Global Animal Health Market: A Projected Growth of ~4% Anticipates a $49 Billion Valuation by 2026

 


Increasing customer awareness of animal health products, rising demand for protein-rich foods such as meat, milk, eggs, and fish, increasing incidences of zoonotic and food-borne diseases, an increasing trend of companion animal adoption, and rising investments in research and development of medications and vaccines for animal care are a few of the primary drivers driving the global animal health market

Animal health is a medical speciality that focuses on the prevention, detection, management, and treatment of animal diseases, disorders, and injuries. It includes a diverse variety of animal species, both domesticated and wild, as well as a diverse range of illnesses that affect many species. It comprises the right use of immunizations, anti-infective and anti-parasitic drugs, pharmaceutical specialty items, performance technologies, and value-added programs such as livestock data management software to care for animals.

Technological Advances in the Animal Health Market

Scientific discoveries, inventions, and evolving technology have expanded our capacity to foresee, prevent, diagnose, and treat animal illness more quickly, precisely, and safely. Veterinary researchers and developers continue to break new ground in lowering disease transmission and effect as a result of the development of novel drugs and vaccinations for animal health. Several technological breakthroughs have lately been made to improve animal welfare, including:

  • In April 2022, Zoetis announced its latest innovation in diagnostics with the addition of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM
  • In June 2021, Vetoquinol announced the launch of a new device called Phovia for faster skin recovery in dogs and cats

“A new wave of innovation from smart sensors that continually monitor vital signs and AI-driven prediction technologies to mRNA vaccines, feed supplemented with health-boosting ingredients, and many more scientific advances offer enormous potential for better animal health.” - President, Global Operations, Animal Health Company, United States

Increasing use of companion animals for companionship and community is boosting the animal health market

Pet ownership has skyrocketed all around the world. More than half of households in major markets now own a pet, with the figure climbing to more than 80% in countries such as Brazil and Argentina. This reflects an increasing awareness that pets are more than simply companions; they also give tangible benefits to our health and happiness. Furthermore, pet owners are more likely to become familiar with their surroundings than non-pet owners, which may lead to higher community engagement and enhanced quality of life and relationships. Increased pet ownership is expected to increase the usage of parasiticides, antimicrobials and antibiotics, immunizations, feed additives, and growth promoters in the coming years.

Explore Accurate Animal Health Market Insights @ https://www.globenewswire.com/en/news-release/2022/06/20/2465466/0/en/Global-Animal-Health-Market-is-expected-to-grow-at-a-rate-of-4-to-reach-49-billion-by-2026.html

North America is expected to maintain its dominance in the animal health market in the coming years

Geographically, North America has a substantial share of the animal health market. This may be attributed to an increase in the number of pet owners in this area – more than 67% of American homes own pets -, an increase in the incidence of zoonotic infections, technological advancements, and increased research and development activities by significant enterprises in this region.

Competitive Landscape Analysis of the Animal Health Market

Some of the Major Companies operating in the market include Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.

Companies Adopting Aggressive Growth Strategies to Increase their Animal Health Market Share

To gain market share, players in this market use both organic and inorganic growth tactics such as partnerships, acquisitions, investment, and new product releases. In June 2022, for example, Boehringer Ingelheim and CarthroniX announced a research cooperation to develop small molecule therapies in canine cancer. The cooperation will focus on discovering novel compounds that can be used to treat cancer in dogs.

Get A Detailed Analysis and Accurate Insights on Animal Health Market @ https://meditechinsights.com/animal-health-market/

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