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2025-2034 Farm Animal Healthcare Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Farm Animal Healthcare Market
What Will the Farm Animal Healthcare Industry Market Size Be by 2025?
There has been a significant increase in the size of the farm animal healthcare market in the past few years. The market is projected to expand from $21.02 billion in 2024 to $22.33 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the development in the historical period include disease epidemics, regulatory assistance, a rise in livestock numbers, and heightened awareness and understanding.
What's the Long-Term Growth Forecast for the Farm Animal Healthcare Market Size Through 2029?
Rapid expansion is predicted in the farm animal healthcare market over the upcoming years, with a projected value of $29.72 billion by 2029, and a compound annual growth rate (CAGR) of 7.4%. This growth within the projected timeframe can be linked to several factors such as the global need for food, a trend towards preventative healthcare, technological advances in precision farming, environmental awareness, and economic influences. Notable trends during the projected period are the adoption of digital health solutions, advancements in biotechnology, use of environmentally friendly procedures, proliferation of nutraceuticals and functional feed, and an increase in collaborations and partnerships.
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What Are the Key Growth Drivers Fueling the Farm Animal Healthcare Market Expansion?
The rise in the number of domesticated animals used in agriculture, commonly referred to as livestock, is projected to stimulate the expansion of the farm animal healthcare market. Livestock such as cows, horses, and pigs are prone to illnesses, including swine flu and avian flu, which can also spread to humans, workers, and vets. Therefore, as the number of livestock increases, the demand for farm animal healthcare services also escalates. The United States Department of Agriculture, in September 2023, predicted that cattle production will rise by 1% in 2023. There is also an expectation for elevated cattle slaughter rates in 2023 and 2024. Predictions for beef production point towards an increase of eight per cent in 2023 and two per cent in 2024. Brazil is set to maintain its position as the largest global exporter of beef, with 3.35 MMT CWE and 3.40 MMT CWE forecasted to be exported in 2023 and 2024, respectively, accounting for 30% of Brazil's total production. Consequently, the escalation in livestock numbers strongly contributes to the growth of the farm animal healthcare market.
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What Are the Key Trends Driving Farm Animal Healthcare Market Growth?
Technological advancements are increasingly being recognized as a significant trend influencing the farm animal healthcare sector. Several dominant players in this industry are prioritizing innovative technology creation to meet demands and secure their market position. For example, Merck & Co., Inc., in June 2023, introduced INNOVAX-ILT-IBD, a double-component HVT vaccine for poultry health, promising continuous protection against infectious bursal disease (IBD), infectious laryngotracheitis (ILT), and Marek's disease (MD). Unlike the usual single ILT glycoprotein insert, INNOVAX-ILT-IBD features two. Furthermore, clinical trials suggest the immunity provided by this vaccination takes effect quickly and endures for a significant duration. Administered subcutaneously (at day-old) or in Ovo (around the 18th day of incubation), INNOVAX-ILT-IBD can be used on layers, breeder flocks and broiler chickens in hatcheries for boosting early-life protection.
How Is the Farm Animal Healthcare Market Segmented?
The farm animal healthcare market covered in this report is segmented -
1) By Product: Vaccines, Parasiticides, Anti-Infectives, Medical Feed Additives, Other Products
2) By Application: Cattle, Swine, Poultry, Fish, Sheep
3) By End User: Reference Laboratories, Point-Of-Care Testing Or In-House Testing, Veterinary Hospitals And Clinics, Other End Users
Subsegments:
1) By Vaccines: Live Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, Recombinant Vaccines
2) By Parasiticides: Endoparasiticides (internal parasites), Ectoparasiticides (External Parasites), Combination Products
3) By Anti-Infectives: Antibiotics, Antifungals, Antivirals
4) By Medical Feed Additives: Probiotics, Prebiotics, Nutraceuticals, Enzymes
5) By Other Products: Hormones, Pain Management Products, Diagnostic Products
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Which Companies Are Leading the Charge in Farm Animal Healthcare Market Innovation?
Major companies operating in the farm animal healthcare market include Bayer AG, C. H. Boehringer Sohn AG & Co. KG, Ceva Santé Animale, Merck & Co. Inc., Virbac Corporation, Zoetis Inc., Vetoquinol Animal health pvt. Ltd., Norbrook Laboratories, Alivira Animal Health Limited, Phibro Animal Health, Intas Pharmaceuticals Limited, Hester Biosciences Limited, Elanco Animal Health Incorporated, Biogenesis Bago SA, Animalcare Limited, Bimeda Inc., Eco Animal Health Pvt. Ltd., Dechra Pharmaceuticals PLC, Hipra, Huvepharma Inc., Indian Immunologicals Limited, Jurox Pty Ltd., Kyoritsu Seiyaku Corporation, Neogen Corporation, Phytobiotics Futterzusatzstoffe GmbH, Vaxxinova International BV, Wedgewood Pharmacy, Orion Pharma Animal Health, Kane biotech Inc.
Which Regions Are Leading the Global Farm Animal Healthcare Market in Revenue?
North America was the largest region in the farm animal healthcare market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the farm animal healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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