The global animal health industry is one of the most thriving industries in the world. Over the past decade the concept of animal health has gained major importance especially the health of farm animals, owing to the growing awareness of linkages that exist between animal health, human health and safety. The livestock owners have started to display a keen interest in ensuring that proper care is being provided to their cattle. Factors such as inclining demand from consumers for safe and healthy food along with increased government pressure to build newer systems for animal health management has been leading the growth in demand for farm animal health products in this industry.
Rising global population along with per capita consumption of meat has also increased demand for animal health products particularly in developing nations. Furthermore, the significance of economic impact of livestock diseases has also highlighted the importance of animal health products such as vaccines, medicines and others in every country. The animal health industry is heavily regulated and animal health has become a concern globally. This concern stems not only from the public health, food safety and food security aspects but also from the huge economic costs that animal disease outbreaks could lead to.
The animal health market has shown consistent growth over the past several years with market valued at USD ~ billion in 2010 which grew at a CAGR of ~% to reach USD ~ billion in 2015.
Which Product Is Generating Maximum Revenue For Animal Health Market?
Parasiticides dominated the market with the revenue share of ~% in 2015. These products are used for controlling internal and external parasites in livestock and companion animals. The major example of their use includes preventing flea and tick infestations and internal parasites like tapeworm in companion animals. Government regulations which favor the production and use of parasiticides, rising adoption of companion animals and increasing prevalence of parasites infecting animals are the major factors which have fuelled the market of parasiticides globally.
Biologicals including all antisera, viruses, toxins, serums or any products from natural or scientific origin derived from animals to improve immune system captured the second position in the market. Vaccines form an important part of veterinary biological market with segment capturing a revenue share of ~% in 2015. Affordable nature of these vaccines with less cost of vaccines compared to payment of treatment and prolonged life expectancies for both livestock and companion animals are the major factors which have generated revenue for biological segment. The mandate regulation to get dogs and cats vaccinated across the globe act as major driver.
KEY FACTORS CONSIDERED IN THE REPORT
Ankur Gupta, Head Marketing & Communications