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Animal health market mainly comprises of medicines, medicinal feed additives and vaccines and caters to both food producing and companion animals. Food producing animals are species for the production …
Animal health market mainly comprises of medicines, medicinal feed additives and vaccines and caters to both food producing and companion animals. Food producing animals are species for the production of animal protein that include cattle (both beef and dairy), swine, poultry, sheep and fish whereas companion animals include dogs, cats and horses. Animal pharmaceuticals account for more than half of the animal health products market followed by biologicals and medicinal feed additives.
Economic development and related increases in disposable income, particularly in many emerging markets; increasing pet ownership; increasing demand for improved nutrition, particularly animal protein; increased focus on food safety and need for greater livestock production efficiency are major factors driving the animal health market. North America is the largest animal health market followed by Europe, Asia and Latin America. The animal health care industry in Europe is majorly dominated by France, Germany, Spain and the UK. Within Asia, countries like Japan, Australia, New Zealand, Singapore and South Korea are developed markets and are characterized by extremely strict regulations. Demand for animal health products is more in emerging markets like India, China, Indonesia, Thailand, Malaysia and Taiwan.
Animal health products are subject to extensive and increasingly stringent regulations. The animal health sector is highly competitive with top 10 players accounting for around 80% of the total market in 2011. Major market players include Pfizer, Merck, Merial, Elanco and Bayer.