Animal Health Market is Likely to Grasp the Value of USD 64.95 billion by 2029, Size, Share, Growth Drivers, Trends, Challenges and Competitive Landscape

Increasing Incidence of Zoonotic Diseases and Increase in Government Support to Boost India Animal Health Market.

The global Animal Health Market is currently valued at USD 37.8 billion and is expected to reach USD 64.95 billion by the end of 2029, growing at a CAGR of 7% over the next decade.

PUNE, India, Feb. 1, 2023 /PRNewswire/ --

Animal Health Market Global Growth

Animal health companies have long recognized the challenges of keeping animals in a rapidly changing world. So while industry fundamentals evolve, sector growth has remained solid over the past decade. The value of the global animal health sector will increase by 12% to HE US$38.3 billion in 2021, with sales growth across all regions. Companies are stepping up research and development in areas such as diagnostics and digital technology, while offering more disease prevention products than ever before.

Market stakeholders are expected to witness tremendous growth opportunities in animal healthcare market due to rising investment by the Indian government to improve animal healthcare services. Stringent laws and regulations by the Indian government to promote awareness about animal health are driving the market in the country. Due to rising zoonotic and foodborne diseases in animals, government is investing in R&D activities to develop efficient vaccines. Several veterinary research laboratories are receiving financial grants from the government to help control the spread of diseases in animals.

The key growth drivers for this Animal Health Market:

The growth drivers for the Animal Health Market are increasing demand for animal health products, rising awareness and promotion of pet health and well-being, growing population of pets and pets being trendsetters in their communities. It includes the collection, diagnosis and treatment of diseases that affect animals such as horses, pigs and horses.

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Instant Developments->

For instance, Merck Animal Health completed the acquisition of Poultry Sense Ltd. in February 2021 to expand its vertical in the poultry business and have technology in health & environmental monitoring solutions.

2020, Elanco's revenue improved by 15%, compared to 2019, with a notable recovery in the pet health industry. However, unfavorable macroeconomic conditions and reduced consumption trends continued to affect Elanco's international livestock business.

Animal Health Market Share Insights-> North America (43%) accounts for the largest share of the global Animal Health Market due to significant presence of key market players in the region.

Market Segmentation Summary-> 

Based on the analysis of the revenue data, we can segment the global animal health market into domestic and international markets. The revenue is generated through sales by distributors and dealers of animal health products at retail as well as online in both offline and online stores.

Animal Health Market by Type - Animal Feed & Food Supplies, Animal Medical Devices and Pharmaceuticals and Other Animal Health Products, which are expected to grow at a CAGR of 6.6% during 2017-2022.

Animal Health Market Report Scope:

Learn about the contribution of each segment summarized in concise info graphics and thorough descriptions View a FREE PDF Sample Report

Animal Health Market: Regional Landscape

Stringent Government Regulations Over Approval for Animal Drugs to Restrict the Market Growth.

Strict government regulations on approval of animal drugs are likely to hinder the market growth. All animal drugs require approval from the U.S. Food and Drug Administration for sale in the U.S. According to the Animal Health Institute, the development of a new animal drug can take up to 10 years and cost more than USD 100 million before approval. A new vaccine takes three to five years to develop and costs around USD 80 million. According to the World Health Organization (WHO), West Nile virus, a single-stranded RNA virus can cause severe disease and death in horses. In addition, the improved animal healthcare system for early diagnosis, detection and treatment of diseases will further fuel the segment progression.

In this report, the market has been segmented on the basis of:

Animal Health Market by Type, 2023-2029, (USD Billion), (Thousand Unit)

• Companion Animal
• Livestock Animal

Animal Health Market by Product 2023-2029, (USD Billion), (Thousand Unit)

• Pharmaceuticals
• Feed Additives
• Vaccines

Animal Health Market by End User, 2023-2029, (USD Billion), (Thousand Unit)

• Clinics
• Animal Care and Rehabilitation Centers
• Diagnostic Centers
• Others

Animal Health Market by Distribution Channel, 2023-2029, (USD Billion), (Thousand Unit)

• Retail Pharmacy
• E- Commerce
• Hospital Pharmacy

Animal Health Market by Region, 2023-2029, (USD Billion), (Thousand Unit)

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Important Countries in All Regions Are Covered.

Key Target Audience

• Pharmaceutical Industries
• Medical Sectors
• Healthcare Sectors
• Research Organizations
• Institutional Players
• Investors
• Regulatory Authorities
• Others

Some Important Points Answered in this Market Report Are Given Below:

• Outline of product portfolio including product development, planning and positioning
• Details key operational strategies focusing on R&D strategies, corporate structures, localization strategies, manufacturing capabilities, and financial performance of various companies.
• Detailed analysis of market returns over the forecast period.
• Examine different market prospects using Porter's Five Forces Analysis, PEST and SWOT analysis.
• Study of the segment expected to dominate the market.
• A study on analysis of regions projected to register the highest growth during the forecast period.

Read Exactitude Consultancy's research report on the global healthcare industry-> https://exactitudeconsultancy.com/product-category/life-sciences/healthcare/

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