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Global Animal Medicine Industry Report 2019-2023 - Market to Grow from $38 Billion in 2019 to $61 Billion by 2023
DUBLIN, Jan. 13, 2020 /PRNewswire/ -- The "Animal Medicine Global Market Opportunities And Strategies To 2023" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest-growing market for the animal medicine market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The global animal medicine market report answers all these questions and many more.
This report describes and evaluates the global animal medicine market. It covers two five-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.
The global animal medicine market size reached a value of nearly $38 billion in 2019, having grown at a compound annual growth rate (CAGR) of 11.7% since 2015, and is expected to grow at a CAGR of 12.5% to nearly $61 billion by 2023.
Growth in the historic period resulted from strong economic growth in emerging markets driving pet care spending among the population, increased spending on pets globally, and increased disease prevalence among animals supporting the use of veterinary medicines, worldwide rise in meat consumption, and shortages of cheaper generic medicines in the animal medicine market.
Factors that negatively affected growth in the historic period were shortages of veterinarians resulting in the low awareness levels of animal healthcare, the lack of awareness about animal healthcare in the developed and developing markets in general, and inappropriate use of medicines.
Going forward, economic growth supporting increased standards of living and strengthening the middle class, increasing penetration of pet insurance, and rising meat production will drive growth. Factors that could hinder the growth of the animal medicine market in the future include the rising threat of antibiotic resistance among animals, consolidation of customers and distributors resulting in the decline of veterinary medicine prices and reductions in free trade affecting end-users of the animal medicine market.
The animal medicine market is segmented by type of medicine into veterinary pharmaceuticals and feed additives. The veterinary pharmaceuticals market was the largest segment of the animal medicine market, accounting for $33.8 billion or 88.8% of the total in 2019 and this market is expected to be the fastest-growing segment going forward at a CAGR of 12.7%.
The veterinary pharmaceuticals market is further segmented by type of pharmaceuticals into veterinary parasiticides, veterinary vaccines, veterinary antibiotics, and others - veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of the veterinary pharmaceuticals market, accounting for $9.9 billion or 29.4% of the total market in 2019. The veterinary vaccines segment is expected to be the fastest-growing segment going forward at a CAGR of 13.7%.
The feed additives market is further segmented by type of additive into medical feed additives and nutritional feed additives. The medical feed additives market was the largest segment of the feed additives market, accounting for $2.6 billion or 61.5% of the total in 2019 and this market is expected to be the fastest-growing segment going forward at a CAGR of 10.5%.
The animal medicine market is also segmented by type of animal into livestock and companion animals. The animal medicine for livestock market was the largest segment of the animal medicine market by type of animal, accounting for $20.6 billion or 54.1% of the total in 2019. The animal medicine for companion animal market is expected to be the fastest-growing segment going forward at a CAGR of 16.1%.
North America was the largest region in the animal medicine market, accounting for 47.1% of the global market in 2019. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest growing regions in the animal medicine market will be Africa and Asia-Pacific, where growth will be at CAGRs of 18.4% and 17.1% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 13.3% and 13.2% respectively.
The global animal medicine market is highly concentrated. The top ten competitors in the global animal medicine market made up 67.6% of the total market in 2018. Major players in the market include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co., Elanco Animal Health Inc., and Bayer AG.
The global veterinary healthcare market, of which the animal medicine market is a segment, reached a value of nearly $154.4 billion in 2019, having grown at 10.1% since 2015. It will grow at a compound annual growth rate (CAGR) of 10.9% to nearly $233.7 billion by 2023. The animal medicine market was the second largest segment in the global veterinary healthcare market, accounting for 24.6% of the total in 2019. The veterinary services market was the largest segment of the veterinary healthcare market, accounting for 74% of the total of $114.2 billion globally and has grown at a CAGR of 9.5% during the historic period. It is expected to grow at a CAGR of 10.3% during the forecast period.
The top opportunities in the global animal medicine market will arise in the veterinary pharmaceuticals segment which will gain $20.7 billion of global annual sales by 2023. The top opportunities in the global veterinary pharmaceuticals market will arise in the veterinary parasiticides segment which will gain $6.6 billion of global annual sales by 2023. The top opportunities in the global feed additives market will arise in the medical feed additives segment which will gain $1.4 billion of global annual sales by 2023. The animal medicine market size will gain the most in the USA at $8.2 billion.
Market-trend-based strategies for the animal medicine market include developing oral drug solutions, investing in nanotechnology treatment applications, developing new combination medicated feed additives and collaborating with academic and research institutions to develop new products. Player-adopted strategies in the veterinary medicine industry include reinforcing M&A strategies, developing new animal health products through collaborations and investments in research and development projects.
To take advantage of the opportunities, the author recommends animal medicine companies to consider produce easy-to-give medicines, drugs to combat skin cancer and generic drugs, collaborate to drive innovations, produce combination medicated feed additives and focus on individual customers.
- Agrovet Market Animal Health
- Animalcare Group
- Archer Daniels Midland
- BASF India Ltd.
- Bayer Animal Health
- Biotex Plus Ltd.
- Boehringer Ingelheim
- Cadila Pharmaceuticals Ltd.
- Cargill India Pvt. Ltd.
- Cattle Vaccines
- Century Pharmaceuticals Limited
- Chemo Argentina
- China Animal Healthcare Ltd.
- CJ Cheiljedang Corp
- DBK Pharma S.A.E.
- Elanco Animal Health
- Eli Lilly and Company
- IDT Biologika
- Intervet Australia Pty Ltd
- Jurox Pty Ltd
- Kyoritsu Seiyaku
- Merck & Co (Merck & Co Animal Health)
- Merial Swine
- MSD Animal Health
- Nimrod Veterinary Products Ltd.
- Novartis Animal Health
- Perrigo Animal Health
- PetIQ, Inc.
- Phirbo Animal Health
- Rangen Inc.
- Saudi Pharmaceutical Industries (SPI)
- Veterinarski Zavod Subotica
- Vetoquinol S.A.
- Vinh Hoan
- Wageningen Bioveterinary Research
For more information about this report visit https://www.researchandmarkets.com/r/t07paf
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