This report aims to provide detailed insights into the global APAC ANIMAL HEALTH MARKET. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth: The APAC animal health market is projected to reach a value of USD 22.1 billion by 2025 from USD 15.6 billion in 2020, at a CAGR of 7.2% during the forecast period. Factors such as the rapid rise in livestock population, increasing awareness about animal health, and rising frequency of animal disease outbreaks are expected to drive the growth of the APAC animal health market. However, restrictions on the use of parasiticides in food-producing animals, shift toward vegetarian diets, and the rising cost of storage of animal vaccines are expected to restrain the growth of this market.
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COVID-19 Impact on the APAC animal health Market
Coronavirus has spread across 215 countries and territories and affected more than 4.4 million people, with close to 300 thousand deaths. The pandemic has had considerable social and economic ramifications across a variety of industries and sectors. As of 28 October 2020, there have been 44,235,263 reported cases of COVID-19 (Source: Worldometer) from Africa, Asia Pacific, the Americas, Europe, and Oceania. The virus has resulted in 1,171,288 deaths. The true number of infected people would be much higher than the official total, as a large number of cases are asymptomatic and do not undergo testing.It could be assumed that there is a drastic change in the size of the APAC animal health market. The outbreak of COVID-19 originated from a meat market in Wuhan (China), which has negatively affected the consumption of food products derived from animal sources. In the realistic scenario, it could be assumed that there will be a partial effect of COVID-19 on the APAC animal health market. In this scenario, the major end-user segment for APAC animal health, namely, veterinary hospitals & clinics, animal farms, and homecare settings, are expected to be moderately impacted. This could be attributed to the scarcity of trade and transport restrictions, which are expected to recover gradually in Q4 of 2020 as trade relations in most countries achieve near-normalcy.
The vaccines will have the highest growth rate, by product type, during the forecast period
Based on product, the APAC animal health market is segmented into parasiticides, antimicrobials and antibiotics, vaccines, feed additives/nutritional products, growth promoters, and other pharmaceuticals. Vaccines is expected to have the highest growth rate during the forecast period due to growing prevalence of animal-related diseases in Asian countries.
The food-producing animals had the largest share, by animal, in 2019.
Based on animal, the APAC animal health market is categorized into food-producing animals and companion animals. In 2019, food-producing animals accounted for large share of the APAC animal health market. The larger share of this segment is due to the increasing livestock population and rising demand for animal-derived food products.
Animal Farms are the largest end-user segment of the APAC animal health market.
Based on end-user, the market has been classified into veterinary hospitals & clinics, animal farms, and homecare. In 2019, the animal farms segment accounted for the largest market share of the APAC animal health market. This is because of the large population of livestock in emerging Asia Pacific countries, growing demand for animal-derived food products, and rising incidences of zoonotic diseases.
- In July 2020, Boehringer Ingelheim launched an external innovation hub in China.
- In July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites.
- In July 2020, Zoetis announced a collaboration with Trianni for the development of transgenic monoclonal antibody platforms for the discovery of new veterinary treatments
- In April 2020, Elanco collaborated with VetNow to provide relief to veterinarians by expanding its products and service access through the telemedicine platform.
- In July 2017, Zoetis completed the acquisition of Nexvet, a biologic therapeutics company.
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