Dublin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The "Animal Health Global Market Insights 2024, Analysis and Forecast to 2029, by Market Participants, Regions, Technology, Application, Product Type" report has been added to ResearchAndMarkets.com's offering.
The global animal health market is an essential segment within the broader healthcare sector, focusing on the health and well-being of livestock and pets. This market is driven by factors such as the increasing prevalence of zoonotic diseases, rising pet ownership, and growing demand for animal protein. The focus on improving animal welfare, food safety, and regulatory compliance further propels market growth.
As of 2023, the global animal health market was valued at approximately $48 billion and is expected to grow significantly over the coming years. Projections indicate a compound annual growth rate (CAGR) of around 7% from 2024 to 2029, with an estimated market value exceeding $68 billion by the end of the forecast period.
Share & Trends Analysis Report
By Product Type
The market is segmented into pharmaceuticals, vaccines, and feed additives. Pharmaceuticals dominate the market, accounting for nearly 50% of the total share, driven by the growing need for preventive healthcare. Vaccines are projected to experience significant growth due to increased vaccination programs, particularly in developing regions.
By Key Players
Key players in the animal health market include major pharmaceutical companies such as Zoetis Inc., Bayer AG, Merck Animal Health, and Elanco Animal Health. These companies are investing heavily in R&D to innovate new products and enhance existing ones, catering to both livestock and companion animals.
By Process
The market is also categorized by process into veterinary pharmaceutical processes and biological processes. The biological process segment is expected to grow at a faster rate, driven by advancements in biotechnology and increasing awareness of animal health.
By Application
Applications within the market include therapeutic, diagnostic, and nutritional applications. The therapeutic application segment is the largest, spurred by the need for disease management in livestock and pets.
By End-Use
The market serves two major end-users: livestock (cattle, poultry, swine, and aquaculture) and companion animals (dogs, cats, and other pets). The livestock segment holds a significant share of the market, driven by increasing consumption of animal products globally.
By Region
Regionally, North America leads the market, accounting for approximately 35% of the share due to high pet ownership and advanced veterinary practices. Europe follows closely, with significant contributions from the UK and Germany. The Asia-Pacific region is expected to witness the fastest growth owing to rising disposable incomes and increased meat consumption.
Market News on Policy and Companies
The animal health market is continually evolving with new policies and regulations aimed at improving food safety and animal welfare. Recent initiatives by organizations such as the FDA and EFSA aim to enhance the quality of veterinary drugs and vaccines. Moreover, several companies are aligning their strategies with these policies to foster innovation and expansion.
Segment Forecasts (2024 - 2029)
- Pharmaceuticals: Expected to remain the dominant segment, with a CAGR of 7.5%, driven by continuous product launches.
- Vaccines: Anticipated to grow at a CAGR of 8.1%, particularly in emerging markets.
- Feed Additives: Forecasted to grow at a CAGR of 6.0%, with rising awareness about animal nutrition and health.
- By Region: The Asia-Pacific region is likely to see the highest growth rate, projected at 8.0%, mainly due to increasing demand for animal protein.
In conclusion, the animal health market is positioned for substantial growth over the next five years. With increasing investments in R&D, favorable government regulations, and rising consumer awareness regarding animal welfare, the market is likely to expand. Stakeholders should pay close attention to emerging trends, particularly in biotechnology and genomics, that could reshape the future of animal health.
Key Topics Covered:
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
6.1 Upstream/Suppliers Analysis
6.2 Animal Health Analysis
6.3 Downstream Buyers/End Users
Chapter 7 Latest Market Dynamics
7.1 Latest News
7.2 Merger and Acquisition
7.3 Planned/Future Project
7.4 Policy Dynamics
Chapter 8 Historical and Forecast Animal Health Market in North America (2019-2029)
Chapter 9 Historical and Forecast Animal Health Market in South America (2019-2029)
Chapter 10 Historical and Forecast Animal Health Market in Asia & Pacific (2019-2029)
Chapter 11 Historical and Forecast Animal Health Market in Europe (2019-2029)
Chapter 12 Historical and Forecast Animal Health Market in MEA (2019-2029)
Chapter 13 Summary For Global Animal Health Market (2019-2024)
13.1 Animal Health Market Size
13.2 Animal Health Market by End Use
13.3 Competition by Players/Suppliers
13.4 Animal Health Market Size by Type
Chapter 14 Global Animal Health Market Forecast (2024-2029)
14.1 Animal Health Market Size Forecast
14.2 Animal Health Application Forecast
14.3 Competition by Players/Suppliers
14.4 Animal Health Type Forecast
Chapter 15 Analysis of Global Key Vendors
- Elanco
- Zoetis
- Phibro
- Vetoquinol
- Ceva
- Merck
- Boehringer Ingelheim
- DSM
- IFF Danisco Animal Nutrition
- Huvepharma
- Dechra Pharmaceuticals
- Virbac
For more information about this report visit https://www.researchandmarkets.com/r/y4ea7q
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