Animal Health Market to Witness Strong Growth with Rising Incidence of Zoonotic Diseases

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Animal healthcare is largely influenced by the number of opportunities provided in all the sectors of animal healthcare products and services. This is an industry that is spiraling towards its growth very fast due to the needs of livestock and companion animal species. Various companies are increasingly shifting their focus to the development of healthcare products and services for companion animals. 

Increasing Pet Expenditure Can Drive the Market

The animal healthcare industry is found to be very sensitive to the change in the economy. Pets are found to be explicitly adopted for companionship, and a significant shift in trends can be spotted from pet owners to pet parents. The National Poll on Healthy Aging surveyed in 2019 on 2,000 senior citizens more than half of which claimed that they own a pet; such a significant rise in pet adoption by older people can turn out to be favorable for the market. Thus, with the rise in population and the increase in the disposable income of the people, the number of pet adoptions has increased, which has contributed to the increase in the demand for animal healthcare products and services. 

The lack of availability of animal healthcare products and services, insufficient funding by the government to develop this market, and lack of awareness about animal medicines' availability can hamper the growth of the animal healthcare market. For instance, in dairy farming, cows produce more milk only when they are pregnant, even when lactating for the previous calf; this takes a huge toll on the cows' body. However, such acts have not been banned by any government and are still being practiced.

 

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Innovation in Technology can Prove to be Beneficial for Animal Husbandry

Animal husbandry contributes to the GDP of countries like India, where farming activities are more prominent. Until a couple of decades ago, rural people or people living in suburban areas depended on animals, like cows, buffalos, and sheep, but with the growing demand for animal products, big and small industries entered this domain. Thus, the animal husbandry became technology driven. Technologies, such as milking automation and heat detection in animals like cows (helps in regulating their ovulation), have helped companies in controlling the health of dairy animals.  The rise in technologies that help regulate the environment of barns and help remove genetic problems by alternating DNA has enabled these companies to control the outbreak of diseases in these animals. 

Spreading of diseases amongst humans, like Coronavirus, H1N1, rabies, or bird flu, that originated from animals, also raises the need to disinfect and curb any diseases prevalent in animals. Thus, medicines to stop the spread of diseases in animals are likely to prove beneficial for the market. The ongoing Coronavirus, which has originated from bats, has caused 544,000 deaths worldwide, and the number is still rising. The bats in China that were consumed are claimed to have been infected, thus leading to this pandemic. This must lead to increased consciousness regarding the proper disinfection of animals before consumption, which has increased the demand for animal healthcare products.  

Major Competitors in The Market

Some of the major competitors in the market are Bayer, Boehringer, Ingelheim, Dechra Pharmaceuticals, Elanco, Merck, Zoetis, B. Braun Vet Care, Medtronic, IDEXX laboratories, and Neogen. Various organic and inorganic strategies are being continuously adopted by these companies to increase their geographical footprints and the global market share. For instance, in 2018, Zoetis Inc. and Regeneron Pharmaceutical Inc., companies that make medicines for critical animal diseases, announced a five-year collaboration for the study of the use of monoclonal antibody therapeutics in animals.

 

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