According to the latest report by IMARC Group, titled “Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global animal health market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global animal health market size reached US$ 36.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.2 Billion by 2028, exhibiting a growth rate (CAGR) of 3.36% during 2023-2028.
Animal health refers to the overall well-being and condition of animals, including their physical, mental, and social state. It encompasses various aspects such as disease prevention, treatment, and management, as well as promoting optimal growth and productivity. It focuses on preventing diseases through vaccination, biosecurity measures, and proper nutrition as well as mitigating the spread of diseases through early detection and appropriate treatment.
Animal health professionals develop preventive strategies such as vaccination programs, biosecurity measures, and health monitoring systems. They also conduct appropriate treatments are administered if an animal is diagnosed with any disease or condition, which includes medications, surgical interventions, and supportive therapies. Effective animal health management leads to better overall welfare for animals, ensuring they are free from pain, distress, and disease.
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Animal Health Market Trends:
The global market is primarily driven by the rising trend of pet ownership, particularly dogs and cats. Also, the global augmenting demand for animal-derived products such as meat, dairy, and poultry is propelling the need for animal health products and services to ensure the well-being and productivity of livestock animals. In line with this, the increasing outbreak of diseases such as avian influenza, swine flu, and COVID-19 leading to the adoption of animal health measures for controlling the disease spread is fueling the market. Additionally, the implementation of stringent regulations for animal health practices, including the use of veterinary drugs, vaccines, and feed additives are creating lucrative opportunities for companies operating in the animal health sector.
Continual product innovations, such as the development of novel vaccines, digital health monitoring systems, and precision medicine approaches is also acting as a significant driver for the market. Moreover, the rowing public awareness and concern for animal welfare is leading to an increased demand for high-quality veterinary care and preventive health measures, thereby creating a positive market outlook. Some of the other factors contributing to the market include the growing availability and popularity of pet insurance plans, the growing trend of pet humanization, and extensive research and development (R&D) activities conducted by key players.
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Some of the Top Key Players Operating in the Market are Given Below:
- Bayer (OTCMKTS: BAYRY)
- Elanco (NYSE: ELAN)
- Merck (NYSE: MRK)
- Zoetis Inc.
- Biogenesis Bago
- Boehringer Ingelheim
- Ceva Sante Animale
- Thermo Fisher Scientific
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Key Market Segmentation:
Breakup by Animal Type:
- Commercial Animals
- Companion Animals
Breakup by Product Type:
- Medicinal Feed Additives
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current, and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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