NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) — The world animal health market The size is expected to reach the market value of USD 67,330 million by 2030, growing at a CAGR of 5.8% during the forecast period of 2022 to 2030, due to the increasing prevalence of zoonoses and diseases. foodborne diseases.
In recent years, endurance to improve animal health has become a key priority for governments and individuals around the world, as animals play a crucial role in maintaining the balance of the ecosystem. Every year, billions of dollars are spent on medicines, vaccines and food supplements to protect animals against various infectious diseases. The increase in the demand for veterinary drugs and vaccines will therefore drive the expansion of the animal health market throughout the forecasted period. Additionally, the growing incidence of foodborne and zoonotic diseases coupled with the emerging demand for companion animals is contributing to the expansion of the animal health market.
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Animal Health Market Report Coverage:
|Setting||Global animal health market|
|Size of the animal health market in 2021||$41,256 million|
|Animal Health Market Forecast by 2030||$67,330 million|
|Animal Health Market CAGR||5.8% (In 2022 – 2030)|
|Analysis period||2018 – 2030|
|Forecast data||2022 – 2030|
|Segments Covered||By animal type, by product type, by distribution channel, by end use and by region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol SA, Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco and Nutreco NV|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Overview of the global animal health market
Animal health is the treatment of medical conditions in animals through the application of medicated animal nutrition, drugs, vaccines and diagnostic devices. Animals are extremely important in human life. Animals, like humans, are susceptible to disease and therefore require adequate services from veterinarians and animal shelters. The primary objective of the animal health industry is to promote and treat the disease and welfare of domestic and farm animals. Besides livestock feed and pet food, the animal health business covers all items and services that support agricultural production and veterinary medicine. However, the animal health industry is constantly expanding around the world as better monitoring and treatment are needed to prevent the transmission of zoonotic diseases between animals and humans.
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Global Animal Health Industry Analysis
The rapid growth of veterinary treatments and drugs is the main driver of the global animal health market. Growing adoption of food producing and companion animals, along with increased consumption of protein and dairy products will drive the growth of the animal health market. Modern technological improvements in the healthcare sector will also have a favorable influence on the market trends. Diseases that affect animal health can also affect human health. The treatment of diseases that affect animals is simpler, more cost-effective and also easier to manage than in humans. There are many methods to prevent disease and harm in animals, involving clean water, nutrition, a supportive environment and, very importantly, disease vaccines. Some numerous strengths and restraints will influence the total growth aspects of the market.
Additionally, continuous investment in projects of research and development activities to expand the product portfolio and adoption of sophisticated technologies by key stakeholders to change the animal health industry. They are optimistic about the expansion of the global animal health market. The increased focus on changes in animal health has resulted in specific actions that enhance the potential for market development. Furthermore, limiting factors the overall development of the Global Animal Health Market include stringent regulatory requirements and complicated processes for obtaining confirmation and approval of veterinary drugs. Nevertheless, technological advancements and possible opportunities in new markets present intriguing opportunities for growth.
Animal Health Market Segmentation
The global animal health market has been segmented by Acumen Research and Consulting on the basis of animal type, product type, distribution channel, and end-use. By type of animal, the market is separated into companion animals (dogs, horses, cats and others) and production animals (pigs, poultry, sheep and goats, cattle and fish). By product type, the market is split into Vaccines (DNA Vaccines, Live Attenuated Vaccines, Inactivated Vaccines, Recombinant Vaccines, Others), Pharmaceuticals (Anti-Inflammatories, Anti-Infectives, Analgesics, Parasiticides, Others), Food Additives (Medicinals , nutritional), diagnostics (consumables, instruments) and others. By distribution channel, the market is categorized into e-commerce, retail, and veterinary hospitals and clinics. By end-use, the market is categorized into reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing, etc.
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Regional outlook of the global animal health market
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa constitute the regional classification of the global animal health market. According to the animal health industry analysis, the North America region is expected to increase significantly in the market during the projection year. This growth is due to a wide range of decisive actions implemented by government animal welfare agencies that continually attempt to significantly improve animal health. Additionally, new technologies, growing prevalence of foodborne diseases, and increasing prevalence of animal lovers are likely to drive the market expansion in this economy. Several joint efforts by large companies to improve technological infrastructure and ensure quality expectations are expected to drive demand even further in the North America region.
Animal health market players
Some of the leading companies in the animal health market are Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol SA, Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco NV.
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