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The global animal health market reached a value of US$ 34.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.7 Billion by 2027, exhibiting at a CAGR of 3.6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Animals regularly require adequate care from their owners in order to have a good health. As the production of healthy livestock ensures safe food supply and retains the stability of consumer prices, regular monitoring of animal health and averting animal disease outbreaks have become indispensable for every country. As effective control and prevention is necessary for limiting the spread of zoonotic diseases among animals and human beings, the animal health market is gradually gaining traction across the globe. Moreover, pet and livestock owners nowadays are willing to spend on animal healthcare products and services owing to their inflating disposable incomes, growing awareness through print and electronic media, and the emerging trend of pet humanization.
Global Animal Health Market Drivers:
Currently, the animal health industry is flourishing on account of rapid technological advancements and increasing research and development activities in the veterinary pharmaceutical industry. With the help of advanced technological systems, data produced in veterinary clinics can be now uploaded on the internet and shared with other researchers and clinicians. This technology also aids in facilitating real-time analysis of fluctuations in the prevalence of diseases. In order to optimize the veterinary healthcare sector, governments in several developed countries are also undertaking initiatives and implementing animal vaccination programs.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global animal health market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on animal type and product type.
Breakup by Animal Type:
On the basis of animal types, the market has been bifurcated into commercial and companion animals. At present, commercial animals account for majority of the market share.
Breakup by Product Type:
Based on the product type, the animal health market has been divided into pharmaceuticals, biologicals, medicinal feed additives and diagnostics. Pharmaceuticals currently represent the largest product type.
On a geographical front, North America enjoys the leading position in the global animal health market. Other regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is highly fragmented in nature with the presence of several small as well as large players who compete in terms of prices and quality. Some of the major players operating in the market include:
|Base Year of the Analysis||2021|
|Segment Coverage||Animal Type, Product Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol and Virbac|
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The global animal health market was valued at US$ 34.9 Billion in 2021.
We expect the global animal health market to exhibit a CAGR of 3.6% during 2022-2027.
The rising prevalence of numerous zoonotic diseases, along with the increasing R&D activities in the
veterinary pharmaceutical industry, are currently driving the global animal health market.
The sudden outbreak of the COVID-19 pandemic has led to an increased attention towards the animal
health to monitor the symptoms of coronavirus infection on animals and conduct necessary clinical
Based on the animal type, the global animal health market has been segmented into commercial and
companion. Currently, commercial animals hold the majority of the total market share.
Based on the product type, the global animal health market can be divided into pharmaceuticals,
biologicals, medicinal feed additives, and diagnostics. Among these, pharmaceuticals currently represent
the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global animal health market include Bayer, Elanco, Merck, Merial,
Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis,
Thermo Fisher Scientific, Vetoquinol, Virbac, etc.
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