Animal Health Market Overview
The animal health market size was valued USD 31 billion in 2020 and is projected to reach USD 99 Billion by 2028 at 8.5% CAGR during the forecast period (2021–2028). The care taken on pets has improved considerably in the past few years, and this is estimated to fuel the veterinary medicine market. Moreover, the deployment of pets in helping individuals with certain diseases is estimated to bolster the companion animal health market in the coming period. Also, the availability of pet insurance is estimated to guide the animal health market share.
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Animal Health Market Segmental Analysis
The segmental investigation of the animal health market has been conducted on the basis of the route of administration, product, animal type, and distribution channel. On the basis of animal types, the animal health market has been segmented into companion animal and farm animals. Based on the distribution channel, the animal health market has been segmented into retail, e-commerce, veterinary hospitals & clinics, and others. Based on the route of administration, the animal health market has been segmented into parenteral, topical, oral, and others. Based on the product, the animal health market has been segmented into vaccines, pharmaceuticals, and feed additives. Based on the regions, the animal health market has been segmented into Africa, Europe, Asia Pacific, the Middle East, and North America.
Animal Health Market Regional Analysis
The regional insight into the animal health market includes Africa, Europe, Asia Pacific, the Middle East, and North America. The Americas’ regional market is expected to control the animal health market due to the growing demand for animal protein, development in production, and emphasis on food protection. Furthermore, the rising pet ownership and amplified medicalization for pets also fuelling the growth of the market in the forecast period. The European market is estimated to be driven by government funding for research & development and mounting pet population. The Asia Pacific region is anticipated to be benefited from the rise in the number of animal welfare programs. Furthermore, countries such as India and China are considering the fastest-growing region owing to the attendance of a huge pet population. The animal health market in the MEA is anticipated to hold a minimal share in the animal health market due to the absence of skilled veterinarians, the elevated cost of treatment, and meager medical facilities.
Animal Health Market Competitive Analysis
The rivalry in the animal health market is estimated to take a muted course in the progression of the forecast period. The focus on external business factors is further estimated to create promising changes in several areas of the market at a global level in the future. The market is likely to evolve at a relatively stable pace in the course of the forecast period. The benefactors in the market are likely to contribute in a consistent arable manner to the growing requirement in the animal health market. Also, the breakthroughs that have come to fruition in the market are estimated to transform the overall Market development through the coming years.
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The consumer demand which had slackened due to the pandemic disruption is likely to gain its intensity for growth in the future. The fortifying effects of government policies are estimated further to reduce the achievement of future goals in the market. It is estimated that the factors of the market that were previously not leveraged will be employed to boost the potential of the animal health market in the approaching period.
The vital companies in the animal health market are Bayer AG, Virbac, Eli Lilly, Merck Animal Health, Boehringer Ingelheim GmbH, Ceva Sante Animale, Elanco, Nutreco N.V., Vetiquinol SA, Zoetis, and others.
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