The new report by Expert Market Research titled, ‘Global Animal Health Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global animal health market, assessing the market based on its segments like animal types, product types, end uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 3.8%
The animal health industry is driven by the increasing pet ownership, which is driving the demand for companion animal products. Additionally, the rapid globalisation and exchange of animals or animal products from one country to another is leading to an unprecedented rise in animal diseases, resulting in the increased demand for medications and vaccines. In this regard, the growing government initiatives to improve animal health to prevent epidemics are also expected to contribute to the growth of the industry. Moreover, the large-scale adoption of livestock in the agriculture and animal husbandry sector to meet the expanding nutritional requirements of the increasing global population is expected to drive the market growth.
Industry Definition and Major Segments
Animal health involves the regular check-up of animals to ensure the absence of diseases or illnesses in them by analysing the standard animal behaviour patterns. The upkeep of animal health is critical in order to protect animals from illnesses and mitigate the risk of spread of any infection through them. In addition, animal health has become an essential aspect in today’s world with the growing pet ownership across the globe.
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The animal health industry, by animal type, can be segmented into:
• Commercial Animals
o Poultry
o Swine
o Cattle
o Sheep and Goat
o Others
• Companion Animals
o Dogs
o Cats
o Others
Based on product type, the market is segmented into:
• Vaccines
• Pharmaceuticals
• Feed Additives
• Diagnostics
• Others
On the basis of end use, the market is classified as follows:
• Veterinary Hospitals and Clinics
• Animal Care and Rehabilitation Centres
• Diagnostics Centres
• Others
The regional market for animal health include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The growing importance of animals as a companion is the primary motivator for increased pet adoption. As a result, the growing expenditure to curb animal diseases is projected to augment the market growth. In addition, the technological advancements, in confluence with the research and development activities for the development of improved medication and diagnostic solutions such as heat sensors to monitor health vitals, and stem cell technology, among others, is also expected to bolster the industry growth. Furthermore, the increase in the number of national programmes for disease eradication and vaccine certification because of the increasing incidences of zoonotic diseases is expected to propel the industry growth in the forecast period.
Key Market Players
The major players in the industry are Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim International GmbH, Ceva Sante Animale, and Heska Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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