Animal Health Market Size, Share and Trend Analysis Report by Animal Type, Distribution Channel, Product, End Use and Segment Forecast, 2021
Animal Health Market Size, Share & Trend Analysis Report by Animal Type (Production, Companion), Distribution Channel (E-commerce, Pharmacy), Product (Diagnostic, Food Additives) , by End Use and Segment Forecast, 2021-2028
New York, September 23, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “Animal Health Market Size, Share and Trend Analysis Report by Animal Type, by Distribution Channel , By Product, By End Use and By Segment Forecast, 2021 – 2028 “- https://www.reportlinker.com/p06020571/?utm_source=GNW
Animal health market growth and trends
The global animal health market size is expected to reach USD 74.5 billion by 2028, registering a CAGR of 5.9%. The market is driven by technological advances in the field of veterinary care. For example, MediLabSecure, a laboratory network project (2014-2021), was initiated to identify emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, especially in developed economies, should offer high growth potential in the future.
With the help of these systems, data generated in veterinary clinics can be uploaded to the Internet, which can then be shared with other researchers and clinicians. The incorporation of this technology will facilitate real-time analysis of fluctuations in disease prevalence.
Due to the aforementioned factors, it is assumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is expected to fuel the market growth.
North America has captured the largest share of the global market due to technological advancements, the growing incidence of zoonotic diseases, the growing number of pet owners, and a wide range of definitive measures adopted by social protection organizations. Asia Pacific is expected to post the fastest CAGR over the forecast years thanks to the continued investments in R&D from leading players and their efforts to bring branded and generic therapeutics to competitive prices.
Major market players use sustainability strategies, such as expanding product portfolio, to gain competitive advantage. For example, in April 2019, Merck acquired Antelliq Corp., operating in the field of digital solutions for the identification, traceability and monitoring of animals. This acquisition enabled the former company to improve its portfolio of veterinary vaccines and pharmaceutical solutions.
Highlights of the Animal Health Market Report
â¢ Vaccine products segment expected to show lucrative growth due to significant increase in pet adoption requiring long term health plans
â¢ The companion animal segment is expected to register the fastest CAGR from 2021 to 2028 due to associated human health benefits, such as greater psychological stability and reduced anxiety attacks.
â¢ Retail and e-commerce distribution channels accounted for notable shares due to factors such as the convenience associated with online platforms and a growing number of retail pharmacies
â¢ Point of service is the second fastest growing end-use segment. The growth is attributed to an increase in demand for productive animals and increasing investments in R&D for new animal products.
â¢ In 2020, North America accounted for the largest share of the global market due to the presence of established pharmaceutical companies constantly striving to bring their products to market on a large scale.
â¢ Asia-Pacific is expected to be the fastest growing regional market during the forecast years due to the high clinical urgency to reduce the incidence of zoonotic diseases and the management of epidemics, such as influenza. swine and Ebola
Read the full report: https://www.reportlinker.com/p06020571/?utm_source=GNW
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