Global Animal Health Market to Be Driven by Increase in Pet Ownership Over the Forecast Period 2022-2027 – Queen Anne and Mangolia News
Expert Market Research’s new report titled ‘Global Animal Health Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global animal health market, assessing the market on the basis of its segments like animal types, product types, end uses and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 3.8%
The animal health industry is driven by the increase in the number of pet owners, which drives the demand for pet products. Additionally, rapid globalization and the exchange of animals or animal products from one country to another is leading to an unprecedented increase in animal diseases, leading to increased demand for medicines and vaccines. In this regard, the growing government initiatives to improve animal health to prevent epidemics are also expected to contribute to the growth of the industry. Additionally, the wide adoption of animal husbandry in the agriculture and animal husbandry sector to meet the growing nutritional needs of the growing global population is expected to drive the growth of the market.
Industry definition and major segments
Animal health involves the regular monitoring of animals to ensure that they are free from diseases or illnesses by analyzing standard animal behavior patterns. Maintaining animal health is key to protecting animals from disease and mitigating the risk of any infections spreading through them. Additionally, animal health has become an essential aspect in today’s world with the increasing ownership of pets across the globe.
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The animal health industry, by type of animal, can be segmented into:
• Commercial animals
o Sheep and Goat
Based on Product Type, the market is segmented into:
• Pharmaceutical products
• Food additives
On the basis of end use, the market is classified as follows:
• Hospitals and veterinary clinics
• Animal care and rehabilitation centers
• Diagnostic centers
The regional animal health market includes:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The growing importance of animals as companions is the main motivating factor for increased adoption of pets. As a result, increasing expenditure to control animal diseases is expected to augment the market growth. Also, technological advancements, in conjunction with research and development activities for the development of improved drugs and diagnostic solutions such as heat sensors to monitor vital signs of health and stem cell technology, among others , are also expected to support the growth of the industry. In addition, the increase in the number of national disease eradication and vaccine certification programs owing to the rising incidence of zoonotic diseases is expected to propel the industry growth during the forecast period.
Main market players
Major players in the industry are Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim International GmbH, Ceva Sante Animale, and Heska Corporation, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.