The animal health market is segmented on the basis of animal type, product, and geography. By animal type, the market is segmented into livestock and companion animals. By product, the market is segmented into vaccines, pharmaceuticals, feed additives, and diagnostics. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
The growth of the animal health market is attributed to the increasing demand for animal-derived food products, rising cases of zoonotic diseases, growing pet adoption, and increasing incidence of chronic diseases in animals. Additionally, the increasing demand for animal protein, government support for the development of animal health products, and advancements in animal genetics are also driving the market growth.
However, the high cost of animal health products, stringent regulations, and lack of awareness in developing countries are expected to hinder the market growth.
The livestock segment is expected to dominate the animal health market during the forecast period, owing to the increasing demand for animal-derived food products, growing concern for food safety, and the increasing incidence of diseases in animals.
Pharmaceuticals and vaccines are expected to be the most lucrative segments of the animal health market during the forecast period, owing to the increasing incidences of diseases in animals, increasing investment in animal health R&D, and the growing use of biotechnology in the animal health sector.
North America is expected to dominate the animal health market during the forecast period, owing to the presence of a large number of animal health companies and the increasing demand for animal-derived food products in the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to the increasing population, rising income levels, and growing awareness about animal health in the region.
The leading players operating in the animal health market include Zoetis, Merck Animal Health, Elanco Animal Health, Boehringer Ingelheim, Ceva Sante Animale, Virbac, Nutreco N.V., Phibro Animal Health Corporation, and Novartis AG.
The global animal health market is expected to experience significant growth during the forecast period, owing to the increasing demand for animal-derived food products, rising cases of zoonotic diseases, growing pet adoption, and increasing incidence of chronic diseases in animals. However, the high cost of animal health products, stringent regulations, and lack of awareness in developing countries are expected to hinder the market growth.