Westford, USA, June 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Animal Health Market will attain a value of USD 117.48 Billion by 2031, with a CAGR of 8.1% over the forecast period (2024-2031). Rising awareness of animal diseases, more stringent legislation and an increased emphasis on disease prevention in animal populations are projected to increase the animal healthcare products market. They have led to the rapid growth of veterinary healthcare in all regions. Furthermore, such digitalization measures as improvement systems stimulate development within the animal health domain.
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Browse in-depth TOC on the " Animal Health Market "
- Pages - 157
- Tables - 91
- Figures – 79
Animal Health Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $63 billion |
| Estimated Value by 2031 | $117.48 billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Animal and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising pet adoption trends propel animal health market |
| Key Market Opportunities | Increasing government expenditure to develop better pharmaceuticals |
| Key Market Drivers | Technological advancements in zoonotic disease |
Enhance Drug Development and Distribution is the Main Driving Force Behind the Drugs Sub-Segment
As more people are adopting pets, there is a greater demand for treatments, which drives the global market for animal health. The demand for efficient drugs is increased by the rise of zoonotic and food-borne illnesses. Every step forward made in information systems and technology improve the drug distribution and development. This increases the potency of these companies in the market.
Awareness of Preventive Care Drive for Pets Supporting Veterinary Hospitals Dominance
As the demand for comprehensive healthcare services rises due to an increase in pet ownership, veterinary clinics hold a dominant position in the worldwide animal health market. The rise in zoonotic illnesses and the understanding of prophylactic treatment prompt pet owners to seek out expert veterinarian care. These hospitals' superior diagnostic tools and specialised care further establish their control over the market.
North America Dominant with Advance R&D of Therapeutics and Diagnostics
North America is expected to hold the highest share of the global animal health market during the forecast period, according to the results based on our latest research methodology. There are signs of dominant geography in North America, which is technologically sophisticated in terms of medicinal and diagnostic research and development. Furthermore, there has been a notable surge in the adoption of pets and a spike in zoonotic disease cases throughout the region.
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Animal Health Market Insight
Drivers:
- Increasing Incidence of Zoonotic Diseases
- Expansion of Veterinary Services and Facilities
- Growing Investment in Animal Health Research and Development
Restraints:
- High Cost of Animal Healthcare Services and Products
- Limited Access to Veterinary Services in Rural Areas
- Adverse Side Effects and Resistance to Certain Animal Health Products
Prominent Players in Animal Health Market
The following are the Top Animal Health Companies
- Merck & Co. Inc. (US)
- Boehringer Ingelheim International GmbH (Germany)
- Chanelle Pharma (Ireland)
- Ceva (France)
- Nutreco N.V. (Netherlands)
- Vetoquinol SA (France)
- Virbac Group (France)
- Zoetis Inc. (US)
- Heska Corporation (US)
- Elanco (US)
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Key Questions Answered in Global Animal Health Market Report
- What is SkyQuest's estimated 2031 value for the global animal health market?
- What are the primary elements cited in the study as propelling the animal health market's expansion?
- Why is the global animal health market projected to be dominated by North America for the forecast period?
This report provides the following insights:
- Analysis of key drivers (Increase in the incidence of zoonotic diseases, increased contact with disease-spreading animal-borne diseases, increasing availability of treatment options and increase in global demand for protein-rich food), restraints (Strict government regulations on animal drug approval, bacteria that resists the impact of many versions of antibiotics and higher investments in research & development), opportunities (Increasing government expenditure to develop better pharmaceuticals, lucrative opportunities for the future and Private market players are enhancing their products), and challenges (Drugs & vaccinations developed not utilizing best ingredients and improper dosage of antibiotics & parasitic ideas) influencing the growth of animal health market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the animal health market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the animal health market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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