Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Farm Animal Healthcare Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
Farm Animal Healthcare Market Poised for Significant Growth
The global farm animal healthcare market is anticipated to experience substantial expansion, with a projected value of USD 27.39 billion by 2028, up from USD 21.34 billion in 2023, representing a CAGR of 5.12% during the forecast period (2023-2028). Factors driving this growth include technological advancements, government and animal welfare initiatives, and an increasing risk of emerging zoonosis.
Impact of COVID-19 on the Farm Animal Healthcare Market
The COVID-19 pandemic has impacted the farm animal healthcare market due to lockdown measures and suspensions of animal healthcare services. However, as restrictions have eased, companies have resumed their clinical activities and product development efforts, contributing to the market's anticipated growth over the forecast period.
Technological Innovations Driving Market Growth
Advanced technology and innovations in animal healthcare are key drivers of market growth. The development of new vaccines and therapeutics, particularly in response to emerging chronic and infectious diseases among farm animals, has significantly contributed to the expansion of the market.
Government Initiatives and Awareness Campaigns
Government and animal welfare associations in various countries are increasingly promoting programs and campaigns to vaccinate farm animals, boosting market growth. For example, a five-year project to vaccinate cattle against bovine tuberculosis was launched in the United States in 2022.
Vaccines Segment Leading Growth
The vaccines segment is expected to witness significant growth in the farm animal healthcare market. Increasing prevalence of zoonotic and chronic diseases, awareness of animal health, rising investments, and new product launches are driving the demand for vaccines. Market players are developing and launching new vaccines globally to enhance their market presence and address emerging diseases among farm animals.
North America Holding Significant Market Share
North America is expected to hold a significant share in the farm animal healthcare market due to rising burden of diseases, technological advancements, and government initiatives. Increasing investments in research and development of effective medicines and therapeutics for farm animals further contribute to market growth in the region.
Future Prospects and Beyond
With advancing technology, increasing government initiatives, and the rising importance of animal health, the farm animal healthcare market is expected to experience robust growth. Innovations in vaccines and therapeutics, along with heightened awareness of emerging diseases, are anticipated to shape the market landscape in the years ahead.
Market Dynamics
Market Drivers
- Advanced Technology Leading to Innovations in Animal Healthcare
- Increasing Initiatives by Governments and Animal Welfare Associations in Different Countries
- Increasing Risk of Emerging Zoonosis
Market Restraints
- Use of Counterfeit Medicines
- Increasing Costs of Animal Testing and Veterinary Service
Competitive Portfolio
- Boehringer Ingelheim International GmbH
- Ceva Animal Health Inc.
- Elanco
- Hester Biosciences Limited
- Merck & Co. Inc.
- Phibro Animal Health
- Vetoquinol
- Zoetis Inc.
- Intas Pharmaceuticals Ltd
- Norbrook
- Alivira Animal Health Limited
For more information about this report visit https://www.researchandmarkets.com/r/74wzi5
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