According to the latest report by IMARC Group, titled “Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global animal health market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global animal health market reached a value of US$ 34.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.7 Billion by 2027, exhibiting at a CAGR of 3.6% during 2022-2027. Animal health refers to taking adequate care of animals and preventing them from contracting various diseases. It comprises of several services and products, such as antibiotics, vaccines, parasiticides, feed additives, antimicrobials, anti-inflammatories, growth promoters, etc. Animal health products are utilized to cater to the well-being of food-producing and companion animals. They also ensure a safe food supply chain by limiting the spread of zoonotic diseases. As a result, pet and livestock owners across the globe are spending extensively on these products with the aim of keeping their animals healthy and productive.
Animal healthcare refers to the process of curing and protecting animals from a range of diseases by utilizing treatments and vaccines. There are different categories of medicines included in the animal healthcare vertical that aid in the treatment or prevention of feline leukemia, Lyme diseases, and tick infestation. Animal healthcare also includes veterinary services to improve the animal yield and lifespan. Farmers across the globe are becoming aware of the outbreak of animal diseases, which has led them to focus on animal healthcare. It aids in averting these diseases and regular monitoring of the health of their livestock to ensure the supply of food. Apart from this, rapid growth has been witnessed in the adoption of pets across the globe, thereby creating opportunities for the market growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The emerging trend of pet humanization is one of the major growth-inducing factors for the market as pet owners treat their pets equally and meet basic requirements like food, shelter, and health. Moreover, the rising awareness regarding animal health through print and electronic media, along with inflating income levels, have led pet and livestock owners to spend on animal healthcare products. Additionally, governments of several countries have contributed to the sales of animal health products by organizing animal vaccination programs. Furthermore, key players in the market are focusing on research and development activities to formulate effective medicines. This, coupled with the integration of advanced technological solutions, such as real-time analysis, is anticipated to create a positive outlook for the market.
The growing demand for protein-rich food items and the increasing incidences of food-borne diseases are among the key factors driving the animal health market. Additionally, numerous technological advancements in veterinary healthcare, such as the development of vaccine banks and efficient information management systems, are further propelling the market growth. In line with this, government bodies are launching several favorable initiatives and implementing numerous animal vaccination programs to optimize the veterinary sector. This, in turn, is also augmenting the global market. Moreover, the escalating production of animal-based food products and their easy availability within affordable price ranges are acting as significant growth-inducing factors. Besides this, the emergence of new zoonotic disease variants, along with the increasing concerns among livestock owners, are anticipated to fuel the animal health market over the coming years.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Zoetis Inc.
- Biogenesis Bago
- Boehringer Ingelheim
- Ceva Sante Animale
- Thermo Fisher Scientific
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global animal health market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on animal type and product type.
Breakup by Animal Type:
- Commercial Animals
- Companion Animals
Based on the animal type, commercial animals represent the leading segment, followed by companion animals.
Breakup by Product Type:
- Medicinal Feed Additives
On the basis of the product type, the market has been categorized into biologicals, diagnostics, pharmaceuticals, and medicinal feed additives. Amongst these, the pharmaceuticals segment accounts for the largest market share.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Region-wise, North America exhibits a clear dominance in the market due to the rising R&D activities focused on the development of innovative medicines for both companion and commercial animals. Other regions include the Middle East and Africa, Asia Pacific, Europe, and Latin America.
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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