Press release
Animal Health Market: Global Report Poised for Exponential Growth by 2022-2030
Animal Health Market
The animal health market is expected to reach USD 75.02 billon by 2030 at 7.65 CAGR during the forecast period 2022-2030.
The growing preference for preventive healthcare measures among pet owners and livestock farmers. This has led to a surge in demand for vaccines, parasiticides, and other preventive healthcare products. Additionally, advancements in veterinary medicine and technology are further propelling market growth, with innovative treatments and diagnostic tools becoming more accessible.
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Market Competitive Analysis:
MRFR recognizes the following companies as the key players in the global animal health market are-
Bayer AG
Boehringer Ingelheim GmbH
Virbac SA
Zoetis Inc.
Hester Biosciences Ltd.
Intas Pharmaceuticals Ltd.
Merck Animal Health
Elanco (Eli Lilly and Company)
Ceva Santé Animale
Alvira Animal Health Limited
Vetoquinol S.A.
Zydus Animal Health
Norbrook Laboratories Limited
Phibro Animal Health Corporation
Dechra Pharmaceuticals PLC Norbrook Laboratories Inc
Market Segment Analysis:
The Global Animal Health Market has been segmented based on Animal Type, Product, Route of Administration, and Distribution channels.
Based on Animal Type, the market is segmented into Farm Animals, Companion Animal. The Farm Animal category dominates the Animal Health market due to the large population and commercial significance of farm animals for food production.
Based on Product, the market is segmented into Pharmaceuticals, Vaccines, and Feed Additives.
Based on the Route of Administration, the market is segmented into Oral, Parenteral, and Topical. The Oral category dominates the Animal Health market due to its convenience, ease of administration, and effectiveness in delivering medications and supplements to animals.
Based on Distribution Channel, the market is segmented into Veterinary Hospitals & Clinics, Retail, and E-Commerce.
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Animal Health Market Trends:
Market Drivers
Rising pet ownership, particularly in developed countries, is driving the demand for veterinary products and services. Pets are increasingly seen as family members, leading to increased spending on their health and well-being.
Advancements in veterinary medicine, such as novel vaccines, diagnostics, and treatments, are expanding the range of available animal health products. This drives innovation and increases the effectiveness of animal healthcare.
Market Restraints
Concerns about antibiotic resistance in animals and humans have led to increased scrutiny of antibiotic use in animal agriculture. This has prompted regulations restricting the use of certain antibiotics in animals, impacting the animal health market.
Market Regional Analysis:
North America stands as a pioneering region in the animal health market, driven by advanced veterinary infrastructure and a high level of pet ownership. The United States and Canada dominate this region, with key players investing in research and development to introduce novel therapies and preventive measures.
Europe boasts a robust animal health market, propelled by extensive farming practices and a burgeoning pet population. Countries like Germany, France, and the United Kingdom lead the region, supported by a strong emphasis on animal welfare standards and healthcare infrastructure.
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The Asia-Pacific region emerges as a lucrative market for animal health products, fueled by rising disposable incomes, urbanization, and a growing awareness of zoonotic diseases.
Latin America showcases immense potential in the animal health market, characterized by a thriving agricultural sector and a growing focus on livestock productivity. Brazil, Mexico, and Argentina emerge as key contributors, supported by favorable climatic conditions and a burgeoning middle class.
The Middle East and Africa region exhibit a growing demand for animal health products, driven by expanding livestock production and a rising awareness of veterinary care. Countries like South Africa, Nigeria, and Kenya witness significant market potential, fueled by increasing investments in animal healthcare infrastructure and disease control measures.
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