Animal Healthcare Market is likely to grow at a CAGR of 4.3% through 2027
The animal healthcare market valuation is projected for a moderate Y-o-Y growth of 4% in 2019. A new research intelligence by Future Market Insights forecasts steady expansion for the approximately US$ 37 billion global market for animal healthcare, over the course of coming years.
Strongly influenced by the rate of increase in food-borne zoonotic conditions, global demand for high quality animal healthcare is more likely to be driven by exceptionally rising rate of pet adoption.
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- Production animals are more subject to animal healthcare, accounting for over 60% share of the current market value
- High profitability of animal feed reflect lucrative investment opportunities for animal healthcare market participants
- R&D of species-specific drugs create attractive avenues for pharma players in animal healthcare market
- Hospital chains and big-box retailers majorly accounting for OTC veterinary drugs uphold North America’s prime consumer position in animal healthcare market
Animal Feed Additives Bestselling over Vaccines & Pharmaceuticals
Animal feed represents the most profitable product type segment, presenting multiple investment opportunities for animal healthcare market operators. Top selling potential of animal feed additives is attributed to a growing focus on disease outbreak prevention rather than on curing disease afflicted animals.
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Animal healthcare market in China and Japan is especially observing robust demand growth in feed additives. This factor is however contributing to an already complex scenario in animal healthcare market, i.e. a disrupted supply chain and the resultant pricing pressure and loss of massive profits.
Animal Healthcare Market Players Prioritizing R&D of Novel Drugs
Although branded generics have been a highly favored choice across animal healthcare providers and consumers, the evolving disease conditions and the subsequent impact on overall performance of animal healthcare market hints at the critical demand for the development of novel pharmaceuticals and vaccines that are species-specific, and thus cater to specific sets of animal healthcare requirements.
Currently, companies based in the US and Western Europe are pioneering the trend of soaring R&D investments in novel drugs development for specific animal healthcare demands. The trend is however likely to gradually migrate to other regional markets for animal healthcare.
Alternatives to Blockbuster Drugs Hinting at Market Profitability
Recent patent expiry of major blockbusters in animal healthcare market points to the criticality of the development of new, efficient alternatives. Leading players in animal healthcare market are thus more inclined toward adhering to drug development processes in close association with regulatory bodies that govern animal healthcare products and practices. This according to study would help companies raise their product sustainability chances.
Although R&D remains an expensive avenue for a majority of smaller players in animal healthcare market, it is projected to emerge as the key to profits in regional landscape. Several players are also entering strategic collaborations with leading biotechnology firms and biologics developers that already have drug development projects in pipeline.
Developing Regions Reflect High Market Attractiveness
While the flourishing humanization trend is favoring animal healthcare market in developed regions such as North America, Western Europe, and Japan, the report foresees attractive potential in emerging regions as well. Major pharma players active in animal healthcare market are strategizing on manufacturing facility expansion across developing economies, as they are less likely to encounter export-import glitches in these regions and thus can expect better product movement in return. Adding to the supply chain harmony, this is likely to slash down the resultant loss due to foreign product bans.
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