DUBLIN--(BUSINESS WIRE )--The "Farm Animal Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Farm Animal Healthcare Market is poised to grow at a CAGR of 8.2% in the forecast period (2021-2026).
The COVID-19 pandemic is expected to have a significant impact on the market. Extensive information is available regarding coronavirus in animals, with respect to their evolution and pathophysiology. Swine coronavirus disease can be used as a reference for understanding the transmission of coronavirus from one species to another. According to the study of Current Opinion in Virology, in 2019, porcine delta coronavirus was identified as the causative agent of severe diarrhea outbreaks in North America and Asia, and it emerged from avian delta coronaviruses.
Furthermore, several repeated events have been observed regarding the transmission of the virus in inter-species of animals, and it strongly supports the natural origin of SARS-CoV-2. Many countries had been in lockdown and suspended trades with other countries, leading to a decline in market capitalizations of major companies across the world, along with a decline in industrial production and other businesses. As per Food and Agriculture Organization report, the pandemic situation has heavily impacted the farm animals and their products in terms of the supply chain.
Therefore, governments are taking measures to mitigate the supply of medicines. For instance, the European Medicines Agency issued guidance for companies responsible for veterinary medicines, with respect to the adaptations to the regulatory framework, primarily to address the challenges faced during this pandemic situation. Hence, a slight short-term negative impact is witnessed on the farm animal healthcare market, during the outbreak of COVID-19.
Parasiticides Represents High Growth Opportunities for Farm Animal Healthcare, Over the Forecast Period
Parasiticides are in high demand, for treating many diseases in farm animals. With the growth of the animal husbandry industry, an excess increase in demand in veterinary pharmaceuticals is expected. Animals are more likely to get infected by internal parasites, which are commonly inclusive of hairworms, lungworms, liver flukes, and coccidia. The external parasites that can be harmful to the animals include horn flies, lice, and grubs. The parasitic diseases in animals cause disturbing health conditions and reproduction, impaired growth, and decreased productivity.
Therefore, parasiticides are inevitable for better animal health. The commonly used parasiticides are levamisole, fenbendazole, oxfendazole, albendazole, moxidectin, eprinomectin, etc. Most of the key players are focusing on innovation in parasiticide products, in order to develop advanced oral dosage forms of parasiticides.
For example, in November 2019, Ceva had launched Salmoporc, a salmonella vaccine for pigs, in the United Kingdom and Ireland. Salmoporc gives protection against Salmonella Typhimurium and its monophasic variants. It is administered orally to piglets and through subcutaneous injection in sows. This has increased the market growth opportunity for the company in different countries.
North America Dominates the Farm Animal Healthcare Market
North America region is among the major contributor to agriculture, livestock, technological advancements and implementation of farm animal healthcare benefits across the region. The United States is one of the most developed economies across the world. It currently holds the major share of the farm animal healthcare market, and it is expected to follow the same trend over the forecast period. The federal regulation of the United States and the state regulations are responsible for the registration and introduction of the new animal healthcare products in the country.
The registration, introduction, or import of such products in the country is strictly done under the surveillance of these regulatory authorities. There are different tests and certifications that are supposed to be cleared. Veterinary vaccines in the United States are regulated by the Center for Veterinary Biologics (CVB) in the Animal and Plant Health Inspection Service (APHIS). The CVB grants establishment and product licenses to animal health companies to manufacture and sell veterinary biologics.
In the United States, advancements in vaccines development include the development of live vector vaccines, nucleic acid-mediated vaccines, live-gene-deleted vaccines, and other vaccines. Boehringer Ingelheim, in 2018, launched a poultry vaccine product, HatchPak IB H120TM NeO, a freeze-dried live attenuated virus of Bronchitis disease, to simplify the vaccination of chicks against the bronchitis virus. In addition to, in June 2020, Huvepharma EOOD, received US FDA approval for its product "Vetmulin12.5%", an antibiotic used for the treatment of swine dysentery. Hence, these will drive the growth of regional market.
The market is moderately concentrated with a few large players. With large requirements of food supplies and demand for social welfare between human and animals, the companies are highly competitive to invest in the healthcare of farm animals. The market observed major companies merger and acquisition in recent years to enhance their technology and global dominance. Some of the major players include Zoetis, Merck, Boehringer Ingelheim, Elanco, Vetoquinol and Ceva Animal Health.
1.1 Study Assumptions and Market Definition
4.2 Introduction to Market Drivers and Restraints
4.3.1 Advanced Technology Leading to Innovations in Animal Healthcare
4.3.2 Increasing Initiatives by the Governments and Animal Welfare Associations in Different Countries
4.3.3 Increasing Productivity at the Risk of Emerging Zoonosis
4.4.2 Increasing Costs of Animal Testing and Veterinary Services
4.5.2 Bargaining Power of Buyers/Consumers
5.3.4.3 Rest of Middle East and Africa
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900