Animal Hormone Therapy Market Size

Animal Hormone Therapy Market Analysis

The animal hormone therapy market is expected to register a CAGR of 5.52% over the forecast period.

With the outbreak of COVID-19, the animal hormone therapy industry has faced both patterns. Initially, when the pandemic struck, with a rise in a sudden demand for meat, eggs, milk, and other animal food products, the industry faced a sudden spike in demand for growth promoters and performance enhancers. Since animal food processing is not such a process where human involvement and proximity are avoided with animals and humans, the units have to shut down amid the threat of spreading COVID-19. Thus, the market faced a demand reduction. However, the animal hormone used for therapeutic purposes for animals remained continuously in demand and supported the industry. Thus, COVID-19 is expected to show a considerable positive impact on the animal hormone therapy market.

The market growth is predominantly characterized by factors such as the growing burden of hormonal deficiency diseases in animals, rising demand for meat, and increasing animal husbandry. The growing burden of diseases in animals drives the market by focusing on hormones used in the treatment of hormonal deficiency diseases, neoplasia treatment, or replacement therapy. According to the BMC study journal published in November 2021, reproductive system tumors occupied the highest share (39.84%), followed by cutaneous tumors (28.05%), digestive tumors (18.70%), and ocular tumors (4.47%). Among the reproductive system tumors, breast tumors are the most common in female pet dogs, especially for Pekingese (11.43%). Similarly, according to the Pathogenesis of Endocrine Disease in Animals Article of April 2020, hyperthyroidism, Type I diabetes, primary hyperparathyroidism, and primary hyperadrenocorticism were the most common diseases in small animals that involved endocrine hypofunction. Animal hormones are used for fattening and production-boosting purposes in the animal food industry. 

In June 2021, the US Department of Agriculture reported a decline in beef production over a year but a strong demand for broilers, turkey, and pork. Moreover, the rate of animal husbandry is increasing all over the world, which largely concerns animal hormone use for the better health of animals. According to the Report of National Agricultural Statistics Services, United States, in April 2021, broiler production in the United States has been increasing over the last five decades. Thus, concerning the above facts, the animal hormone market is expected to witness significant growth over the forecast period owing to the increase in animal breeding and the rise in animal care.

Although animal hormone therapy has wide applications, the risks associated with the use of animal hormones and the stringent regulatory norms associated with their use may hamper the growth of the animal hormone therapy market.