Animal Health Market: Information by Animal Type (Farm animal, Companion animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce) — Global Forecast till 2027
The Animal Health Market to account for USD 99 Billion by 2028 registering a CAGR of 8.5% during the forecast period (2021–2028).
Market Highlights:
Animal health is medical term related to the wellbeing of the animals and achieved by efficient prevention and control of animal diseases. it is important with respect to pre-harvest food safety aspects.
The growing pet insurance, rising incidence rate of zoonotic diseases, growing pet population, and spending on animal health are the major factors driving the growth of the global animal health market. Additionally, improvement in productivity, rising focus toward food safety, and increasing pet ownership also fueling the growth of market during forecast periods. For instant, according to the data published in 2016 by the North American Pet Health Insurance Association (NAPHIA), the growth of the pet health insurance in North America was exceeded by 17.2% from 2014 to 2015.
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The expanded production of food goods dependent on animals would contribute to a major decrease in costs, facilitating quick access to food at competitive prices. Technological advances in veterinary health care are also pushing the industry, and this is projected to bring further opportunities for expansion. These developments include the introduction of powerful knowledge management systems, interactive technology for animal owners, and vaccine banks. In addition, the increasing emphasis on animal welfare advancement has given rise to some initiatives that are reinforcing business growth prospects.
Animal Health Market Segmentation
The segmental analysis of the global animal health market is done by-product, animal type, distribution channel, and route of administration.
The product-based segments of the global animal health market are vaccines, pharmaceuticals, and feed additives. The pharmaceuticals segment has been sub-segmented into anti-infectives, analgesics, parasiticides, anti-inflammatory, and others. The vaccines segment has been further segmented into DNA vaccines, inactivated vaccines, live attenuated vaccines, recombinant vaccines, and others.
The animal type-based segments of the global animal health market are companion animal and farm animal. The farm animal segment has been further segmented into swine, poultry, cattle, sheep & goats, and others. The companion animal segment has been further segmented into cat, dog, equine, and others.
The distribution channel-based segments of the global animal health market are retail, veterinary hospitals & clinics, e-commerce, and others. Among all segments, the farm animal segment is anticipated to acquire the largest market share during the forecast period. On the other hand, the vaccine segment is likely to witness the highest CAGR during the review period.
The route of administration-based segments of the global animal health market are parenteral, oral, topical, and others.
Animal Health Market Competitive Landscape
Some of the major players in the global animal health market are Bayer AG, Boehringer Ingelheim GmbH, CevaSanteAnimale, Elanco, Eli Lilly, Merck Animal Health, Nutreco NV, Vetiquinol SA, Virbac, Zoetis, and Others.
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