Animal Health Market Worth $99 Billion | CAGR of 8.5% by 2028, predicted by Market Research Future (MRFR)
Animal Health Market Overview
Animal health care concerns the welfare of pets and farm animals. The increase in the incidence of diseases in livestock and poultry is mainly driving the animal health market. The Animal Health Market is estimated to reach a value of USD 99 Billion by 2028 and grow at a CAGR of 8.5% during the forecast period.
Zoonotic diseases and the growing development of e-commerce sectors favor virtual shops and healthcare services. Several non-profit organizations have also risen in recent times to educate the public in caring for animals. This factor increases the market value.
Popularity of online stores, easy availability and affordable products are major reasons behind the demand for pet related products, a major factor driving the market. Major industrial players are investing in research and development activities propelling the growth of the market.
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The animal health market has seen both positive and negative impacts during the pandemic. Lockdown restrictions have limited visits to veterinary clinics. The government focused on saving lives, veterinary consultations and health checks that affected the market.
On the other hand, animals were also infected with the infection. Several cases have been reported positive and the demand for treating animals and developing test kits for them has increased which has propelled the growth of the animal health market. The samples of several pets from different households were collected and their symptoms were examined in the animals.
Animal Health Market Segmentation
The product section of the market is divided into pharmaceuticals, vaccines, and food additives. The vaccines segment of the market is categorized into live attenuated vaccines, inactivated vaccines, toxoid vaccines and other vaccines. The Food Additives segment includes amino acids, binders, vitamins, minerals, food acidifiers, antioxidants and others.
The route of administration is subdivided into oral, parenteral and topical. The growth promoters segment is divided into acidifiers, hormonal growth promoters, prebiotics and probiotics, food enzymes and phytogenics.
The Animal Types segment includes food producing animals, cattle, pigs, poultry, sheep and goats, other food producing animals, pets, cats, dogs, horses and pets.
The end user section includes veterinary hospitals and clinics, animal farms, and home care. The distribution channel is categorized into veterinary hospitals and clinics, retail, and e-commerce.
Regional Analysis of the Animal Health Market
According to the animal health market, it covers major regions such as Asia-Pacific. Europe, America and rest of the world.
The European market is emerging owing to the higher standards in the protection of farm animals, fisheries, pets and livestock, and the generic standards for the protection of wildlife and laboratory animals are driving the regional market for animal health. The European veterinary segment will witness steady growth over the forecast period owing to the increase in demand for meat products, and foodborne disease testing is the growth driver.
The Canadian government has imposed important standards for the protection of animal health. Government initiatives such as educational sessions to educate cattle owners on the challenges, scientific surveys to address potential animal welfare gaps, inspection of dairy farms and hygiene regulations are driving the market animal health.
animal health market Key players
The major key players in the animal health market are Hester Biosciences Ltd., Intas Pharmaceuticals Ltd., Bayer AG, Boehringer Ingelheim GmbH, Virbac SA, Zoetis, Inc., Merck Animal Health, Elanco (Eli Lilly and Company), Ceva Santé Animale , Alvira Animal Health Limited, Vetoquinol SA, Zydus Animal Health, Norbrook Laboratories Limited, Phibro Animal Health Corporation.
Browse the detailed table of contents with the COVID-19 impact analysis on: https://www.marketresearchfuture.com/reports/animal-health-market-7163
In February 2020, Zoetis Inc. disclosed the acquisition of Diagnostic Science, a veterinary reference laboratory business. It has enabled the company to strengthen its service portfolio.
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