Animal health market insights and analysis by animal type, by product, route of administration, distribution channel, and by region —forecast till 2030. According to Market Research Future (MRFR), the global animal health market is expected to acquire a significant market value while expanding at a CAGR of 7.6% during the review period from 2023 to 2030.
During the
projection period, it is predicted that rising pet adoption and pet ownership
would play a major role in driving the animal healthcare sector. Another factor
that may increase demand for effective animal healthcare products and benefit
the industry in the near future is probably the rising cost of pet insurance.
The business for animal healthcare is also anticipated to grow as a result of
the increased incidence of zoonotic diseases and the surge in demand for animal
protein.
Companion
animal healthcare is an important part of keeping our furry friends healthy and
happy. It involves regular check-ups with a veterinarian, vaccinations, and
preventive care such as parasite control and nutrition. Additionally, it
includes early detection and treatment of any illnesses or injuries that may
occur. Companion animal healthcare is essential
for providing quality care for our beloved pets and improving their quality of
life.
On the other
hand, lack of awareness regarding animal health and high costs associated with
animal health can hinder the market growth during the forecast period. However,
the rising focus towards food safety for animals is expected to counter
hampering causes that can boost animal healthcare growth.
Animal Health Market Players
·
Boehringer Ingelheim GmbH
·
Bayer AG
·
Ceva Sante Animale
·
Elanco
·
Merck Animal Health
·
Eli Lilly,
·
Nutreco N.V.
·
Virbac
·
Zoetis
·
Vetiquinol SA
·
Others.
Market
Segmentation
By product,
animal type, distribution channel, and administration route, the global animal health market players is segmented.
The
product-based segments of the global animal health market are vaccines, pharmaceuticals, and feed additives. The
pharmaceuticals segment has been sub-segmented into anti-infectives,
analgesics, parasiticides, anti-inflammatory, and others. The vaccines segment
has been further segmented into DNA vaccines, inactivated vaccines, live
attenuated vaccines, recombinant vaccines, and others.
The animal type-based
segments of the global animal health market are companion animal and farm animal. The farm animal
segment has been further segmented into swine, poultry, cattle, sheep &
goats, and others. The companion animal segment has been further segmented into
cat, dog, equine, and others.
The
distribution channel-based segments of the
global animal health
market describes retail, veterinary hospitals & clinics,
e-commerce, and others. Among all
segments, the farm animal segment is anticipated to acquire the largest market
share during the forecast period. On the other hand, the vaccine segment is
likely to witness the highest CAGR during the review period.
The route of
administration-based segments of the global animal health market are parenteral, oral, topical, and others.
Regional
Analysis
Based on the
region, the global animal health market trends is segmented into North America,
Europe, Asia-Pacific, and Middle East & Africa.
According to
the analysis conducted by MRFR, North America is anticipated to dominate the
global market during the forecast period owing to the rising demand for animal
protein. The growing focus on food safety and rising pet ownership is
anticipated to augment the regional trade in the assessment period.
Due to rising
pet ownership, Europe is predicted to be the second-largest market during the
projection period. Another significant factor that is anticipated to improve
the sector in Europe is the rising need for pet insurance. Furthermore, it is
anticipated that the regional market will benefit from the increased attention
on food safety.
The APAC
region is projected to be the fastest-growing market during the assessment
period due to the rising pet adoptions and surging pet population. The growing
pet welfare programs are anticipated to be another salient cause, which can
propel the regional market in the coming period.
The MEA
region is anticipated to acquire a smaller market share during the assessment
period owing to the lack of skilled veterinarians. Furthermore, poor medical
facilities can hinder the regional market from growing.
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