Top Players Covered in the Animal Health Market Research Report are Emergent BioSolutions, Inc., Boehringer Ingelheim International GmbH, Novartis AG, Virbac , Intervet Inc., Bayer AG, Zoetis, Ceva, Merck KGaA & Co., Inc., IDEXX Laboratories, Inc., CSL Limited, Elanco and other key market players
Pune, India, Feb. 23, 2021 (GLOBE NEWSWIRE) -- The global animal health market size is anticipated to reach USD 67.56 billion by 2026 owing to the increasing number of animal health issues worldwide. Animals have always been of immense help to man either as companions or as livestock. With time, man starting adopting animals and keeping them as pets. Animals, alike humans, are susceptible to infections and diseases and require medical aid. 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 and is anticipated to rise at a CAGR of 6.3%.
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Key Industry Development of the Animal Healthcare Market Include:
May 2019 – The Food and Drug Administration permitted a regulatory approval for OxyMed LA product offerings to Bimeda, Inc. The product under this offers treatment of shipping fever complex and pneumonia for cattle, along with bacteria enteritis.
Objectives of the Report
The report on the veterinary healthcare market is based on qualitative and quantitative analysis of factors driving, repelling, and challenging the market. It also provides a well-presented segmentation of the market based on factors such as product, animal, end user, and region. Additionally, the report offers insights about key industry developments and recent innovations in the market with the list of market names and the blueprints chalked out by them to stay ahead of the market competition. Furthermore, the report lists the current animal healthcare market trends and opportunities and is available for sale on the company website.
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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.” Zoonotic diseases can be transmitted from animals to humans; a few of which include bubonic plague, salmonellosis, anthrax, rabies, and West Nile virus. Besides this, the rise in the number of animal healthcare clinics worldwide will also drive the market.
Presence of Advanced Teams for Research and Development Activities Will Aid Growth of the Market in North America
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.
This is attributable to the presence of numerous animal health centers and technologically advanced team for research and development of novel therapeutics. Besides this, the rise in the number of pet owners and their rising concern for maintaining the health of their pets will help in the expansion of the market.
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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.
The launch of new animal health service products such as the ones mentioned above will help players compete for the top position in the market competition. Besides this strategy, vendors are also investing in business expansion across various regions to strengthen their position across all geographies.
MajorCompanies in Market are as follows:
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