5/6/2023 0 Comments Animal typing fast![]() The pharmaceutical segment dominated the market for animal health and held the largest revenue share of over 33.7% in 2021. However, as the adoption of telehealthhas been on rising the demand for knowledge, expertise and consulting solutions will increase. Traditional veterinary practices generate the majority of their revenues from selling high-margin products like pharmaceuticals. There will be a shift in business models for veterinarians in post-pandemic situations. ![]() The economic downturn is relatively lower in animal health as compared to others. However, unfavorable macroeconomic conditions and reduced consumption trends continued to affect Elanco's international livestock business in February 2021 to expand its vertical in the poultry business and have technology in health & environmental monitoring solutionsīy Q3 2020, Elanco's revenue improved by 15%, compared to Q3 2019, with a notable recovery in the pet health industry. For instance, Merck Animal Health completed the acquisition of Poultry Sense Ltd. IDEXX reported a 12% increase in year-on-year revenue, driven by the Companion Animal Group (CAG) diagnostics segment in December 2020Ĭonsolidation will continue in the market. Major players operating in the market witnessed growth during the pandemic despite the restriction & supply chain disruption. Large-scale animal health companies are focusing on innovative strategies to gain a competitive edge The E-Commerce segment witnessed a lucrative growth rate of 10.7%Īnimal healthcare is rebounding faster as compared to other sectors. Online channels, such as eCommerce, are the most preferred distribution channels by pet owners for purchasing vet products & pet food. The trend for telemedicine has witnessed significant growth during the pandemic. However, as the adoption of telehealth has been on the rise, the demand for knowledge, expertise, and consulting solutions will increase Traditional veterinary practices generate a majority of their revenues from selling high-margin products like pharmaceuticals. There will be a shift in business models for veterinarians. The economic downturn is relatively lower in the animal health market as compared to others Animal Health Market: The market growth remains steady despite supply chain disruptions caused by the pandemicĭespite disruption due to the COVID-19 pandemic, the animal health industry witnessed a steady growth of 8% from 2019 to 2020. For instance, the Innovative Medicines Initiative (IMI) is a public-private partnership to support collaborative research to boost innovation in veterinary pharmaceuticals in Europe. Growing focus on innovation in animal health has given rise to certain measures that are strengthening market growth prospects. These advancements include the advent of efficient information management systems, animal owner mobile technology, and vaccine banks. The market for animal health is also driven by technological advancements in veterinary health care, and this is anticipated to offer future growth opportunities. The heightened production of animal-based food products will lead to a significant price reduction, facilitating easy access to food at affordable prices. The aforementioned statistics exemplify the urgent requirement to expand the food supply through large-scale adoption of livestock. According to the UN Department of Economic and Social Affairs, the global population is approximately 7.3 billion and it is anticipated to reach around 9.7 billion by 2050 of which, 795 million people are undernourished, as per the estimations of the International Fund for Agricultural Development (IFAD). Online channels such as eCommerce are the most preferred distribution channels by pet owners for purchasing vet products and pet food. ![]() In spite of disruption due to the COVID-19 pandemic, the animal health industry witnessed steady growth. In addition, the rising number of government initiatives to promote animal health products is presumed to drive the overall market. The high demand has also resulted in a subsequent increase in the number of companies undertaking consistent efforts to control pathogen contamination risks and food-borne diseases, which is contributing to market growth. This unprecedented rise in disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals. The market is largely driven by a significant rise in demand for protein food and an increase in the incidence of zoonotic and food-borne diseases globally. The global animal health market size was valued at USD 39.9 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030.
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