Animal healthcare products such as vaccines, parasiticides, and anti-infectives play a crucial role in protecting animal health. These products prevent or treat animal diseases and ensure productivity and health of livestock animals. Animal vaccines provide protection against viral and bacterial pathogens that can cause diseases such as rabies, distemper, and parvovirus in dogs and influenza, pneumonia, and anthrax in cattle. Parasiticides help control or eliminate parasites such as ticks, mites, and fleas, preventing infections and infestations. Anti-infectives are used to treat bacterial, fungal and other microbial infections in animals. The global Animal Healthcare Market is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Preventing the spread of zoonotic diseases through animal healthcare products poses a major market opportunity. Zoonotic diseases can spread from animals to humans and vice versa. Some of the major zoonotic diseases include rabies, avian influenza, Q fever, brucellosis, salmonellosis, etc. Effective vaccination and treatment of animals can help contain zoonotic pathogens at their source thereby preventing infection in humans. Increased vaccination and treatment of livestock animals used for food and companion animals can help curb the rising threat of pandemics from zoonotic origins. This presents considerable market potential for animal health companies that offer effective vaccines and therapeutics for controlling zoonotic diseases in animals.
Porter's Analysis
Threat of new entrants: The animal healthcare market requires high R&D investments and regulatory approvals for new products. These factors act as a barrier for new companies to enter this market.
Bargaining power of buyers: Buyers in this market include veterinary hospitals, animal owners, and livestock producers. Their bargaining power is moderate as there are many established manufacturers offering a variety of animal healthcare products.
Bargaining power of suppliers: The key raw materials used include active pharmaceutical ingredients, bulk drugs, and medical devices. The bargaining power of suppliers is moderate due to availability of substitute materials.
Threat of new substitutes: Threat of substitutes is low as animal healthcare products have limited substitutes. However, alternatives like generic medicines and herbal products pose a minor threat.
Competitive rivalry: The market is fragmented with presence of global as well as local players. Intense competition exists in terms of pricing, quality, and new product development.
SWOT Analysis
Strengths: Well-established brands and robust distribution networks of leading players. Growing pet adoption and increased veterinary services drive the demand.
Weaknesses: High R&D costs and stringent regulations increase production costs. Lack of infrastructure and awareness in developing regions.
Opportunities: Untapped growth potential in livestock sector of emerging economies. Rise in zoonotic diseases necessitates preventive animal care.
Threats: Threat from fake and low-quality products. Economic slowdowns can reduce spending on pet care and livestock management.
Key Takeaways
The global Animal Healthcare Market Growth is expected to witness high growth during the forecast period of 2023 to 2030 backed by increasing pet ownership and growing meat consumption.
Regional analysis: The Asia Pacific animal healthcare market accounted for over 35% of global revenue in 2023 owing to presence of a huge livestock population and rising pet adoption in the region. China dominates the Asia Pacific market with initiatives to promote modern farming and increase meat exports. India is another fast growing market supported by growing veterinary infrastructure and rising livestock production.
Key players related content:
Key players operating in the animal healthcare market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. These players are focusing on new product launches and facility expansions to strengthen their market position.
For more insights, read- https://www.newsanalyticspro.com/animal-healthcare-market-trends-size-and-share-analysis/
