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Global Animal Health Market 2021: By Animal Type (Production Animal), By Type (Poultry, Swine, Cattle, Sheep & Goats, Fish), By Product (Companion Animal), By Type (Dogs, Cats, Horses, Others), By Product (Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, Others), By Product (Vaccines, Pharmaceuticals, Feed Additives, Diagnostics), By Distribution Channel (Retail, E-commerce, Veterinary Hospitals & Clinics), By End-use (Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics, Others)The Global Animal Health market size was valued at USD $47.38 Billion in 2020, USD $50.91 Billion in 2021, forecasted to reach USD $54.69 Billion in 2022, and is projected to reach USD $98.11 Billion by 2030, and is anticipated to expand at a CAGR of 7.43% over the forecast period from 2020 to 2030. Global Animal Health Market is an upcoming market research report by Trusted Business Insights. In this report, critical data and information on the global animal health market, such as growth opportunities, restraints, drivers, trends, competitive landscapes, revenues, details of key players, and recent developments, are included. Data and information are verified by industry experts.
OverviewThe animal health market includes different products and services that are used for the maintenance and well-being of food-producing and companion animals. Animal health products include antimicrobials, antibiotics, feed additives, vaccines, diagnostics products, growth promoters, and other pharmaceuticals. This market also covers numerous products that are used to enhance the productivity of livestock. Animal health products are used to prevent, cure, or minimize disease, and to regularly monitor the welfare and health of animals.
DynamicsA major factor driving global animal health market growth is the significant increase in food-borne and zoonotic diseases. The prevalence of these diseases has involved key market players to initiate the manufacture of diverse pharmaceutical and vaccine products. The rising demand has also resulted in a rising number of organizations making efforts to prevent food-borne diseases and pathogen contamination. This, in turn, is significantly contributing to global market growth. Moreover, increasing initiatives by governments for promoting veterinary products is projected to further drive global animal health market growth over the coming years. In addition, the global animal health market is fuelled by technological advancements in veterinary healthcare. These advancements include vaccine banks, animal owner mobile technology, and the advent of efficient information management systems. However, the lack of awareness by farmers and pet owners regarding the advancements in animal and pet healthcare is projected to be a major restraint for global market development and growth. Increasing focus on innovation in veterinary healthcare, as well as technological advancements in animal healthcare, are expected to create growth opportunities for key players in the global animal health market over the next ten years.
Global Animal Health Market Segment Analysis:By Animal Type: The production animal segment continues to account for the highest revenue share when compared to other animal type segments. This can be attributed to initiatives by governments to ensure human food safety. By Product: The feed additives segment is projected to account for the majority revenue share over the forecast period. This can be attributed to consistent advancements in products, which include the use of enzymes, minerals, metabolic modifiers, and probiotics. Moreover, an increasing inclination by various government healthcare organizations towards the enhancement of veterinary health and agricultural practices is attributed to this segments growth.
Global Animal Health Market Regional Analysis:The animal health market in North America is projected to account for the highest revenue share over the foreseeable future. This can be attributed to measures adopted by different governments to promote and improve animal health in the region. In addition, the prevalence of zoonotic diseases, an increasing number of pet owners, and technological advancements are factors driving market growth in the region.
Below are the leading companies profiled in this Animal Health Market Report:
Chapter 1 Methodology and Scope