Animal Health Market Overview:
The global report on the animal health market is projected to score past the expected valuation with a 5.7% CAGR during the forecast period of 2018 to 2023. Market research Future (MRFR) includes several factors in the study to make the procedures more comprehensive.
The global market has several factors that can boost the market outcome. Among these, the rising concern related to zoonotic diseases would considerably impact the market. This would be possible due to the growth in awareness level. Several countries have increased their animal health expenditure to back the research and development projects as they have realized that the field requires ample attention to ensure the standard of human health. The animal health market share is expected to benefit from such interplay. Hike in funding has also improved scope for animal health market research.
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The high cost of procedures and lack of veterinary support in underdeveloped regions can deter the animal health market growth.
Animal Health Market Segmentation:
The global animal health market, as discussed by MRFR analysts, includes animal type, route of administration, product, and distribution channel. These segments are loaded with inputs and insights that have been backed by figures and charts to reveal reliable data that can be used to process various strategic moves.
By animal type, the study on the animal health market includes farm animal and companion animal. The farm animal segment encompasses sheep & goats, swine, cattle, poultry, and others. This segment would lead to the global market. The companion animal segment comprises equine, dog, cat, and others.
By product, the animal health market includes vaccines, pharmaceuticals, and feed additives. The pharmaceuticals segment covers anti-infectives, analgesics, anti-inflammatory, parasiticides, and others. The vaccines segment covers DNA vaccines, inactivated vaccines, recombinant vaccines, live attenuated vaccines, and others. It would register the fastest CAGR during the forecast period.
By route of administration, the animal health market includes parenteral, topical, oral, and others.
By distribution channel, the animal health market covers aspects of retail, e-commerce, veterinary hospitals & clinics, and others.
Animal Health Market Regional Analysis:
The global animal health market is getting amply backed by the changes taking place in the Americas. The rising pet ownership, increasing funding for research, and development in infrastructure are expected to boost the regional market. Asia Pacific would emerge as the fastest-growing region as countries like India, China, Japan, and others would inspire the market.
Animal Health Market Competitive Landscape:
The global animal health market is on a path to make a profit from various animal health market trends. The animal health market share by company would get boosted by the strategic implementations initiated by top companies like Boehringer Ingelheim GmbH, Bayer AG, Elanco, Eli Lilly, Ceva Sante Animale, Nutreco N.V., Vetiquinol SA, Merck Animal Health, Zoetis, Virbac, and others. These companies are making their presence felt using tactical moves like mergers, acquisitions, and collaborations to ensure a better portfolio. In addition, the market is getting motivated by branding, launching, innovations, and spurring investment in the research and development sector. These factors can boost progress.
Animal Health Industry News:
Merck Animal Health announced that they had reached an agreement with Virbac to get hold of the U.S. rights for Sentinel Flavor Tabs (milbemycin oxime/lufenuron) and Sentinel Spectrum Chews (milbemycin oxime/lufenuron/praziquantel) at a price around $400 million. This acquisition would be a big boost for its portfolio as this will empower Merck Animal Health with a comprehensive range of products that deals with the seven most common parasites to affect dogs: roundworms, hookworms, ticks, fleas, tapeworms, whipworms, and heartworms.
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