Animal Health Market Size 2022-2028- Rising Incidence Of Diseases In Livestock, As Well As Companion Animals And Increasing Investments In Research And Development Activities, Are Key Factors Fueling Global Market Growth
Increasing adoption of companion animals across the globe, high demand for animal-based products such as meat, eggs, and fish, improving animal healthcare infrastructure, and increasing number of online retail stores offering animal healthcare products are key factors fueling global market growth
The global animal health market size was USD 50.51 Billion in 2020 and is expected to register a steady revenue CAGR of 5.9% during the forecast period. Key factors driving global market revenue growth are increasing government support for animal care across the globe, rapid advancements in veterinary services, and increasing awareness about animal health.
Animals have played crucial roles in human history since the ancient times when hunter gatherer communities dominated human civilization. Even today animals are used in agriculture and for day-to-day needs across many parts of the world. Animals provide food, livelihood, and companionship to people. Urbanization, improving standard of living, rapidly changing lifestyle, and increasing elderly population has led to increasing adoption of companion animals such as dogs and cats. Millions of households in US have one or more pets. Over the recent years, there has been a rapid increase in the livestock population across the globe owing to rapidly increasing global population, technological advancements in livestock farming, and rising demand for animal-based food such as meat, milk, and fish.
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Some key highlights of the report:
- Among the product type, the diagnostics segment is expected to register fastest revenue CAGR over the forecast period owing to increasing prevalence of various diseases in animals, increasing animal healthcare expenditure, increasing number of veterinary clinics and hospitals equipped with latest diagnostic equipment and procedures.
- Based on animal type, the companion animal segment is expected to register rapid revenue CAGR between 2021 and 2028 owing to factors such as increasing adoption of pets for companionship across the globe, improving veterinary services, and rising awareness about pet health and routine health checkup. In addition, public and private funding for veterinary research and government initiatives to support pet care globally are driving revenue growth of the segment.
- Based on end use, the veterinary hospitals and clinics segment is expected to account for largest revenue share during the forecast period owing to improving animal healthcare infrastructure, rising incidence of various infections and illnesses in animals, increasing number of routine testing, and availability of latest treatment and diagnostic facilities in many veterinary clinics and hospitals.
- Europe is expected to register steady revenue growth over the forecast period owing to factors such as increasing adoption of companion animals across the region, high consumption of animal-based products, increasing prevalence of animal diseases, availability of advanced diagnostic and treatment services.
- Asia Pacific market revenue is expected to expand at a rapid CAGR of 10% during the forecast period owing to high prevalence of various zoonotic diseases, increasing adoption of pets such as dogs and cats among the elderly population and children, rapid urbanization, and increasing disposable income. In addition, increasing awareness about pet and animal health, routine checkup and testing, and availability of latest animal healthcare products and diagnostic equipment are fueling Asia Pacific’s market growth.
- Zoetis Inc., Ceva Santé Animale, Merck Animal Health, Vetoquinol S.A., Boehringer Ingelheim International GmbH, Bayer AG, Virbac, Heska, Nutreco N.V., Novartis International AG, Elanco Animal Health Inc., Biogenesis Bago S.A., Thermo Fisher Scientific, Dechra Pharmaceuticals Plc., and Tianjin Ringpu Biotechnology Co Ltd. are some key companies operating in the global animal health market.
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For the purpose of this study, Reports and Data has segmented the global animal health market based on animal type, product outlook, dosage, distribution channel, end use, and region:
Animal Type Outlook (Revenue, USD Billion, 2018-2028)
- Production Animals
- Sheep & Goats
- Companion Animals
Product Outlook (Revenue, USD Billion, 2018-2028)
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Feed Additives
- Amino acids
- Feed enzymes
- Prebiotics and probiotics
Dosage Outlook (Revenue, USD Billion, 2018-2028)
- Tablets or Capsules
- Powder or Premix
- Creams and ointments
Distribution Channel Outlook (Revenue, USD Billion, 2018-2028)
- Veterinary Hospitals & Clinics
End-use Outlook (Revenue, USD Billion, 2018-2028)
- Reference Laboratories
- POC Testing/In-house Testing
- Veterinary Hospitals & Clinics
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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