According to the latest market research report by IMARC Group, titled “Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global animal health market reached a value of US$ 44 Billion in 2018. At present, the animal health industry is witnessing rapid growth as livestock farmers and pet owners across the globe have become more aware of the effects of animal disease outbreaks. The medicines used in the animal healthcare sector fall into three main categories, namely biologics, pesticides and pharmaceuticals. These medicines, including anti-infectives and anti-inflammatories, are used for treating or preventing conditions including Lyme disease, diabetes, tick infestation and feline leukemia. Over the past years, animal health has become a vital part of the economic growth of numerous countries.
Market Trends:
Governments of various nations have started introducing animal vaccination programs in order to fulfill the rising demand for safe and nutritious animal-based products. These programs have provided a boost to the sales of animal healthcare products including vaccines and other veterinary medicines. In addition, rising incidences of zoonotic diseases have prompted the market players to formulate effective medicines and adopt different marketing strategies to spread awareness about their products. The growing prevalence of these diseases has also led to an increase in the number of veterinary hospitals being established across the globe. Moreover, rising pet adoption is another emerging trend which has influenced the growth of the global animal health industry owing to the consequent improvement in access to veterinary services. Looking forward, the market is projected to reach US$ 58 Billion by 2024, expanding at a CAGR of 5% during the forecast period (2019-2024).
Market Segmentation:
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