Animal Health Market Analysis

Product (Pharmaceuticals, Medicinal Feed Additives, Diagnostics)

The global animal health market is segmented and analyzed for demand and supply by product into pharmaceuticals, medicinal feed additives, and diagnostics. Out of these, the pharmaceuticals segment is estimated to garner the largest market share over the forecast period owing to the noticeable count of companion animals ownerships, growing number of veterinary practitioners, and surge in various zoonotic diseases across the globe. For instance, it estimated that, foot and mouth disease (FMD) affects nearly 76% of the world's cattle, primarily in Africa, the Middle East, and Asia, as well as a small portion of South America.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Our in-depth analysis of the global market includes the following segments: