Farm Healthcare Market Insights, Growth factors, Business Opportunities, Trends

From the name itself, it is clear that farm healthcare is an approach that deals with taking care of the farm animals against multiple diseases. Farm healthcare is vital in improving the lifespan of farm animals.

Data Bridge Market Research analyses that the farm healthcare market will project a compound annual growth rate (CAGR) of 8.20% during the forecast period of 2022-2029. 

View Detailed Report: https://www.databridgemarketresearch.com/reports/global-farm-healthcare-market

Growing presence of e-commerce platforms promoting online pharmacies, rising prevalence of animal diseases, and increased focus towards the adoption of practices that promote good health in animals especially in the developing economies will emerge as the major factors fostering the growth of the market. Also, growing demand for quality meat and dairy products all over the globe, growing rate of industrialization and rising expenditure for research and development proficiencies in regards to new product launches are other important factors fostering the growth of the market. Growing support by the government to strengthen the agricultural sector, increasing focus on the adoption of high quality animal feed and surging trend of organized livestock farming in the developing economies will further create lucrative and remunerative growth opportunities for the market.

However, lack of knowledge and awareness in the backward economies among the small-scale farmers is a major factor that will pose a major challenge to the growth of the market. Also, dearth of required infrastructural facilities and lack of technical skills especially in the underdeveloped economies will further slowdown the market growth rate. Fluctuations in the prices of raw materials and stringent regulations imposed by the government on the product approvals would also hamper the market growth rate.

Key Players Analysis:

Some of the major players operating in the farm healthcare market are Merck Sharp & Dohme Corp., BASF SE, Intervet Inc., Ceva, Vetoquinol S.A., Zoetis, Covetrus., BoehringerIngelheim International GmbH., IDEXX., Bayer AG, Elanco., Nutreco, Virbac., Intas Pharmaceuticals Ltd., Zydus Animal Health and Investments Limited, Eli Lilly and Company, Hester Biosciences Limited, Alivira Animal Health Limited, Norbrook, Phibro Animal Health Corporation and Dechra Pharmaceuticals PLC among others.

Global Farm Healthcare Market Scope and Market Size

The global farm healthcare market is segmented on the basis of animal type, product type, distribution channel and end use. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Based on the animal type, the farm healthcare market is segmented into production animal and companion animal. Production animal segment is sub-segmented into poultry, swine, cattle, sheep and goats and fish. Companion animal segment is sub-segmented into dogs, cats, horses and others.

Based on the product type, the farm healthcare market is segmented into pharmaceuticals, medical devices, veterinary services and others. Pharmaceuticals segment is sub-segmented into drugs, vaccines and medicated feed additives. Drugs segment is further bifurcated into anti-parasitic, anti-inflammatory and anti-infective. Vaccines segment is further bifurcated into modified live vaccines and killed inactivated vaccines. Medicated feed additives segment is further bifurcated into antibiotics, vitamins, amino acids, enzymes, antioxidants, prebiotics and probiotics and minerals. Medical devices segment is sub-segmented into veterinary diagnostic equipment, veterinary, anaesthesia equipment, veterinary patient monitoring equipment, veterinary surgical equipment, and veterinary consumables.

North America region dominates the farm healthcare market and will continue to flourish its dominance during the forecast period owing to the rising research and development proficiencies, high awareness and preference among livestock owners and technological advancements and implementation of farm animal healthcare benefits across the region. Asia-Pacific region continue to undergo substantial gains during the forecast period and will score the highest CAGR. Growing personal disposable income, increased rate of livestock population, surging presence of animal feed manufacturers and surge in the expenditure for research and development proficiencies are some other important factors fostering the growth of this region.

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This release was published on openPR.