac S.A, Zoetis, Inc. (Pfizer), , Bayer Healthcare AG, Vetoquinol SA, Eli Lilly and Company (Elanco/Novartis), Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited), ADM Alliance Nutrition, Cargill Inc. (Provimi), Koninklijke DSM N.V and Evonik Industries AG.
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