Animal Health Market Overview
Animal health care concerns the wellness of pets and farm animals. The rise in disease incidence in livestock and poultry is chiefly driving the animal health market. The animal health market is estimated to reach a value of USD 99 Billion by 2028 and will grow at 8.5% CAGR during the forecast period.
Zoonotic diseases and the increasing development of e-commerce sectors promote virtual shops and health care services. Several non-profit organizations have also increased in recent times for educating the public to care for animals. This factor is raising the value of the market.
The popularity of online stores, easy availability, and affordable products are the major reasons for the demand for pet-related stuff is, a major factor driving the market. The key industrial players invest in the research and development activities are propelling the market’s growth.
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The animal health market noticed both positive and negative impacts during the pandemic. The restrictions due to the lockdown limited the visit to veterinary health care centers. The Government focused on saving human lives, the veterinary consultations and checkups which affected the market.
On the other hand, the animals were also infected from the infection. Several cases were reported positive, and the demand for treating animals and developing testing kits for them increased, which propelled the animal health market growth. The samples of several pets from different households were collected, and their symptoms were examined in animals.
Animal Health Market Segmentation
The product section of the market is divided into pharmaceuticals, vaccines and feed additives. The vaccine segment of the market is categorized into Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines and Other Vaccines. The feed additives segment consists of Amino Acids, Binders, Vitamins, Minerals, Feed Acidifiers, Antioxidants and Other.
The route of administration is sub-divided into oral, parenteral and topical. The growth promoter segment is divided into Acidifiers, Hormonal Growth promoters, Prebiotics & Probiotics, Feed Enzymes, and Phytogenics.
The animal type segment consists of Food-Producing Animals, Cattle, Pigs, Poultry, Sheep & Goats, Other Food-Producing Animals, Companion Animals, Cats, Dogs, Horses and Companion Animals.
The end-user section has Veterinary Hospitals & Clinics, Animal Farms and Homecare. The distribution channel is categorized into Veterinary Hospitals & Clinics, Retail, E-Commerce.
Animal Health Market Regional Analysis
According to the animal health market, it covers prominent regions such as the Asia Pacific. Europe, America and the rest of the world.
The European market is emerging due to the higher standards in protecting farm animals, fisheries, domestic animals, and cattle, and generic standards for protecting wildlife and laboratory animals are driving the regional animal health market. The European veterinary segment will witness steady growth in the forecast period due to the rise in demand for meat products, and testing them for food-borne diseases are the growth factors.
The Canadian Government has imposed significant standards for the protection of animal health. The government initiatives such as educational sessions for educating the cattle owners about the challenges, scientific investigations for clearing the potential gaps in animal welfare, an inspection of dairy farms, and the regulations concerning hygiene are driving the animal health market.
Animal Health Market Key Players
Top key players in the animal health market are Hester Biosciences Ltd., Intas Pharmaceuticals Ltd, Bayer AG, Boehringer Ingelheim GmbH, Virbac SA, Zoetis, Inc., Merck Animal Health, Elanco (Eli Lilly and Company), Ceva Santé Animale, Alvira Animal Health Limited, Vetoquinol S.A., Zydus Animal Health, Norbrook Laboratories Limited, Phibro Animal Health Corporation.
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Animal Health Industry News
In Feb 2020, Zoetis Inc. company revealed the acquisition of Diagnostic Science, a veterinary reference lab business. It enabled the company to strengthen its service portfolio.
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