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A considerable increase in the demand for animal protein, dairy products, vaccines and medicines to treat zoonotic diseases, and rising pet ownership are expected to drive the global animal health market. Animal healthcare products such as food items are further likely to drive the global animal health market.
Analysts report that the owner-animal companion bond has been increasing which has in turn escalated demand for companion animal care products. Horses, cats and dogs are usually called companion animals as they are kept as pets, and owners form strong bonds with such animals. For many people, companion animals are a source of affection and emotional fulfilment. In fact, animal-assisted therapy is widely recognized as a form of treatment in the domain of mental health. The growing human-companion animal bond has boosted the market for related products such as animal food and medicine.
Companies are looking to expand operations and enhance resourcefulness in the animal health sector through mergers and acquisitions. For example, in November 2021, Elanco Animal Health Incorporated declared financial results for the third quarter of 2021 which reflected the inclusion of Bayer Animal Health in August 2020. According to Elanco, the business showed good momentum and robust fundamentals after acquiring Bayer Animal Health, as the fourth successive quarter surpassed top-line growth expectancies. This proves that companies active in the animal health sector are experiencing growth. It also indicates the growing scope of the global animal health market.
Key Findings of the Report:
Markets with significant scope to grow in the animal health sector include:
Drivers of the companion animal product market include:
Drivers of the food producing animal product market include:
By type, the global animal health market is segmented into:
By product type, the global animal health market is segmented into:
By end-use, the global animal health market is classified as follows:
By region, the global animal health market is segmented into:
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