The Global Animal Health Market is forecast to reach USD 74.14 Billion by 2027, according to a new report by Reports and Data. This is mainly attributed to government initiatives encouraging the growth of veterinary products and treatments. An increase in the adoption of pet animals, coupled with the increasing consumption of meat and milk, will boost the growth of the market. Moreover, technological advancements in the healthcare industry will also impact the growth of the market positively. Regulating animal health and preventing animal disease outbreaks is essential to the economy as well as the safety of a country’s food supply.
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Diseases affecting animal health may also affect human health. Regular animal healthcare checkups of these diseases are easier, more effective, and less expensive to address in animals than in humans. There are many different ways to prevent sickness and injury among animals, including clean water, feed, a healthy environment, and, most importantly, vaccinations against diseases. However, expensive medications and vaccines for animals are expected to be a restraining factor in the growth of the market.
Further key findings from the report suggest
- The market is segmented on the basis of product type into vaccines, pharmaceuticals, feed additives, and diagnostics.
- The vaccines segment is forecast to witness the highest growth rate of 7.4% during the forecast period.
- Animals receive vaccines for infectious diseases such as rabies, parvovirus, distemper, hepatitis, rotavirus, E. coli, pinkeye, and brucellosis.
- Veterinary vaccines have an important role in protecting animal health, reducing animal suffering, enabling efficient production of animal foods, and significantly reducing the need for antibiotics to treat food and companion animals.
- The market is segmented on the basis of animal type into production animal and companion animal.
- The companion animal segment is forecast to witness the highest growth rate of 7.4% during the forecast period, owing to the increasing rate of pet adoption, especially dogs and cats.
- Animal companions are said to improve overall mental and physical health.
- For instance, the hormone named oxytocin when released into the brain of both the human and the animal creates a sense of calm, regulating breathing, and lowering blood pressure and pulse rate.
- The market is segmented on the basis of dosage type into oral, parenteral, topical, and transdermal.
- The transdermal segment is forecast to witness the highest growth rate of 7.1% during the forecast period.
- Transdermal doses of medication, in the form of patches, gels, or sprays, are transferred through the skin and into the bloodstream. Transdermal treatments are used to heal an injured area of the body.
- The market is segmented on the basis of distribution channels into retail pharmacies and drug stores, e-commerce, and veterinary hospitals & clinics.
- The veterinary hospitals and clinics segment accounts for the largest market share of approximately 45% in the year 2019.
- The increasing pet adoption rate, coupled with increasing animal diseases and veterinary hospitals, will boost the growth of the segment.
- The market is segmented on the basis of end-users into reference laboratories, point-of-care testing/in-house testing, veterinary hospitals & clinics, and others.
- The point-of-care testing/in-house testing segment is forecast to witness the highest growth rate of 7% during the forecast period, owing to its faster results and earlier therapeutic interventions.
- The hospital segment is forecast to witness the highest growth rate of 6.8% during the forecast period, due to the expanding healthcare industry as well as government expenditure on the research and treatment of deadly diseases like cancer.
- The market is segmented on the basis of geography by North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- The Asia Pacific region is forecast to witness the highest growth rate of 7% during the forecast period owing to the developing healthcare & pharmaceutical industry in this region.
- Asia Pacific has been adopting and advancing itself in terms of technology, owing to the growing adoption of pets, the rise in the number of animals suffering from diseases, and the need for better veterinary diagnostic methods.
- Key participants include Elanco, Bayer, Merial, Merc, Biogenesis Bago, Zoetis Inc., Ceva Sante Animale, Boehringer Ingelheim, Neogen, Heska, Thermo Fisher Scientific, Novartis, Vetoquinol, and Virbac, among others.
- The companies have adopted various strategies, including mergers, acquisitions, and partnerships, to hold ongoing trails and come up with new developments in the market.
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For the purpose of this report, Reports and Data has segmented the Global Animal Health Market on the basis of product type, animal type, dosage type, distribution channel, end-user, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Live Attenuated Vaccines
- DNA Vaccines
- Recombinant Vaccines
- Inactivated Vaccines
- Feed Additives
- Amino acids
- Feed enzymes
- Prebiotics and probiotics
Animal Type Outlook (Revenue, USD Billion; 2017-2027)
- Production Animal
- Sheep & Goats
- Companion Animal
Dosage Type Outlook (Revenue, USD Billion; 2017-2027)
- Tablets or Capsules
- Powder or Premix
- Creams and ointments
Distribution channel Outlook (Revenue, USD Billion; 2017-2027)
- Retail pharmacies and drug stores
- Veterinary Hospitals & Clinics
End-users Outlook (Revenue, USD Billion; 2017-2027)
- Reference Laboratories
- Point-of-care Testing/In-house Testing
- Veterinary Hospitals & Clinics
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/animal-health-market
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