Animal Healthcare Market Increased Prevalence of Livestock Diseases and Launch of Newer Products

According to Precision Business Insights (PBI), the latest report the global animal healthcare market is expected to be valued at USD 96,278.1 million in 2023 and is poised to grow at a significant CAGR of 4.6% during the forecast period 2023-2029. An increase in the incidence of livestock diseases coupled with rise in R&D for the launch of newer pharmaceuticals and vaccines burgeon the growth of animal healthcare market. Moreover, rise in awareness about the animal feed and feed additive products, increase in adoption of pet animals, rise in awareness about livestock diseases among the population, and grow in demand for quality animal food products are anticipated to surge the growth of market over the forecast years. In addition, government initiatives for animal welfare programs escalate the revenue of the market in future.

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The Animal Feed Additives Segment is Dominating the Animal Healthcare Market:
The animal feed additives segment is expected to account for a larger revenue share and the market is expected to grow at double digit growth rate over the forecast years owing to increase in awareness about medicated and non-medicated feed and feed additives among the livestock farmers and launch of newer products by the market players across the globe. For instance, in December 2021, BASF launched Natupulse TS, an innovative feed additive that improve the nutrient digestion and makes the feed most sustainable.

The animal healthcare market is segmented based on product type, animal, and geography.
Based on the Product Type, the market is segmented into the following:
• Vaccines
• Anti-infectives
• Antibiotics
• Parasiticides
• Feed Additives
• Others

Based on the Animal, the market is segmented into the following:
• Pets
• Poultry
• Ruminants
• Swine
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

North America Leads Animal Healthcare Market:
North America is expected to hold significant market share in the global animal healthcare market and is projected to grow at a prominent growth rate over the forecast years owing to rapid growth in the animal farming industry across the USA and Canada coupled with increase in demand for quality livestock products. Moreover, presence of huge number of market players enhancing their revenue by strategic alliances with other market players also influence the market growth. Asia Pacific expected to create lucrative opportunities over the forecast years owing to due to rapid growth in population coupled with rise in domestic and international trading of livestock products across China, India, and Japan. Moreover, increase in the R&D for the development of newer products also impel the market revenue over the forecast timeframe.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global animal healthcare market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region.

Key player's profiles in the animal healthcare market report are Merck Animal Health, Ceva Sante AnimalS, Vetoquinol S.A., Zoetis, Boehringer, Ingelheim GmbH, Elanco, IDEXX, Heska Corporation, Covetrus, DRE Veterinary, Mars Inc., Virbac, Televet, Phibro Animal Health Corporation, and B. Braun Vet Care.

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This release was published on openPR.