Rising global population along with per capita consumption of meat has also increased demand for animal health products particularly in developing nations. Furthermore, the significance of economic impact of livestock diseases has also highlighted the importance of animal health products such as vaccines, medicines and others in every country. The animal health industry is heavily regulated and animal health has become a concern globally. This concern stems not only from the public health, food safety and food security aspects but also from the huge economic costs that animal disease outbreaks could lead to.
The animal health market has shown consistent growth over the past several years with market valued at USD ~ billion in 2010 which grew at a CAGR of ~% to reach USD ~ billion in 2015.
Which Geographical Region Dominated The Global Animal Health Market?
According to Ken Research analyst North America dominated the market with revenue share of ~% in 2015. Economic stability among animal owners to opt for expensive healthcare products for animals and awareness among people about available treatment options are the major factors which have driven the animal market in North America. It has been observed that per capita disposable income in US has inclined from USD 35,791 in 2010 to USD 41,019 in 2015, which clearly explains that people living in the country could afford expensive healthcare options for their pets and livestock animals. Additionally, presence of pharmaceutical giants in the region who launch innovative products in market further elevates the total revenue generated by market. Europe followed North America with revenue share of ~% in 2015. Nominal approval regulations and easy availability of the products in fewer prices in the region owing to the presence of major animal health companies in the region are the major factors which have helped the market players to generate high revenue in the nation. Companies such as Merial, Bayer AG, Ceva Sante Animale, Virbac, and the Vetoquinol Group are based in Europe and have found top positions among top 10 animal health companies globally.
According to Ken Research analyst World Organization for Animal Health (OIE) is a responsible body for monitoring health and wellness of animals at a global level. The organization was first known as Office International des Epizooties; changed its name to World Organization for Animal Health but kept its abbreviation the same. OIE aims to improve animal health and welfare all over the world, irrespective of cultural practices, of the economic situation of member countries. The OIE is intergovernmental organization and has maintained permanent relationship with 71 other international and regional organizations and has regional and sub-regional offices on every continent. The body is recognized as reference organization of World Trade Organization (WTO) and is having total 180 member countries, as of August 31, 2016. The main objective of the office is to control epizootic diseases and thus to prevent their spread.
The organization is placed under the authority and control of a World Assembly of Delegates consisting of delegates who are appointed by all member states. Day to day operations are managed at its headquarters located in Paris and placed under the responsibility of a Director General elected by the World Assembly of Delegates. Headquarters implement and coordinate activities such as disease information, technical cooperation, and scientific activities which the World Assembly of Delegates decides.
What Would Be The Result Of Rising Awareness Among Animal Husbandry Farmers On Animal Health Market During The Forecast Period?
Animal health market is expected to grow at a rapid pace with a CAGR of ~% from 2010 to 2015 owing to rising number of companion animals, increasing awareness among animal husbandry farmers, and growing efforts of government to provide healthy meat for consumption. Biologicals segment is expected to increase with a CAGR of ~% in between 2016 to 2018 due to elevating demand for vaccination of animals among animal husbandry farmers. Latin America market would gain high revenue by 2018 majorly driven by increased meat consumption in Brazil and growing animal derived products export from the country. Asia Pacific on other hand is expected to increase at a high pace by 2020 owing to the increased consumption of meat and countries contribution towards export into international market. India and Australia are projected to be the fastest growing countries, one being the major beef exporter and other being the largest beef consumer.According to Ken Research analyst .
Topics Covered in the Report
- Competition Animal Health
- India Animal Health Market
- US Animal Health Market
- Animal Vaccines Market,
- Livestock Animal Health Future
- Australia Animal Health Market
- Future Animal Health
- Pet Animal Health Developments
- Poultry Health Market
- China Animal Health Market
- Canada Animal Health Market
- UK Animal Health Market
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Ankur Gupta, Head Marketing & Communications