Animal Health Market Analysis by Animal Type (Farm animal, Companion animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce)-Forecast till 2028
New York, United States - February 18, 2022 /MarketersMedia/ —
Animal Health Market Overview
The Animal Health Market size is projected to reach USD 99 Billion by 2028 at 8.5% CAGR during the forecast period (2021–2028). The primary focus of animal health care is on the health and well-being of companion animals and agricultural animals. As with humans, parasites and other pathogens can infect animals, needing disease diagnosis, treatment, and management. Outbreaks of disease in cattle and poultry have offered exciting development opportunities for pharmaceutical companies creating innovative treatments and cures.
The rising frequency of Zoonotic disease and the emergence of e-commerce platforms have aided in the expansion of virtual businesses and animal health care services. Numerous non-profit organizations have stepped up to educate the public on good animal care in recent years. This factor has aided the Animal Health Market overall growth in recent years. The increasing popularity of online shops, their ease of access, and the lower prices of their products all contribute to the increased demand for pet-related merchandise. Both established and emerging market corporations have stated a desire to increase their investment in research and development in the industry in recent years.
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Increased government initiatives in countries such as Europe and the United States are offering lucrative opportunities for the overall expansion of the animal health market. These factors also contribute to the overall expansion of the industry in emerging economies. Rapid urbanization and increased disposable income have resulted in a sizeable populace adopting animals in a variety of countries. The entire cost of pampering dogs has risen substantially in recent years. Social media and other factors have increased the demand for emotional support and care for pets and animals.
The rising popularity of veganism and the trend toward vegetarianism are viewed as significant restrictions on the animal health market's growth. Globally, growing health concerns about the effects of an unhealthy diet and a high-fat diet have influenced a sizable portion of the population to adopt a vegetarian diet. These concerns are regarded to be the primary impediments to market growth.
Animal Health Market Competitive Dynamics
The notable players of the market are Bayer AG, Boehringer Ingelheim GmbH, Ceva Sante Animale, Elanco, Eli Lilly, Merck Animal Health, Nutreco N.V., Vetiquinol SA, Virbac, Zoetis
Animal Health Market Segmental Analysis
The Global Animal Health Market has been segmented by animal type, product, route of administration, and distribution channel.
The market has been divided into two segments based on animal type: farm animal and companion animal.
The pharmaceuticals, vaccines, and feed additives segments of the market have been defined.
The Animal Health Market has been segmented into oral, parenteral, topical, and others.
The market has been segmented into veterinary hospitals and clinics, retail, and e-commerce, among others.
Animal Health Market Regional Overview
Europe's rigorous legislation for the protection of agricultural animals, fisheries, domestic animals, and cattle have had a significant impact on non-European countries. Their criterion included the slaughter of animals and their transportation to other areas. They do, however, provide generic guidelines for wildlife and laboratory animal protection. In 2018, the government enacted a ground-breaking rule known as MEPs, which requires the purchase of numerous medications available on the market to improve the overall health and productivity of cattle.
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Throughout the forecast period, the Americas are likely to lead the Animal Health Market, owing to rising demand for animal protein, technological improvements, and a focus on food safety. Additionally, increasing pet ownership and increased medicalization of pets will propel the market forward throughout the forecast period. The government initiatives include educational sessions to educate cattle owners about the agricultural industry's challenges, scientific investigations to identify potential gaps in animal welfare, and inspections of dairy farms to ensure they comply with regulations governing cleanliness, water facilities, and appropriate animal housing, among other things. These initiatives have aided the region's general expansion in the animal health sector.
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