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The rise in consumption of animal products such as milk and meat, and rising pet culture are among the key factors fueling the market growth
Market Size – USD 50.51 Billion in 2020, Market Growth – CAGR of 5.9%, Market Trends – Technological advancements in veterinary diagnostics
The global animal health market size is expected to reach USD 79.29 Billion by 2028 at a CAGR of 5.9%, according to a new report by Reports and Data. Growth in market revenue is primarily attributed to increasing consumption of animal-based food products including milk, meat, and fish, growing awareness about the health benefits of animal protein, and rising prevalence of foodborne and zoonotic diseases. Rising adoption of pet or companion animals such as dogs and cats, development of advanced vaccines and medications for animals, and rise in government initiatives to promote various animal health products are other major factors driving the market growth. Technological advances in veterinary diagnostics and increasing efforts of regulatory agencies to prevent and control animal disease outbreaks further drive the growth of this market to a major extent.
Animal health is a medical specialty that involves diagnosis, treatment, prevention, and control of diseases affecting the health and wellness of farm animals and companion animals. The animal health industry, in collaboration with farmers, government agencies, and veterinarians, ensures the overall health and safety of animals. Manufacturers in this industry, including biopharmaceutical companies, engage in research & development activities for effective and innovative animal health products and medicines. Animal health is closely associated with human health and sustainable food production. Hence, monitoring and prevention of animal diseases are of paramount importance for the safety of the global food supply. Vaccination is one of the most effective measures taken to prevent and control animal diseases. Moreover, it reduces the need for antibiotics and minimizes the risks of antimicrobial resistance, thereby protecting the public and environmental health.
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The rapid adoption of AI, ML, and IoT and robust data management processes have made hospitals and clinical settings smarter. New technologies and solutions have improved the normal medical processes such as clinical diagnosis, treatment, diseases management, and monitoring patient recovery after discharge. Rapid digitalization and increasing adoption of virtual care and telemedicine is further expected to positively impact the revenue growth of the market going ahead.
Emergence of new healthcare and telemedicine startups, an increasing number of collaborations among healthcare facilities and research institutions, and rising focus on patient engagement solutions have further fueled revenue growth of the market. Key companies are forming strategic alliances and collaborative ventures such as mergers and acquisitions, joint ventures, partnerships, manufacturing and licensing agreements, and product launches among others.
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Leading Players Analyzed in the Report:
Thermo Fisher Scientific, Novartis, Vetoquinol, Virbac, Elanco Animal Health Incorporated, Bayer AG, Boehringer Ingelheim Animal Health, Biogenesis Bago, Zoetis Inc., Ceva Sante Animale, Neogen, and Heska Corporation
Furthermore, to offer a better understanding of the competitive landscape, extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered in the report.
The report further discusses in detail the regional spread of the global Animal Health market along with analysis of production and consumption patterns, import/export analysis, supply and demand ratio, market share and size based on volume and value, trends and demands, revenue share, and presence of the key players of the market.
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Key Regions Studied in the Report:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, France, Rest of Europe)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Segmentation based on Types:
Product Type Outlook (Revenue, USD Billion; 2020-2028)
Animal Type Outlook (Revenue, USD Billion; 2020-2028)
Dosage Type Outlook (Revenue, USD Billion; 2020-2028)
End-use Outlook (Revenue, USD Billion; 2020-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2020-2028)
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