Animal Health Market Overview To Record Robust Compound Annual Growth Rate By 2030
Animal Health Market Overview and analysis by animal type, by product, route of administration, distribution channel, and by region —forecast till 2030. According to Market Research Future (MRFR), the global animal health market is expected to acquire a significant market value while expanding at a CAGR of 7.6% during the review period from 2023 to 2030.
During the projection period, it is predicted that rising pet adoption and pet ownership would play a major role in driving the animal healthcare sector. Another factor that may increase demand for effective animal healthcare products and benefit the industry in the near future is probably the rising cost of pet insurance. The business for animal healthcare is also anticipated to grow as a result of the increased incidence of zoonotic diseases and the surge in demand for animal protein.
On the other hand, lack of awareness regarding animal health and high costs associated with animal health can hinder the market growth during the forecast period. However, the rising focus towards food safety for animals is expected to counter hampering causes that can boost animal healthcare growth.
Animal Health Market Players
· Boehringer Ingelheim GmbH
· Bayer AG
· Ceva Sante Animale
· Elanco
· Merck Animal Health
· Eli Lilly,
· Nutreco N.V.
· Virbac
· Zoetis
· Vetiquinol SA
· Others.
Market Segmentation
By product, animal type, distribution channel, and administration route, the global animal health market size is segmented.
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 describes 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.
Regional Analysis
Based on the region, the global animal health market trends is segmented into North America, Europe, Asia-Pacific, and Middle East & Africa.
According to the analysis conducted by MRFR, North America is anticipated to dominate the global market during the forecast period owing to the rising demand for animal protein. The growing focus on food safety and rising pet ownership is anticipated to augment the regional trade in the assessment period.
Due to rising pet ownership, Europe is predicted to be the second-largest market during the projection period. Another significant factor that is anticipated to improve the sector in Europe is the rising need for pet insurance. Furthermore, it is anticipated that the regional market will benefit from the increased attention on food safety.
The APAC region is projected to be the fastest-growing market during the assessment period due to the rising pet adoptions and surging pet population. The growing pet welfare programs are anticipated to be another salient cause, which can propel the regional market in the coming period.
The MEA region is anticipated to acquire a smaller market share during the assessment period owing to the lack of skilled veterinarians. Furthermore, poor medical facilities can hinder the regional market from growing.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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