Animals, like humans, also suffer from diseases and hence require proper care from veterinarians, farmers and pet owners. Improving the health of companion animals and livestock and treating them is the foremost objective of animal health industry.
The animal health industry can be broadly classified into two parts – production and companion segments. Every animal has distinct need of its own and thus, requires different treatments in accordance to its breed. Further, on the basis of products, animal health market is divided into three main sections; pharmaceuticals, biological and medicinal feed additives.
The key factors driving the growth of animal health market include rising disposable income, growing ageing population, increasing pet ownership, mounting incidence of zoonotic diseases and less stringent animal drug approval process.
Some of the noteworthy trends and developments of this industry include mergers & acquisitions in the industry, human drugs crossing over to the animal health and preventive therapies. However, the expansion of animal health market is hindered by barriers to entry for new players, high cost of product development and increasing pressure to reduce the use of antibiotics in livestock.
The report Global Animal Health Market: Industry Analysis & Outlook (2017-2021) provides a comprehensive analysis of the global animal health market and its major regional markets. Furthermore, market dynamics such as key trends and development; and challenges are analyzed in-depth.
The global market is highly competitive consisting of several large enterprises including Bayer AG, Merck & Co., Inc., Eli Lilly and Company and Zoetis Inc,. The competitive landscape of the respective market, along with the company profiles of leading players are discussed in detail.
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