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Animal Health Market expected to reach US$ 119,570.99 million by 2027 and grow at a CAGR of 6.3%

07-22-2021 04:33 PM CET | Health & Medicine

Press release from: The Insight Partners

Animal Health Market

Animal Health Market

The animal health market was valued at US$ 73,798.33 million in 2019 and is expected to grow at a CAGR of 6.3% from 2020 to 2027 to reach US$ 119,570.99 million by 2027.

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The animal health is maintained through regular screening and diagnosis of health problems. Diseases in animal can be prevented by diagnostics and vaccines. Maintaining proper hygiene for animal through grooming products also help in preventing the outbreak of zoonotic diseases. The global animal health market is being driven by factors such as zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, the use of counterfeit medicines, and high complexity and cost of animal drug development and approval processes are likely to restrain the market growth during the forecast period. However, increase R&D activities are likely to offer growth opportunities for the animal health market during the forecast period.

Company Profiles
Merck & Co., Inc.
BoehringerIngelheim International GmbH
Ceva Santé Animale
Cargill, Incorporated
Zoetis Inc.
Bayer AG
Vetoquinol SA
Nutreco N.V
Virbac
Elanco

Animals can act as carriers of harmful bacteria, viruses, parasites, and fungi to humans, leading to illness, which are referred as zoonotic diseases or zoonoses. An increase in such diseases is driving the animal health market. The clinical effect of zoonotic illnesses may range from mild to severe, and might sometimes lead to death. Zoonotic diseases are prevalent in the world. As per the estimates of the Center for Disease Control (CDC), >6 out of every 10 known infectious diseases in people can spread through animals, and 3 out of every 4 new or upcoming infectious diseases in people would come from animals. Moreover, in 2016, at least 55,000 people have died of rabies in Asia and Africa.

In the past decades, many previously unknown infectious human diseases, such as Ebola virus, Human Immunodeficiency Virus (HIV), Nipah virus, West Nile virus, and Hantavirus infections, have emerged from animal reservoirs. Outbreaks such as severe acute respiratory syndrome (SARS) and avian influenza have reminded the potential of microorganisms from animal reservoirs to adapt to human hosts. More than three-quarters of the human diseases that are new, emerging, or re-emerging at the beginning of the 21st century are caused by pathogens that are originated from animals or products of animal origin. According to the WHO, ~60% of emerging infectious diseases reported globally are zoonoses, and every year, about one billion cases of illness and millions of death occur from zoonoses. Over 30 new human pathogens have been detected in the last three decades, 75% of which have originated from animals. Hence, emerging and re-emerging of zoonotic diseases have become a significant factor raising the demand for animal health, and this has triggered companies to produce advanced pharmaceuticals and vaccines to help animal owners or other stakeholders to maintain the overall health of animals.

The global Animal Health market is segmented on the basis of component, application, end user and geography. The component segment includes, system and software, services and medical device. Based on application, the Animal Health market is segmented as, Animal Health and others. Based on end user, the market is segmented as, hospitals and clinics, clinical research organization, research and diagnostic laboratories and others.

 The COVID-19 outbreak is currently going the world over, the Animal Health Market report covers the impact of the corona-virus on top company’s growth. This research report categorizes as the key players in the Animal Health market and also gives a comprehensive study of Covid-19 impact analysis of the market by regions like (Americas, Europe APAC, and EMEA).

The report offers key drivers that propel the growth in the global Animal Health market. These insights help market players in devising strategies to gain market presence. The research also outlined the restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining the potential in untapped regions.

This report focuses on the global Animal Health market with the future forecast, growth opportunity, key market, and key players. The study objectives are to present the Animal Health market development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

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