NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global animal health market size is expected to reach the market value of USD 67,330 million by 2030, growing at a CAGR of 5.8% during the forecast period from 2022 to 2030, owing to rising prevalence of zoonotic and foodborne illnesses.
In recent years, enduring to improve animal health has emerged as a key priority for governments and individuals all around the world, as animals play a crucial role in preserving the ecosystem's balance. Every year, billions of dollars are expended on medications, vaccinations, and feeding supplements to protect animals from a variety of infectious diseases. Increasing demand for veterinary medications and vaccines will thus drive the expansion of the animal health market throughout the projected timeline. Furthermore, the growing incidence of foodborne and zoonotic diseases, coupled with the emerging demand for companion animals, are all contributing to the expansion of the animal health market.
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Animal Health Market Report Coverage:
| Parameter | Global Animal Health Market |
| Animal Health Market Size in 2021 | USD 41,256 Million |
| Animal Health Market Forecast by 2030 | USD 67,330 Million |
| Animal Health Market CAGR | 5.8% (During 2022 - 2030) |
| Analysis Period | 2018 - 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 - 2030 |
| Segments Covered | By Animal Type, By Product Type, By Distribution Channel, By End Use, And By Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol S.A., Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco N.V. |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
| Customization Scope | 10 hrs of free customization and expert consultation |
Global Animal Health Market Overview
Animal health is the treatment of medical disorders in animals through the application of medicated animal nutrition, medications, vaccinations, and diagnostic devices. Animals are extremely important in the lives of humans. Animals, like humans, are susceptible to sickness and thus require adequate services from veterinarians and animal shelters. The primary goal of the animal health industry is to promote and treat the illness and well-being of domestic and farm animals. Aside from livestock feed as well as pet food, the animal health business covers all items and services that support agricultural output and veterinary medicine. However, the animal health industry is steadily expanding around the world as better monitoring and treatment are required to avoid the transmission of zoonotic illnesses between animals and people.
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Global Animal Health Industry Analysis
The rapid growth of veterinary treatments and medications is the primary driver driving the global animal health market. The rising adoption of production and companion animals, as well as increased consumption of protein and dairy products, will drive the animal health market growth. Modern technological improvements in the healthcare sector will also have a favorable influence on the market's trends. Diseases that influence animal health can likewise affect human health. The treatment of diseases that affect animals is simpler, more cost-effective, and also more easily managed than in people. There are numerous methods for preventing illness and harm in animals, involving safe water, nutrition, a supportive environment, and, very importantly, vaccines against illnesses. Some numerous assets and constraints will influence the total market growth aspects.
Moreover, continued investment in Research & development activities projects to expand product portfolio and adoption of sophisticated technology by key stakeholders to alter the animal health industry. They are optimistic about the expansion of the Worldwide Animal Health Market. The increased emphasis on animal health changes has resulted in specific actions that are improving market development potential. Besides that, the factors limiting the overall development of the Global Animal Health Market include rigorous regulatory requirements and complicated processes for obtaining confirmation and licensing of animal pharmaceutical drugs. Nonetheless, technological advancements and possible opportunities in new markets present intriguing opportunities for growth.
Animal Health Market Segmentation
The global animal health market has been segmented by Acumen Research and Consulting based on animal type, product type, distribution channel, and end use. By animal type, the market is separated into companion animal (dogs, horses, cats, and others), and production animal (swine, poultry, sheep & goats, cattle, and fish). By product type, the market is divided into vaccines (DNA vaccines, live attenuated vaccines, inactivated vaccines, recombinant vaccines, others), pharmaceuticals (anti-inflammatory, anti-infectives, analgesics, parasiticides, others), feed additives (medicinal, nutritional), diagnostics (consumables, instruments), and others. By distribution channel, the market is classified into e-commerce, retail, and veterinary hospitals & clinics. By end use, the market is categorized into reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and others.
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Global Animal Health Market Regional Outlook
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global animal health market. According to the animal health industry analysis, the North America region is predicted to rise significantly in the market over the projection year. This growth is due to a wide range of decisive actions implemented by governmental animal protection agencies that are continually attempting to significantly improve animal health. Additionally, new technologies, rising foodborne disease prevalence, and a rising prevalence of animal lovers are likely to drive market expansion in this economy. Several joint efforts by big corporations to improve Technology infrastructure and assure quality expectations are expected to drive demand even higher in North America region.
Animal Health Market Players
Some of the prominent animal health market companies are Merck Animal Health, Ceva Santé Animale, Zoetis, Virbac, Vetiquinol S.A., Heska Corporation, Boehringer Ingelheim GmbH, Bayer AG, Elanco, and Nutreco N.V.
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The global veterinary services market size was valued at USD 99.5 Billion in 2021 and is anticipated to reach the value of USD 162.5 Billion by 2030, growing at a CAGR of 5.8% during the forecast period from 2022 to 2030.
The global veterinary medicine market size is projected to garner a revenue of USD 29,000 Million by 2027 and is expected to grow at a CAGR of around 5% in terms of revenue during the forecast period from 2020 to 2027.
The global animal healthcare market size is expected to reach the market value of USD 177.1 Billion by 2026 growing at a CAGR of around 4.4% during the forecast period from 2019 to 2026.
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