Animal Health Market Size to Grow at a CAGR in the Forecast Period
The ‘Global Animal Health Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global animal health market, assessing the market on the basis of its segments like animal type, product type, end use, and major regions.
The key highlights of the report include:
Market Overview (2018-2027)
• Forecast CAGR (2023-2028): 3.8%
The global animal health market is expected to register growth during the forecast period on account of the increasing adoption of pets along with the surging demand for protein-rich animal-based food products. The rise in the incidence of foodborne and zoonotic diseases is also expected to contribute to the market growth. With the growing trend for telemedicine, the market growth of animal health is likely to fuel due to the increasing preference for buying vet products and pet food from online channels like e-commerce.
The increasing production of animal-based food products is expected to surge the demand for animal health for commercial animals such as poultry, cattle, and swine. Rapid technological advancements including the introduction of efficient information management systems and animal owner mobile technology are likely to fuel the market growth of animal health across the globe. The accessibility of a vast variety of diagnostic and treatment options in veterinary clinics and hospitals is likely to positively influence the animal health market growth over the upcoming years.
Animal Health Industry Definition and Major Segments
Animal health refers to the focus on the well being of animals, including commercial animals such as those raised for meat, as well as companion animals that are adopted as pets. The goal of animal health is to provide animals with a healthy life, through proper food, feed additives, vaccinations, diagnostic care, and treatments.
Based on animal type, the market is segmented into:
- Commercial Animals
- Sheep and Goat
- Companion Animals
By product type, the market is classified into:
• Feed Additives
On the basis of end use, the market is categorised into:
• Veterinary Hospitals and Clinics
• Animal Care and Rehabilitation Centres
• Diagnostics Centres
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Animal Health Market Trends
The surging awareness relating to pet nutrition and welfare along with rising disposable income are driving the market growth of animal health across the globe. Moreover, the growing consumption of animal-based food, rising number of pet owners coupled with stringent animal health regulations are likely to escalate the market growth in the upcoming years.
Geographically, the Asia Pacific region is anticipated to drive the animal health market growth on account of the growing research and development activities along with increasing investment by key market players in the field of animal health. The rising efforts of manufacturers to promote generic and branded therapeutics at a low-cost price are likely to attract more consumers and enhance market growth of animal health over the coming years in the region.
Meanwhile, the North America region is expected to account for a significant share in the animal health market growth on account of the well-established healthcare infrastructure and the growing support by governments in the region for animal health. Numerous authoritative measures are implemented by governmental animal welfare organisations that are supporting the overall animal health sector and are further expected to drive market growth across the North American region in the upcoming years.
Key Market Players
The major players in the global animal health market report are Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim International GmbH, Ceva Sante Animale, and Heska Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.