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Market Description
The animal health market is defined as a sector spanning veterinary pharmaceuticals, biologicals and medicinal feed additives. It does not include nutritional feed supplements (vitamins, amino acids, etc.) or pet food (Source: PJB Publications Ltd , Pub Time: 2003/11). The animal health industry meets the needs of farmers, pet owners and their animals by providing a wide range of medicines, vaccines, and other animal health products. These are used both therapeutically, to treat specific illnesses, and prophylactically, to prevent disease occurrence or recurrence.
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PRODUCT GROUPS
The animal health market comprises five main product groups : parasiticides, biologicals (vaccines), anti-infectives, medicinal feed additives and other pharmaceuticals.
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SPECIES
The world animal health market in 2004 was dominated by products for use in food animals (also called “farm or production animals”) representing approximately 60% of total world sales. Sales of products for companion animals have grown significantly since 1996 and now account for approximately 40% of total sales (Source: Wood Mackenzie, 2005).
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MARKET TRENDS
| The World Animal Health market has grown with a compound annual growth rate percentage of 6.2% (nominal) per annum for the past 5 years. In real terms this growth was 1% per year over the past 5 years, as well as over the past 10 years. For 2005 the nominal growth rate was 8.8% (Source: Wood Mackenzie Ltd). Most of this growth comes from developments in the companion animal sector. |
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