Prescription Segmentto Grow atFaster PaceDuringForecast Period

According to a new market research study of “Asia PacificAnimal HealthMarketForecast to 2027 - Covid-19 Impact and Global Analysisby Product, and Animal Type,”the Asia Pacificanimal healthmarket is projectedto reach US$ 27,884.0 million by2027 from US$ 16,425.4 million in2019. The market is estimated to grow at CAGR of 6.9% from 2020 to 2027. The report highlights trends prevailing in the Asia Pacificanimal health marketand the factors driving market along with those that act as hindrances.

The Asia Pacificanimal health market, based on product, is further segmented into prescription, and non-prescription. The prescriptionsegment held alargershare of the market in 2019. However, the non-prescription segment is estimated to register ahigherCAGR during the forecast period owing to thestandard shift from Rx to OTC is likely to drive the growth for animal health market during the forecast period.

The Asia Pacificanimal health marketis expected to grow owing to therise in demand for proteinaceous foodin the region. However, high complexity and cost of animal drug development and approval processes islikely to restrain the growth of the market during the forecast period.

Leading companies operating in the animal health marketareVirbac, Elanco, Merck & Co., Inc., Boehringer Ingelheim International GmbH,and Ceva Santé Animaleamong others.

Asia Pacific Animal Health Market, By Country, 2019 (%)

The report segments Asia Pacific Animal Health Market as follows:

ByProduct

• Prescription
  • Feed additives
  • Pharmaceutical
  • Vaccines
  • Diagnostics
• Non-prescription
  • Nutrition/Supplements
  • Grooming Products
  • Parasiticides

By Animal Type

• Production Animal
• Companion Animal

By Country

• China
• Japan
• India
• Australia
• South Korea