Pune, India, June 01, 2022 (GLOBE NEWSWIRE) — The world animal health market is expected to reach USD 67.56 billion by 2026 due to the growing number of animal health issues around the world. Animals have always been of immense help to man, either as companions or as livestock. Over time, man began to adopt animals and keep them as pets. Animals, like humans, are susceptible to infection and disease and require medical attention. According to a recently published report by Fortune Business insights™ titled, “Global Animal Health Market Size, Share and Trend by Product (Drugs, Vaccines, Feed and Diagnostics), by Animal (Livestock and Companion Animals) , by End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers and Others) and Geographic Forecast to 2026”, the market size was USD 41.50 billion in 2018 and is expected to grow at a CAGR of 6.3%.
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Current trends in the veterinary healthcare market
People have adopted pets on a massive scale. The reason attributed to this wide adoption rate is the company. The American Pet Products Association (APPA) says that according to its 2019 report, 67% of US households own a pet. Hence, the growing number of pet owners is expected to drive the animal health market.
The OIE surveyed over 181 member countries and private entities based on their experience with public-private partnership (PPP) in animal health services. After 10 years of experience in the Poultry, Veterinary and Shrimp (PVS) programme, the OIE is convinced that the PPP has the potential to improve the quality of animal services worldwide. In addition to this, PPP also has the ability to build sustainable and robust animal health systems that contribute to overall human health and well-being.
Rising prevalence of zoonotic diseases will drive the market
The increase in the adoption of companion animals, worldwide, is a major driver for the growth of the animal health market. Furthermore, the market is driven by the increase in the prevalence of zoonotic diseases in the world. Additionally, there is an increase in the consumption of food products of animal origin, which is further expected to boost the overall market during the forecast period. In addition, animals work as test subjects in research laboratories for the development of new therapies for worsening diseases, for which maintaining their health is a vital factor. These factors indicate the need for animal health services.
On the other hand, strict regulations on the approval of animal drugs can hamper the entire animal health market. All animal drugs must be approved by the United States Food and Drug Administration to be launched. According to the Animal Health Institute, it takes about 10 years or more to develop a new drug for animals, costing more than $100 million. These factors may also prevent the market from growing during the forecast period.
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Animal Health Market Objectives of the Report
The Veterinary Healthcare Market report is based on a qualitative and quantitative analysis of the factors driving, pushing back and challenging the market. It also provides a well-presented segmentation of the market based on factors such as product, animal, end user, and region. Moreover, the report offers information on key industry developments and recent innovations in the market with the list of market names and the plans they have made to stay ahead of the competition in the market. Additionally, the report lists current animal health market trends and opportunities and is available for sale at the company’s website.
animal health market Main growth drivers:
Increased number of pet owners and focus on animal health to propel growth
The growing adoption of companion animals is a major factor propelling the growth of the animal health market. In addition to this, analysts at Fortune Business Insights™ state that “the increasing prevalence of diseases in animals, especially zoonotic diseases, is likely to drive the growth of the animal health market during the forecast period” . Zoonotic diseases can be transmitted from animals to humans; a few of them include bubonic plague, salmonellosis, anthrax, rabies, and West Nile virus. Additionally, increasing number of animal health clinics globally will also drive the market.
Additionally, the animals work as test subjects for various drug and drug tests. It is important to test drugs on animals because research on most protracted and genetic diseases affecting humans cannot be approved for testing in human subjects. Animal studies are used for the development of new surgical techniques such as organ transplants, the testing of new drugs, as well as for nutritional research. The fact that animals serve as research subjects for valuable research into long-term deteriorating diseases further reinforces the need to maintain the health of these animals.
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Regional Analysis of Animal Health Market –
Presence of advanced teams for research and development activities will help in the growth of the market in North America
Geographically, the global animal health market is classified into Europe, North America, Latin America, Asia-Pacific, Middle East & Africa. These regions are then classified into nations. Among these, North America held the largest veterinary healthcare market share and generated a revenue of USD 14.12 billion in 2018. This is attributed to the presence of numerous healthcare centers animals and technologically advanced teams for the research and development of new therapies. Also, the increase in the number of pet owners and their increasing concern for maintaining the health of their pets will help in the expansion of the market.
Europe ranks second in the veterinary healthcare market, owing to the steady growth seen in recent years. Also, the Asia-Pacific market will witness significant growth owing to the growing number of biopharmaceutical companies in countries such as India, Japan, and China.
Animal Health Market Competitive Landscape –
Launching innovative products to intensify competition in the market
Major manufacturers in the veterinary healthcare market are focused on the development of new therapies for animal health disorders. Due to the aforementioned factor, players are investing in the research and development of medicated feeds, vaccines, new diagnostic tests, and drugs. The launch of new animal health service products such as the ones mentioned above will help the players compete for the top spot in the market competition. Apart from this strategy, vendors are also investing in expanding their business in various regions to strengthen their position in all geographies.
The major animal health companies in the market are:
- Emergent BioSolutions, Inc.
- Boehringer Ingelheim International GmbH
- Novartis AG
- Intervet Inc.
- Bayer AG
- This will
- Merck & Co., Inc.
- IDEXX Laboratories, Inc.
- CSL Limited
Key Industry Development of the Animal Health Market Include:
May 2019 – The Food and Drug Administration has cleared regulatory approval for OxyMed LA product offerings to Bimeda, Inc. The product in question offers treatment of transport fever complex and pneumonia in cattle, as well as enteritis bacterial.
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- animal health market Introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- animal health market Dynamic
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Recent industry developments such as mergers and acquisitions
- Prevalence of the main veterinary diseases, in the main countries
- Statistics on pet ownership, in key countries
- Overview of pet insurance, in key countries
- Technological Advances in Veterinary Care Products
- Key industry trends
- Global Animal Health Market Analysis, Outlook and Forecast, 2015-2026
- Main results/summary
- Market Analysis, Outlook and Forecast – By Product
- Pest Control
- Reagents & Consumables
- Market Analysis, Outlook and Forecast – By Animal
- Market Analysis, Outlook and Forecast – By End User
- Hospitals and veterinary clinics
- Animal care and rehabilitation centers
- Diagnostic centers
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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