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The global animal health market size is anticipated to be worth USD 92.8 billion by the year 2030, advancing at a compound annual growth rate (CAGR) of 10.0% during the forecast period of 2022 to 2030. The health and well-being of animals, such as poultry, sheep, goats, cattle, and horses, have assumed significant importance in recent years, owing to the increased focus on their performance and yield, as well as a steady increase in the emergence and occurrence of diseases and disorders. Additionally, disregard for animal health can lead to them carrying harmful germs and parasites that can be risky for both animals and humans, in the form of zoonotic diseases.
According to the CDC, 6 out of 10 infectious diseases are known to spread to humans from animals, while 3 out of every 4 new diseases are said to be contracted via animals. This has led to pharmaceutical companies investing in technology and R&D in order to launch advanced vaccines and drugs for animals. Significant technological advancements have been observed in the animal health industry that has been conducive to its healthy growth. A number of veterinary health information systems have also emerged in developed nations, which have enabled researchers and clinicians to efficiently and securely share data that is generated by veterinary clinics. Other innovations such as vaccine banks and animal-owner mobile technology are expected to further strengthen the growth prospects in the industry.
Government initiatives have come thick and fast in the animal health industry, particularly as technology has become a more critical aspect in advancing medicines and drugs. In February 2019, the FAO and the Ministry of Fisheries and Livestock announced a partnership to launch a campaign for cattle vaccination in the Kwilu and Kwango provinces of the Democratic Republic of the Congo. Similarly, Zoetis, a leading animal health company, has an ongoing initiative named “African Livestock Productivity and Health Advancement” (A.L.P.H.A.), which has helped in improving livestock health and the livelihood of farmers in Sub-Saharan Africa, via the administration of around 1.7 billion vaccine doses and more than 650,000 diagnostic tests in the region, as of June 2021. Such measures are expected to enable the growth of the animal health business in the coming years.
The advent of COVID-19 had an impact on this industry, although not in a substantial manner. However, the emergence and rapid adoption of telehealth practices have meant that there will be a shift in the revenue generation and business model for veterinarians, as high demand for consulting solutions is imminent. Furthermore, the availability of e-commerce channels has come as a boon to both production and companion animal owners, as they have been able to conveniently utilize products and services from a range of options. This has also forced companies to innovate and modify their offerings, which is expected to aid industry advancement in the long run.
Research Support Specialist, USA