According to the recent report by IMARC Group, titled “Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global animal health market size reached US$
36.6 Billion in 2022. Animal healthcare refers to the process of curing and protecting animals from a range of diseases by utilizing treatments and vaccines. There are different categories of medicines included in the animal healthcare vertical that aid in the treatment or prevention of feline leukemia, Lyme diseases, and tick infestation. Animal healthcare also includes veterinary services to improve the animal yield and lifespan. Farmers across the globe are becoming aware of the outbreak of animal diseases, which has led them to focus on animal healthcare. It aids in averting these diseases and regular monitoring of the health of their livestock to ensure the supply of food. Apart from this, rapid growth has been witnessed in the adoption of pets across the globe, thereby creating opportunities for the market growth.
Global Animal Health Market Trends:
The emerging trend of pet humanization is one of the major growth-inducing factors for the market as pet owners treat their pets equally and meet basic requirements like food, shelter, and health. Moreover, the rising awareness regarding animal health through print and electronic media, along with inflating income levels, have led pet and livestock owners to spend on animal healthcare products. Additionally, governments of several countries have contributed to the sales of animal health products by organizing animal vaccination programs. Furthermore, key players in the market are focusing on research and development activities to formulate effective medicines. This, coupled with the integration of advanced technological solutions, such as real-time analysis, is anticipated to create a positive outlook for the market. On account of these factors, the market is expected to grow at a CAGR of 3.36% during 2023-2028.
- Based on the animal type, commercial animals represent the leading segment.
- On the basis of the product type, the market has been categorized into biologicals, diagnostics, pharmaceuticals, and medicinal feed additives. Amongst these, the pharmaceuticals segment accounts for the largest market share.
- Region-wise, North America exhibits a clear dominance in the market due to the rising R&D activities focused on the development of innovative medicines for both companion and commercial animals. Other regions include the Middle East and Africa, Asia Pacific, Europe, and Latin America.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Merck, Merial, Zoetis Inc., Bayer, Elanco, Biogenesis Bago, Vetoquinol, Virbac, Boehringer Ingelheim, Neogen, Novartis, Ceva Sante Animale, Heska, and Thermo Fisher Scientific.
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