Innovation Key to Healthy Growth for Animal Pharma Sector
Animal health is a sector abuzz with opportunities for revenue growth. The total
market for animal medicines – which serves not just agricultural livestock but also pets
– is forecast to witness robust growth in the coming years.
Animal Pharm estimates that the global market is currently worth around $25 billion, and several
sources claim that the future annual sales growth rate for the industry should be around four percent
to five percent.
But what is driving this growth?
The answer is innovation – innovation on a scale belonging to the biotechnology success stories
in human health 20 years ago. Treatments that have revolutionized human healthcare, such as
monoclonal antibodies and biologics, are nearing commercialization for animals.
And even though there are not many new chemical entities being produced in the animal health
space, this does not mean the development of novel products is not afoot. Click here to find out more.