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The global animal health market has been forecast to hit a value of US$42.9 billion by 2018, primarily driven by current unmet animal health needs and the growing need to ensure sustainable food supply.
Over the last couple of decades, animal health, especially in relation to farm animals, has been gaining in popularity as a result of the growing awareness backed by compelling scientific evidence linking animal health with human food safety and public health. In other words, the health of animals, especially in the food animal production system, has a far reaching impact on the food chain.
With consumers demanding risk-free food and with Governments across the world focused on building newer systems for superior animal health management, its opportunities galore for animal health products including animal medication.
The importance of animal health products, especially medicines, can be put into perspective by the fact that sick animals cannot produce food fit for human consumption, and the ensuing shortage of animal protein products will push up costs and trigger food inflation, while simultaneously making animal farming expensive by reducing economic sustainability and yields and by increasing the cost per kilogram of the animal product produced.
The US represents the largest region within the global animal health market, while Asia-Pacific represents the fastest growing regional market, with annual dollar sales from the region growing at a compound annual growth rate (CAGR) of approximately 10.5% through to 2018.
The animal health market is highly competitive with the top 10 players accounting for around 80% of the total market in 2011. Major market players include Pfizer, Merck, Merial, Elanco and Bayer.
Zoetis Inc, a Pfizer wholly-owned subsidiary devoted to the animal health business, will spin off and begin trading as its own entity, according to an S-1 filing with the SEC. The new offering was scheduled for the second half of 2012, and as much as 20% of the company's equity will be sold.
Zoetis is up against the likes of Elanco, Eli Lilly & Co's animal health business. Elanco helped to hold up its larger parent company in the most recent earnings quarter, staging a 32% surge in sales in the 2Q versus the year ago period to $512 million versus.
Merck is another rival in this animal healthcare space. The drugmaker giant grew its revenues for livestock and pet meds by 8% in the second quarter, and similar to Eli Lilly is steadfast in its commitment to its animal health business.
For more information on the global animal health market, see the latest research: Global Animal Health Market
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