Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The Animal Health Market Size to Reach USD 67.56 Billion by 2026, with 6.3% CAGR. As per a recently published report by Fortune Business insights™ titled, “Animal Health Market Size, Share and Global Trend By Product (Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and Companion Animals), By End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, and Others) and Geography Forecast till 2026” the market size was USD 41.50 billion in 2018.
Market Growth Reasons:
- Rise in number of Pet Owners and Inclination Towards Pet’s Health will Add Impetus to Market
- Increasing Incidences of Zoonotic Diseases Worldwide will Drive Market
- Increasing Number of Animal Health Clinics and Launch of New Animal Health Service Products Worldwide will Boost Market
- Market to Grow Significantly Attributable to Importance of Animals as Test Subjects for Valuable Research on Deteriorating Diseases
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Major Growth Drivers:
Increasing Number of Pet Owners and Emphasis on Animal Health to Propel Growth
The increasing pet adoption is a major factor propelling animal health market growth. Besides this, analysts at Fortune Business Insights™ say, “the rising prevalence of diseases among animals, especially zoonotic diseases, is likely to promote the animal health market growth during the forecast period.”
Over the years, many countries have started to take action to achieve more sustainable food systems, recognising the role livestock production and good animal health plays in human and environmental wellbeing – known as One Health
Other ‘futuristic’ technologies are also gaining momentum. For example, 3D printing is being used to build implants, prosthetic limbs and even tissue replacements for pets. Veterinarians can also use 2D images such as scans to create practice models in preparation for surgery.
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Regional Analysis:
Geographically, the global animal health market is categorized into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. These regions are further categorized into nations. Among these, North America held the largest veterinary healthcare market share and generated a revenue of USD 14.12 billion in 2018.
Europe stands second in the veterinary healthcare market, owing to the consistent growth witnessed in the past few years. Besides this, the market in Asia Pacific will witness significant growth on account of the increasing number of biopharma companies in countries such as India, Japan, and China.
Key Highlights: Animal Health Market 2021-2026
- CAGR of the market during the forecast period 2021-2026
- Detailed information on factors that will assist Animal Health Market growth during the next five years
- Estimation of the market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of market vendors
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Launch of Innovative Products to Intensify Market Competition
Major veterinary healthcare market manufacturers are focusing on the development of novel therapeutics for animal health disorders. Owing to the aforementioned factor, players are investing in research and development of medicated animal feed, vaccines, novel diagnostic tests, and drugs.
Major Animal Health Companies in Market are as follows:
- Emergent BioSolutions, Inc.
- Boehringer Ingelheim International GmbH
- Novartis AG
- Virbac
- Intervet Inc.
- Bayer AG
- Zoetis
- Ceva
- Merck & Co., Inc.
- IDEXX Laboratories, Inc.
- CSL Limited
- Elanco
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