Animal Health Market Size to Reach USD 79.29 Billion in 2028 | Rising adoption of pets across the globe and growing number of online retail stores offering pet health products are key factors fueling the growth of the global market
NEW YORK, January 25, 2022 /PRNewswire/ — The global animal health market is expected to reach $79.29 billion in 2028 and record a stable revenue CAGR of 5.9% over the forecast period, according to the latest report published by Reports and Data. The key factors driving the revenue growth of the global market are high prevalence of various zoonotic and foodborne diseases and infections, increasing research and development activities in veterinary medicine, and supportive government initiatives.
Animal health involves caring for animals with timely vaccinations, routine health checkups, and veterinary care visits. Animals have been widely used for agricultural processes, animal husbandry and as pets across the world for many centuries. However, these animals are prone to various diseases and infections. Pet owners have become aware of the importance of maintaining animal health by performing routine testing for early disease detection and treatment. At the same time, many public and private bodies have focused on providing better treatment facilities and funding research laboratories working on animal diseases and zoonotic diseases. Various market players are focusing on the development of cost-effective animal health products. The revenue growth of the global market is attributed to factors such as growing internet and e-commerce penetration, growing number of veterinary clinics and hospitals across the globe, and increasing investment in research activities and development.
However, the strict government standards regarding the approval of animal drugs and the lack of animal health awareness, as well as the inappropriate dosage of antibiotics and parasiticides in many underdeveloped countries are key factors that are expected to hamper the global market revenue growth over the forecast period.
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Some highlights of the report:
Among the product types, the diagnostics segment is expected to register the fastest revenue CAGR during the forecast period due to rising prevalence of various animal diseases, rising animal health expenditures, growing number of veterinary clinics and hospitals equipped with the latest diagnostic equipment and procedures.
On the basis of animal type, the companion animal segment is projected to witness a rapid revenue CAGR between 2021 and 2028 due to factors such as growing adoption of pets for companionship across the world, l improved veterinary services and increased awareness of companion animal health and routine health checkups. Additionally, public and private funding of veterinary research and government initiatives to support companion animal care globally are driving the segment’s revenue growth.
On the basis of end-use, veterinary hospitals and clinics segment is expected to account for the largest share of revenue during the forecast period owing to improved animal health infrastructure, increased incidence of various infections and diseases in animals, the increasing number of routine tests and the availability of the latest treatment and diagnostic facilities in many veterinary clinics and hospitals.
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Europe is expected to record steady revenue growth over the forecast period owing to factors such as growing adoption of pets in the region, high consumption of animal products, increasing prevalence of animal diseases, the availability of advanced diagnostic and treatment services.
Asia Pacific market revenue is expected to increase at a rapid CAGR of 10% during the forecast period owing to the high prevalence of various zoonotic diseases, increasing adoption of companion animals such as dogs and cats among the elderly population and children, rapid urbanization and rising disposable income. In addition, growing pet and animal health awareness, routine checkups and testing, and the availability of the latest animal health products and diagnostic equipment are fueling Asia Pacific market growth.
Zoetis Inc., Ceva Santé Animale, Merck Animal Health, Vetoquinol SA, Boehringer Ingelheim International GmbH, Bayer AG, Virbac, Heska, Nutreco NV, Novartis International AG, Elanco Animal Health Inc., Biogenesis Bago SA, Thermo Fisher Scientific, Dechra Pharmaceuticals Plc. and Tianjin Ringpu Biotechnology Co Ltd. are key companies operating in the global animal health market.
To identify key industry trends, a research study at https://www.reportsanddata.com/report-detail/animal-health-market
For the purposes of this study, Reports and Data has segmented the global animal health market on the basis of animal type, product outlook, dosage, distribution channel, end-use, and region:
Animal Type Outlook (Revenue, billion USD, 2018-2028)
Product outlook (Revenue, billion USD, 2018-2028)
Dosing outlook (Revenue, billion USD, 2018-2028)
Distribution Channel Insights (Revenue, billion USD, 2018-2028)
End-use prospects (Revenue, billion USD, 2018-2028)
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Regional Outlook (Revenue, USD Billion, 2018-2028)
Middle East & Africa
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