Animal Healthcare Market Size Worth US$ 177.1 Billion by 2026

LOS ANGELES, Feb. 6, 2020 /PRNewswire/ -- The Animal Healthcare Market size is poised to be worth around US$ 177.1 Bn by 2026 with CAGR of around 4.4%.

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On the basis of animal type, livestock animals segment held the major share in 2018. The livestock segment is further split into poultry, swine, cattle, and fish among others. The segment is particularly gaining growth due to the rising demand for dairy products and meat along with increasing global population. The Animal AgTech Innovation Summit scheduled in San Francisco on March 16 has identified 13 start-ups with breakthrough technologies particularly to support a sustainable and efficient livestock industry. The list of the startups includes Armenta, BinSentry, CattleEye, Faromatics, FarrPro, General Probiotics, H2O alert, Hencol, Jaguzza Tech, Moonsyst, Nextbiotics, Roper, and Simple Ag Solutions. The aforementioned startups are providing solutions including non-antibiotic treatment for bovine mastitis, genetically engineered phage technology, AI, machine vision, poultry barn robotics, and autonomous livestock monitoring.

By distribution channel, veterinary hospitals registered maximum value in 2018 owing to the increasing preference for Veterinary hospitals by pet owners due to the benefit of complete healthcare solutions in one place.

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In 2018, North America held the major share of the global market for Animal Healthcare. The United States market majorly contributed to the dominating share of the regional market. According to the Food and Agriculture Organization of the United Nations estimate of 2018, In North America, the United States of America and Canada have shown an increase of 1.1% from 2017 in milk output which is equal to 108.6 million tones. The favorable funding available in the regional market is further contributing to the growth. For instance, the American College of Veterinary Surgeons (ACVS) foundation works to support veterinary surgeons and in training through education and research funding. The training is particularly focused on the investigation of a wide variety of topics that lead to better surgical care for the animals.

Furthermore, The KC Animal Health Corridor has importance in the pet food industry's growth. The KC Animal Health Corridor is a hub of animal agriculture and pet food production additionally covers the land area between Columbia, Missouri, USA, and Manhattan, and Kansas. It is an economic development agency looking for emerging companies that will introduce promising animal health products and their financial prospects at its Kansas City convention center where the winner selected by a panel of judges will receive an honor of US$10,000. Additionally, K.C. Animal Health Investment Forums has successfully raised more than US$ 430 million in its previous organized investment contests for the companies.

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Some of the leading competitors are Bayer, Boehringer Ingelheim, Dechra Pharmaceuticals, Elanco, Merck, Zoetis, B. Braun Vet Care, Medtronic, IDEXX Laboratories, and Neogen. Animal Healthcare companies have announced advance products and services to expand their position in the animal healthcare industry. Major players are also moving into new regions or advanced technologies.

Some of the key observations regarding animal healthcare industry include:

• The 36th annual Veterinary Meeting & Expo (VMX), 2020 has been attended by approximately 17 thousand personnel associated with the global animal healthcare industry. The VMX 2020 was hosted by the North American Veterinary Community (NAVC). The VMX 2020 was the world's largest gathering where topics like breakthroughs in cancer treatment and reconstructive surgery for cats, the use of AI to detect advanced eye disease in dogs, CBD for pets, and ways to treat the traumatized turtle have been taught, discussed and demonstrated.
• According to the European Pet Food Industry data, in 2014 around 75 million pet-owning homes were present in Europe itself.
• In 2019, FUJIFILM Corporation has established FUJIFILM VET Systems Co., Ltd. (FFVS), head office in Tokyo. The FFVS is incorporated to supply medical devices and services to veterinary clinical practices in Japan. With this new facility, FUJIFILM Corporation is looking forward to the expansion of its veterinary medicine business.
• In 2019, Elanco Animal Health Incorporated has acquired Aratana Therapeutics. Aratana Therapeutics is a pet therapeutics company responsible for the development and commercialization of innovative therapeutics for dogs and cats.

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