Animal Health Market Insights and Industry Analysis by Animal Type (Farm animal, Companion animal), Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral), Distribution Channel (Retail, E-Commerce), Competitive Market Size, Share, Trends, and Forecast to 2028
New York, US, June 30, 2021 (GLOBE NEWSWIRE) -- Animal Health Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Animal Health Market Information by Animal Type, Product, Route of Administration, Distribution Channel, and Region - Forecast till 2028”, the market is predicted to reach USD 99 Billion by 2028 registering a CAGR of 8.5%.
Animal health is related to the wellness of animals and is achieved by efficient control and prevention of animal diseases. The increase in the number of pet insurance policies, a rising rate of zoonotic diseases, a surge in the pet population, and increasing spending on animal health are some causes that can drive the growth of the worldwide animal health market. In addition, improvement in productivity, growing focus on food safety, and surge in pet ownership are other causes that can fuel the expansion of the market over the forecast tenure.
The growing inclination towards pet adoption can prompt the upsurge of the animal health market in the years to come. In addition, the introduction of effective pet health insurance policies can favor market growth.
The problems with a surge in the cost of animal health can hinder the animal health market growth. Moreover, the lack of effective infrastructure can challenge the rise of the animal health market.
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Some of prominent companies that are operating in the global digital pathology market are;
Boehringer Ingelheim GmbH
Ceva Sante Animale
Merck KGaA Animal Health
COVID 19 Analysis
As animals are observed to get COVID-19, the need for animal health solutions is surging in the present pandemic scenario. Furthermore, the increasing concern about pet owners and their decent income contributes to the growing adoption of effective animal healthcare solutions. Thus, the COVID 19 pandemic is observed to impact the global animal health market positively.
Browse In-depth Market Research Report (85 Pages) on Animal Health: https://www.marketresearchfuture.com/reports/animal-health-market-7163
The animal health market’s segment study is based on animal type, distribution channel, animal type, and route of administration.
The animal type-based segments of the animal health market are companion animal and farm animal. The segment of farm animal segment is further classified into poultry, cattle, swine, goats, and sheep others. The segment of companion animal is further classified into equine, dog, cat, and others.
The product-based segments of the animal health market are pharmaceuticals, feed additives, and vaccines. The segment of the pharmaceuticals studies parasiticides, anti-inflammatory, anti-infectives, and analgesics, among others. The segment of vaccines is segmented into recombinant vaccines, live inactivated vaccines, and attenuated vaccines, DNA vaccines, and others.
The route of administration-based segments of the animal health market is oral, topical, and parenteral others.
The distribution channel-based segments of the animal health market are retail, veterinary hospitals & clinics, and e-commerce, among others. However, the segment of farm animals is expected to secure the largest share of the market.
The Americas is likely to retain its hegemony in the global animal health market due to the upscaling demand for animal protein, growing focus on food safety, and improvement in production. In addition, the surge in pet ownership and increase in medicalization for pets can fuel the expansion of the worldwide market over the forecast term. For instance, as suggested by the American Pet Products Manufacturing Association (APPA), around 80% of all dog owners adopt effective drugs for treatment due to their growing concern. Thus, the surge in spending in expense for treatment of pets among people and the increasing demand for veterinary treatments, and the accessibility of equipment required for the treatment of animals can prompt the expansion of the animal health market in the Americas.
The European market is expected to be the second-largest animal health market. The market growth in this region can be attributed to the government support for research & development and rising pet population.
Asia-Pacific is expected to be the fastest-growing animal health market during the forecast period owing to increased pet adoptions, rise in the number of animal welfare programs, and growth in the population of companion animals. Moreover, country such as India and China are considering fastest growing region due to the presence of huge pet population.
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