February 23, 2017
Wellesley, Mass., Feb 23, 2017 –Growing awareness, education, and demand for high-quality animal products is driving modest growth in the market for animal therapeutics and diagnostics. BCC Research reveals in its new report that animal food producers have responded by becoming more proactive in disease control and producing highly nutritious foods to meet consumer demands and preferences.
The global market for animal therapeutics and diagnostics, which totaled nearly $40.1 billion in 2016, is expected to reach $47.9 billion in 2021, registering a five-year compound annual growth rate (CAGR) of 3.6%. Pharmaceutical products as a segment totaled nearly $17.3 billion in 2016 and should total $21.5 billion by 2021, reflecting a five-year 4.5% CAGR. Feed additives are expected to demonstrate a five-year CAGR of 1.3% to reach $14.4 billion in 2021, up from $13.5 billion in 2016.
The pharmaceutical segment accounts for the largest percentage of revenues with nearly 46%. Pharmaceuticals include a number of drug classifications, including allergy treatments, anti-infectives, anti-inflammatories, metabolic drugs, parasite control, psychotropics and other specialized drugs. Industry participants are cautiously watching the antibiotic segment of the market as regulatory and consumer demands shape future opportunities. Uncertainty in future requirements and attitudes toward antibiotic use in animals raised for food production will remain a focus. Antibiotic resistance concerns fuel potential risk in this area.
The second-largest segment, feed additives, should grow due to rising demand from production animal producers. The market reached $13.5 billion in 2016. Amino acids represent the largest market share, with other sub-segments such as nutritional additives, medicinal additives and vitamins also boosting market growth.
Diagnostic products, the smallest market segment, reached nearly $3.1 billion in 2016. Forecast to total $4.5 billion in 2021, this segment is expected to own the highest five-year CAGR, at 8.4%. Traditionally, the market focused on addressing the needs for companion animals. However, a growing segment of the industry is focusing on diagnosing conditions and diseases in the field, directing product development in the production animal segment. For 2016, nearly 80% of rapid diagnostics sales were generated in the companion animal segment.
"Although the U.S. economy in general has struggled over the past few years, sales patterns haven't changed much in the animal health segment. The second-largest market region worldwide for animal products, the U.S. animal health market should reach a 4.1% CAGR as the U.S. economy continues to recover," says BCC Research analyst Melissa Elder. "Asia-Pacific, the fastest-growing region among all markets with a 5.0% CAGR, should total $6.9 billion in 2021, up from $5.4 billion in 2016."
Global Markets for Animal Therapeutics and Diagnostics (HLC034E) analyzes four market segments: four segments: vaccines, pharmaceuticals, feed additives and diagnostics. The report also examines trends and statistics by key geographical regions such as the United States, European countries and Brazil, Japan and Australia. Global market drivers and trends, with data from 2015 and 2016, and projections of CAGRs through 2021 also are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at email@example.com.
Global Markets for Animal Therapeutics and Diagnostics( HLC034E )
Publish Date: Feb 2017
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email firstname.lastname@example.org or visit www.bccresearch.com/media to request access to our library of market research.