Press release
Global Animal Health Market is projected to grow at a 4% CAGR to reach $49 billion by 2026 - Growing Cases of Zoonotic and Food-Borne Diseases & Emerging Trend of Animal Adoption
Consistent Technological Advancements in Animal Health Market
Medical advancements, innovations, and emerging healthcare technologies from artificial intelligence to stem cell therapy and new generations of vaccines, have provided an ample opportunities to predict, prevent, diagnose and treat animal diseases more quickly, accurately, and safely. Veterinary researchers and developers continue to break new ground in reducing the spread of the diseases and its impact due to the development of new medicines and vaccinations for animal health.
Recently, several technological advancements have been made to improve the span of animals life such as:
• In April 2022, Zoetis announced its latest innovation in diagnostics with the addition of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM.
• In June 2021, Vetoquinol announced the launch of a new medical device called Phovia for faster skin recovery in dogs and cats.
Adoption of Pet Animals for Companionship Triggers the Growth of the Animal Health Market
Pet ownership has skyrocketed significantly across the world. Over 50% of households in top regions own a pet which rises to over 80% in nations like Brazil and Argentina. This reflects the increased recognition that pets are not only companions but offer several advantages to our health, well-being and happiness. Moreover, pet owners are more likely to get to know their neighbourhood than those without pets, which can lead to more community engagement and improves the quality of life and relationships. Growth in companion animal ownership is expected to boost the consumption of parasiticides antimicrobial & antibiotics, vaccines, feed additives, and growth promoters in the upcoming years.
Geographic Analysis: North America to Continue its Dominance in the Animal Health Market
From a geographic perspective, North America holds the largest share of the animal health market. This can be attributed to an increasing number of pet owners in this region - more than 67% of American households own pets, growing incidence of zoonotic diseases, technological advancements & increase in research and development activities by key market players in this regions.
Competitive Landscape Analysis: Animal Health Market
Some of the established and emerging players operating in the animal health market are Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.
Companies are Adopting Reliable Growth Strategies to Increase their Market Share in the Animal Health Market
Established players operating in the global animal health market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner a higher market share.
For instance, in June 2022, Boehringer Ingelheim and CarthroniX announced that they have entered into a research collaboration to pursue small molecule therapeutics in canine oncology. The collaboration will focus on identifying new molecules to target cancers in dogs.
Get Detailed Insights on Animal Health Market with TOC & Sample Report @ https://meditechinsights.com/animal-health-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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