Rapid advancements in veterinary diagnostics and treatment, high prevalence of zoonotic diseases, and increasing awareness about routine health checkups for animals are key factors fueling global market growth
The global animal health market is expected to reach USD 79.29 Billion in 2028 and register a steady revenue CAGR of 5.9% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are increasing adoption of companion animals such as cats and dogs among elderly population, and rising demand for animal-based food products across various countries across the world.
Animals have been a crucial part in man’s life since ancient times as they appear in ancient cave paintings, on modern commercial farmlands, and as pets in homes. There has been a rapid increase in the livestock population owing to high consumption of animal-based food due to rapidly increasing population, and technological advancements in livestock farming. Adoption of companion animals such as cats and dogs among elderly people and children has also increased in recent years. However, like human beings, these animals are prone to various diseases and infections. Animal healthcare involves taking care of animals and maintaining good health and records of drugs, medications, and vaccines by consulting veterinarians. Various companies are focusing on developing enhanced drug formulations to cater to increasing prevalence of diseases and infections in animals. In addition, several public and private sectors are focusing on improving animal healthcare services, providing better treatment facilities, and providing financial help to research laboratories working on zoonotic diseases.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
Zoetis Inc., Ceva Santé Animale, Merck Animal Health, Vetoquinol S.A., Boehringer Ingelheim International GmbH, Bayer AG, Virbac, Heska, Nutreco N.V., Novartis International AG, Elanco Animal Health Inc., Biogenesis Bago S.A., Thermo Fisher Scientific, Dechra Pharmaceuticals Plc., and Tianjin Ringpu Biotechnology Co Ltd.
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The Animal Health market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
Animal Type Outlook (Revenue, USD Billion, 2018-2028)
- Production Animals
- Sheep & Goats
- Companion Animals
Product Outlook (Revenue, USD Billion, 2018-2028)
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Feed Additives
- Amino acids
- Feed enzymes
- Prebiotics and probiotics
Dosage Outlook (Revenue, USD Billion, 2018-2028)
- Tablets or Capsules
- Powder or Premix
- Creams and ointments
Distribution Channel Outlook (Revenue, USD Billion, 2018-2028)
- Veterinary Hospitals & Clinics
End-use Outlook (Revenue, USD Billion, 2018-2028)
- Reference Laboratories
- POC Testing/In-house Testing
- Veterinary Hospitals & Clinics
Key Regions Analyzed in the Report include:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Furthermore, it consists information about individual segment of the Animal Health market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Some key highlights of the report:
- Among the product types, the pharmaceutical segment is expected to register significant revenue growth during the forecast period. This can be attributed to increasing prevalence of bacterial and parasitic infections, high production of livestock animals, availability of highly effective drugs such as antibiotics, parasiticides, and anti-inflammatory drugs to treat various infections, and increasing investment in research and development activities.
- Based on distribution channel, the veterinary hospitals & clinics segment is expected to register rapid revenue CAGR over the forecast period owing to increasing number of hospital pharmacies, increasing patient pool, and easy availability of medicines and healthcare supplies.
- North America is expected to account for largest revenue share in the global market during the forecast period owing to factors such as high prevalence of zoonotic diseases, increasing adoption of dogs and cats for companionship among elders, increasing number of veterinary hospitals and clinics, and availability of advanced treatment facilities. Other factors such as increasing investments in research and development activities, rising demand for animal-based products, and high disposable income are also fueling North America’s market growth.
- Asia Pacific market is expected to register a rapid revenue CAGR of 10?tween 2021 and 2028 owing to rising incidence of infections and parasitic diseases in animals, increasing adoption of pets, rapid urbanization, and high demand for animal-derived food products. In addition, increasing awareness about animal health and nutrition, favorable government initiatives, and high focus on developing more effective and affordable products are other factors expected to fuel market growth in Asia Pacific going ahead.
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