Analysis by Product (Pharmaceuticals, Medicinal Feed Additives, and Diagnostics); by Animal Type (Livestock Animals, and Companion Animals); by End-user (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostics Centers, and Others); and by Distribution Channel (Veterinary Hospital Pharmacy, Retail Channels, and E-Commerce Platforms) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The global animal health market is segmented and analyzed for demand and supply by product into pharmaceuticals, medicinal feed additives, and diagnostics. Out of these, the pharmaceuticals segment is estimated to garner the largest market share over the forecast period owing to the noticeable count of companion animals ownerships, growing number of veterinary practitioners, and surge in various zoonotic diseases across the globe. For instance, it estimated that, foot and mouth disease (FMD) affects nearly 76% of the world's cattle, primarily in Africa, the Middle East, and Asia, as well as a small portion of South America.
Regionally, the global animal health market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increasing technological advancement, rise in research and development of more advanced therapeutics, growing number of pet adoption, and surge in zoonotic diseases in the region. It has been noted that each year in the United States, approximately 3.4 million animals get adopted.
The global animal health market is further classified on the basis of region as follows:
Our in-depth analysis of the global animal health market includes the following segments:
|
By Product |
|
|
By Animal Type |
|
|
By End-User |
|
|
By Distribution Channel |
|
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Upsurge in zoonotic diseases, escalating number of livestock, growing prevalence of diabetes in pets are some major factors driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2023 – 2033.
Ans: Stringent government policies on approval of animal drugs, price hike in animal health products, and escalating cost of animal testing are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Zoetis Inc., Heska Corporation, Merck & Co., Inc., Ceva Santé Animale, Virbac S.A., Midmark Corporation, Biogenesis Bago SA, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, animal type, end-user, distribution channel, and by region.
Ans: The pharmaceuticals segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
