The Global Animal Health Market size was valued at USD 38.5 billion in 2017 and is expected to grow at a strong 5.7% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). Animal health is concerned with treating and preventing animal diseases. Animal health is a valuable part of veterinary science, as conservation of a country’s animal supplies has become increasingly important in recent years. Thus, animal health plays an important role in ensuring the safety of a country’s food supply.
Growing awareness about pet health and the rising population of pet animals is also likely to be a major driver for the global animal health market. Pets have become increasingly popular in urban areas around the world, as people have started to turn to pets to give them companionship and affection. The rising number of people choosing to not reproduce has also affected the pet population positively, as many people look to pets to fill the void left by the absence of children.
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The rising incidence of zoonotic diseases is likely to be a major driver for the global animal health market over the forecast period. Zoonotic diseases can affect large animal populations and can wipe out significant chunks in no time. This affects the food supply security of a country. This has led to growing awareness about zoonotic diseases. Zoonotic diseases such as avian flu and swine flu have the potential to affect humans and wipe out large swathes of the human population. Growing awareness about such diseases has led to growing expenditure on animal health in recent years.
Pet adoption comes with many responsibilities, pet care being among the most important of them. Pets need regular medical checkups just like humans, and diseases can affect pets as well. This has driven the demand for animal health services in urban areas around the world. The growing pet population around the world is likely to remain a major driver for the global animal health market over the forecast period.
Animal Health Market Segmentation:
The global animal health market is segmented on the basis of animal type, product type, route of administration, distribution channel, and region.
On the basis of animal type, the animal health market has been classified as farm animals and companion animals. The farm animal segment has been further divided into poultry, swine, cattle, sheep & goats, and others. The companion animal segment has been further classified into dog, cat, equine, and others. The farm animals segment is expected to dominate the global animal health market over the forecast period due to the higher expenditure required on farm animals than on companion animals. The poultry segment dominates the farm animal segment due to the high volume of poultry farming around the world.
The animal health market, by product, has been segmented into pharmaceuticals, vaccines, and feed additives. Pharmaceuticals segment has been sub-segmented into parasiticides, anti-infectives, anti-inflammatory, analgesics, and others. The vaccines segment has been further segmented into live attenuated vaccines, DNA vaccines, recombinant vaccines, inactivated vaccines, and others. The vaccines segment dominates the animal health market by product.
Based on route of administration, the animal health market has been segmented into oral, parenteral, topical, and others.
The animal health market, by distribution channel has been segmented into veterinary hospitals & clinics, retail, e-commerce, and others.
Animal Health Market Competitive Leaderboard:
Leading players in the global animal health market include Zoetis, Virbac, Vetiquinol SA, Nutreco NV, Merck Animal Health, Eli Lilly, Elanco, Ceva Sante Animale, Boehringer Ingelheim GmbH, and Bayer AG. Leading players in the animal health market are mainly engaged in widening their product portfolios to include treatments to a wider range of diseases and conditions.
Animal Health Market Regional Outlook:
The Americas market is expected to dominate the global animal health market over the forecast period, followed by Europe. The high awareness about animal health in North America is the major driver for the Americas market.
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