Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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Market Overview:

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 comprises conserving and safeguarding animals from various diseases and providing essential veterinary treatments. It also involves regular monitoring of animals to prevent disease outbreaks by using proper medications and diagnostic products. It ensures a safe food supply and protects public health from animal-borne diseases. Besides this, maintaining proper animal health aids in providing adequate control and preventive measures to curb the spread of zoonotic diseases among animals and humans.

 

 
 

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Global Animal Health Market Drivers:

The increasing prevalence of zoonotic diseases, including animal flu, tick infestation, and Lyme disease represents one of the key factors positively influencing the market. The emerging trend of adopting pets for companionship is resulting in the spread of animal-borne diseases, which, in turn, is driving the need for proper animal health. In addition, rising awareness among the masses about the benefits of early diagnosis and preventive measures and the easy availability of animal healthcare products and services is propelling market growth. Apart from this, the increasing health consciousness among individuals is catalyzing the demand for protein-rich foods, such as chicken, fish, beef, and meat. Furthermore, the expansion of veterinary hospitals and offline and online distribution channels across the globe is offering a favorable market outlook. Besides this, the development of advanced technological systems through which essential data produced in veterinary clinics are uploaded on the internet and shared with clinicians is supporting the market growth. In line with this, key players are focusing on strategic collaborations to expand their product portfolio by launching veterinary health products in distinctive flavors and tastes. Moreover, increasing research and development (R&D) activities in the healthcare industry for testing the efficacy of drugs and medical devices are driving the market. The growing use of animals in drug discovery to perform research on several genetic and prolonged diseases of humans is strengthening the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global animal health market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on animal type and product type.

Breakup by Animal Type:

  • Commercial
  • Companion 
     

Commercial animals currently account for the majority of the market share as they support global trade, agricultural stability, and other economical sectors.

Breakup by Product Type:

 

 
 

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  • Pharmaceuticals 
  • Biologicals
  • Medicinal Feed Additives
  • Diagnostics 
     

Pharmaceuticals represent the largest product type due to the rising prevalence of various animal diseases and the expansion of offline and online distribution channels.

Regional Insights:

 

 
 

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  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America
     

North America exhibits a clear dominance in the market as there are various initiatives undertaken by governing agencies and animal welfare organizations for overall improvement of animal health.

Competitive Landscape:

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:

  • Bayer 
  • Elanco 
  • Merck
  • Merial 
  • Zoetis Inc.  
  • Biogenesis Bago 
  • Boehringer Ingelheim  
  • Ceva Sante Animale 
  • Heska 
  • Neogen 
  • Novartis 
  • Thermo Fisher Scientific 
  • Vetoquinol 
  • Virbac
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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