Going by history from the Neolithic age, humans have been domesticating animals much before they learned agriculture. It is, however, unfortunate that the importance of animal healthcare had been underrated until the middle of the last century.
Understanding the animal healthcare industry
Animal healthcare is the process of preserving, guiding and protecting animals from diseases and taking them to veterinary services for increasing their lifespan and yield.
Based on the animal type and their usefulness, the animal healthcare industry is classified into two broad categories of farm animals and companion animals. Farm animals and livestock are the larger revenue yielder. According to research, billions of sheep are reared every year globally with U.S. alone accounting for the major number of sheep and lambs. However, with the increasing trend of adopting animals as pets, the market of companion animals has seen significant growth over the past few decades.
Also Read: How to Care for Your Horse during Extreme Hot Weathers
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Going by the types of healthcare products used, the market can be segmented into multiple categories such as feed additives, vaccines, anti-infective medicines, anti-inflammatory drugs, parasiticides, oncological and antiemetic products, drugs for reproductive, GI or other problems, sedatives for pain relief and so on.
Global scenario
According to market analysts, the growth of the global animal healthcare industry is anticipated to escalate by approximately 4.5% in the near future. It is also expected to reach a milestone of 41.78 billion USD by the end of 2024. Going by demographics North America holds the largest geographical market for both milch (domestic animals kept for milk) and meat. Thus, the requirement for healthcare products that increase lifespan is also expanding. However, in the coming years, the Asia Pacific region is expected to be the key contributor to the global animal healthcare market. Geographically these regions showed the highest growth in animal rearing with China claiming the spot for the fastest growing market followed closely by India and Brazil. In recent years, China has claimed to be the world’s largest livestock producer.
Additionally, with the increasing advent of diseases transmitted from animals to humans, a global alarm has risen compelling farmers and pet breeders to focus on vaccination and immunization aspects.
Factors leading to the bloom of the animal healthcare industry
The animal healthcare industry has shown promising growth over the past few decades. Few of the key factors contributing to this escalating growth include:
● Impact of zoonotic diseases: Zoonosis typically means animal-borne diseases that can be transmitted to humans. Some common examples of zoonotic diseases include anthrax, ascariasis, brucellosis, plague, echinococcus, listeriosis, Lyme disease etc. With the increasing incidence of zoonotic diseases concern has risen among farm owners and pet breeders. Incidences of Brucellosis, a bacterial disease which causes abortion or stillbirth among cattle has increased in the U.S. over the last decade. This has affected sheep, goats, and livestock as well. The economic losses due to zoonosis are enormous especially for African economies where livestock rearing makes up for the major share of the GDP. According to the European Food Safety Authority, the number of reported cases of zoonotic diseases per year is alarming. As a result, the major players in animal healthcare markets are increasingly focusing on the development of medicines and vaccines for resisting zoonotic epidemics.
● Pharmaceutical industry taking an interest: As the spheres of human diseases are increasing day by day so are the animal-borne diseases. The incidence of disease breakouts like Nipah virus infection, melioidosis, blue tongue, porcine reproductive and respiratory syndromes in animals and their consequent economic losses are paving market opportunities for pharmaceutical companies. With increasing population, the demand for poultry, dairy, and agrarian products are rising. The pharmaceutical industry is taking an interest in developing medicines that can actively reduce the spread of such diseases
● Lack of high-end competitive landscape: The competition in the animal and healthcare industry is reportedly moderate where most industrial giants opt for collaboration and joint ventures for improvement in their research and developments. As for example, in 2018 two of the industrial leaders Zoetis Inc. and Regeneron Pharmaceuticals entered into a 5-year collaboration for studying monoclonal antibodies and its therapeutic uses in animals.
Governmental policies against animal cruelty
In 2009, the EU legislation passed acts regarding the welfare of farm animals which came into action in 2012. Apart from the EU, ‘U.S Animal Welfare Act’ of 2006 and increasing stringency in the guidelines of animal welfare acts by most nations, across the globe contribute to the safer and careful rearing of animals which includes an emphasis on their health. This has played a major factor in the expansion of the animal healthcare market.
