Pune, India, June 01, 2022 (GLOBE NEWSWIRE) -- The global animal health market size is anticipated to reach USD 67.56 billion by 2026 owing to the increasing number of animal health issues worldwide. Animals have always been of immense help to man either as companions or as livestock. With time, man starting adopting animals and keeping them as pets. Animals, alike humans, are susceptible to infections and diseases and require medical aid. As per a recently published report by Fortune Business insights™ titled, “Animal Health Market Size, Share and Global Trend By Product (Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and Companion Animals), By End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, and Others) and Geography Forecast till 2026” the market size was USD 41.50 billion in 2018 and is anticipated to rise at a CAGR of 6.3%.
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Current Trends in Veterinary Healthcare Market
People have been adopting pets on a large scale. The reason attributed to this wide adoption rate is companionship. The American Pet Products Association (APPA) states that according to their 2019 report, 67% of U.S. households own a pet. Therefore, the increasing number of pet owner population is expected to boost the animal healthcare market.
OIE held a survey of over 181 member nations and private entities as per their experience with Public-Private Partnership (PPP) in the animal health services. After the 10-year long experience in the Poultry, Veterinary, and Shrimp (PVS) program, the OIE is convinced that PPP has the potential of improving the quality of Animal Services all around the world. In addition to this, PPP also has the aptitude for building sustainable and robust animal health systems that contribute to the overall health and well-being of humans.
Increasing Prevalence of Zoonotic Diseases will Drive Market
The rise in the adoption of pets, worldwide, is a major driver for the animal healthcare market growth. Besides this, the market is driven by the rise in the prevalence of zoonotic diseases worldwide. Additionally, there is a rise in the consumption of animal-based food products, and this is further expected to add impetus to the overall market during the forecast period. Furthermore, animals work as test subjects in research laboratories for the development of new therapeutics for deteriorating diseases, due to which maintaining their health is a vital factor. Such factors indicate the need for animal health services.
On the flipside, stringent regulations on animal drug approval may cause hindrance to the overall animal healthcare market. All animal drugs require approval to launch from the U.S. Food and Drug Administration. As per the Animal Health Institute, it may take approximately 10 years or more to develop a new animal drug, costing more than USD 100 million. Such factors may also restrict the market from growing in the forecast period.
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Animal Health Market Objectives of the Report
The report on the veterinary healthcare market is based on qualitative and quantitative analysis of factors driving, repelling, 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. Additionally, the report offers insights about key industry developments and recent innovations in the market with the list of market names and the blueprints chalked out by them to stay ahead of the market competition. Furthermore, the report lists the current animal healthcare market trends and opportunities and is available for sale on the company website.
Animal Health Market Major Growth Drivers:
Increasing Number of Pet Owners and Emphasis on Animal Health to Propel Growth
The increasing pet adoption is a major factor propelling animal health market growth. Besides this, analysts at Fortune Business Insights™ say, “the rising prevalence of diseases among animals, especially zoonotic diseases, is likely to promote the animal health market growth during the forecast period.” Zoonotic diseases can be transmitted from animals to humans; a few of which include bubonic plague, salmonellosis, anthrax, rabies, and West Nile virus. Besides this, the rise in the number of animal healthcare clinics worldwide will also drive the market.
Additionally, animals work as test subjects for various medication and drug tests. It is important to test drugs on animals attributable to the fact that research on most prolonged and genetic diseases affecting man cannot be approved for testing on human subjects. Animal studies are used for the development of new surgical techniques such as organ transplantations, new drug testing, and also for nutritional research. The fact that animals serve as research subjects for valuable research on long-lasting deteriorating diseases is further propelling the need to maintain the health of these animals.
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Animal Health Market Regional Analysis –
Presence of Advanced Teams for Research and Development Activities Will Aid Growth of the Market in North America
Geographically, the global animal health market is categorized into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. These regions are further categorized 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 attributable to the presence of numerous animal health centers and technologically advanced team for research and development of novel therapeutics. Besides this, the rise in the number of pet owners and their rising concern for maintaining the health of their pets will help in the expansion of the market.
Europe stands second in the veterinary healthcare market, owing to the consistent growth witnessed in the past few years. Besides this, the market in Asia Pacific will witness significant growth on account of the increasing number of biopharma companies in countries such as India, Japan, and China.
Animal Health Market Competitive Landscape –
Launch of Innovative Products to Intensify Market Competition
Major veterinary healthcare market manufacturers are focusing on the development of novel therapeutics for animal health disorders. Owing to the aforementioned factor, players are investing in research and development of medicated animal feed, vaccines, novel diagnostic tests, and drugs. The launch of new animal health service products such as the ones mentioned above will help players compete for the top position in the market competition. Besides this strategy, vendors are also investing in business expansion across various regions to strengthen their position across all geographies.
Major Animal Health Companies in Market are as follows:
- Emergent BioSolutions, Inc.
- Boehringer Ingelheim International GmbH
- Novartis AG
- Virbac
- Intervet Inc.
- Bayer AG
- Zoetis
- Ceva
- Merck & Co., Inc.
- IDEXX Laboratories, Inc.
- CSL Limited
- Elanco
Key Industry Development of the Animal Healthcare Market Include:
May 2019 – The Food and Drug Administration permitted a regulatory approval for OxyMed LA product offerings to Bimeda, Inc. The product under this offers treatment of shipping fever complex and pneumonia for cattle, along with bacteria enteritis.
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Table Of Contents :
- Animal Health Market Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Animal Health Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such as Mergers & Acquisitions
- Prevalence of Key Veterinary Diseases, in Major Countries
- Pet Ownership Statistics, in Key Countries
- Overview of Pet Insurance, in Key Countries
- Technological Advancements in Veterinary Care products
- Key Industry Trends
- Global Animal Health Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Drugs
- Anti-Infectives
- Anti-Inflammatory
- Parasiticides
- Others
- Vaccines
- Feed
- Diagnostics
- Instruments
- Reagents & Consumables
- Drugs
- Market Analysis, Insights and Forecast – By Animal
- Livestock Animals
- Companion Animals
- Market Analysis, Insights and Forecast – By End User
- Veterinary Hospitals & Clinics
- Animal Care & Rehabilitation Centers
- Diagnostic Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Toc Continue..
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