Global Animal Healthcare Market- Industry Trends & Forecast Report 2027 - PDF document

Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period Global Animal Healthcare Market - Industry Trends & Forecast Report 2027 Summary Global Animal Healthcare Market, By Product Type (Feed Additives, Pharmaceuticals, Vaccine), By Animal Type (Livestock animals, Companion animals), By Distribution Channel (Pharmacies, Online, Distributors), By Region (North America, Europe, Asia - Pacific (APAC), Latin A merica (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that the global animal healthcare market was worth USD 49.1 billion in the year 2020. The market is further estimated to grow at a CAGR of 7.6%, earning revenue of around USD 81.4 billion by the end of 2027. T he main driving factors for the animal healthcare market are increased adoption of companion animals, increased consumption of meat and milk, and increased incidence of food - borne zoonotic diseases . Animal healthcare is a thriving industry that meets the n eeds of livestock and companion animals to keep them healthy. Currently, several well - known companies are working to provide healthcare services and solutions for different animals. The animal healthcare business has seen numerous technological and scienti fic advances over the past few years. Furthermore, regulatory bodies have made it mandatory to immunize companion animals, which will lead to the expansion and deep penetration of animal healthcare . View report Press release Sample report Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period Global Animal Healthcare Market - Industry Trends & Forec ast Report 2027 The global animal healthcare market was worth USD 49.1 billion in 2020 and is further projected to reach USD 81.4 billion by the year 2027, growing at the CAGR of 7.6% in the forecast period. The increasing veterinary service providers and private companies that concentrate on animal health care and focus on developing products and services for companion animals in the health care sector are driving the growth of the animal healthcare market worldwide. Furthermore, various technological adva ncements and constant research and development are further propelling the market growth. Global Animal Healthcare Market - Overview Animal healthcare is conserving, directing, and safeguarding animals against disease, as well as providing them with necessary veterinary services in order to increase their longevity and yield. It is a prosperous industry that takes care of the needs of l ivestock and companion animals to remain healthy. Animal vaccinations provide protection against illness by forming a protective barrier that prevents humans from coming into contact with their animal's pathogens, which play a major role in the transmissio n of diseases to humans. Presently, various recognized companies are progressively aiming at the development of healthcare services and products for different animals. Global Animal Healthcare Market Forecast and Trends Growth Drivers Growing animal husbandry around the world Animal husbandry significantly contributes to the GDP of emerging nations around the world. Because agriculture is the primary source of income in underdeveloped and emerging countries. However, with the increased emphasis on the quality of animal products and the entry of large and small companies into the field, animal husbandry has become technology - driven. As a result, there is a greater awareness of the need to manage outbreaks of new and old animal infections. As a result, the animal healthcare market is on the rise. As a result, the animal healthcare market is witnessing an upswing. Increase in pet adoption rates Pet adoption for companionship has increased dramatically over the last decade, particularly among the elderly. People adopt pets mostly for companionship, and there has been a considerable transition from being pet owners to becoming pet parents. The growing number of pets and the rapidly changing implications of technology is driving the animal healt hcare market globally. Increasing disposable income in developing countries and introducing animal - specific products will also boost the overall demand from the animal healthcare industry in the foreseeable future. These are some of the factors powering th e growth of the market. Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period Restraints The high price of veterinary Drug Veterinary drugs are highly expensive as the authorization process for a drug is highly regulated. The process of getting a chemical to a saleable product, governmental supervision, finan cially exhausting, scientifically accurate, and valid method directly influences the cost of the drug. In a broad field of science and technology, all major drug companies employ experts due to which cost rises. This may hamper the market growth of the ani mal healthcare market. Impact of COVID - 19 on Global Animal Healthcare Market The global animal healthcare market is one of those industries which significantly flourished after the breakout of COVID - 19. This is because the virus emerged from livestock inte nded for human consumption and spread fast over the world, impacting millions of people. As a result, increased awareness regarding animal health and virus prevention has led to the growth of the animal healthcare sector. Furthermore, governments from vari ous nations are beginning to develop regulatory measures to ensure that livestock animals are free of infection and safe for human consumption. Global Animal Healthcare Market - By Product Type Based on product type, the global animal healthcare market is segmented into feed additives, pharmaceuticals, and vaccines. Among these, the feed additives segment is expected to dominate the market in the forecast period due to their use as prevention of disease rather than cure of animal disease. Additives to feed are further divided into food and therapeutic additives. The rising development of feeding stuff is also one of the driving forces for market growth. Global Animal Healthcare Market - By Animal Type Based on the animal type, the global animal healthcare ma rket is segmented into livestock animals and companion animals. The livestock animal segment dominated the market in previous years and is expected to maintain its dominance even in the forecast period. Due to the increase in the adoption of livestock anim als to meet the demand for animal - based products, the livestock segment is booming. Among livestock animal poultry, fish, sheep, and cows held the largest revenue in the animal healthcare market. Individuals' rising income levels, together with adherence t o recent trends, contribute to an increase in the number of livestock animal adoptions, which, in turn, leads to an increase in the need for companion animal healthcare services. Global Animal Healthcare Market - By Distribution Channel Based on the distri bution channel, the global animal healthcare market is segmented into pharmacies, online, and distributors. The pharmacies segment is expected to dominate the animal health care market in the forecast period. The growing number of animal surgeries will dri ve the demand for the section due to the rising awareness of animal health and wellness. Also, the availability of modern and technologically advanced instruments in veterinary pharmacies would accelerate the growth of the market. Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period Global Animal Healthcare Market - Regional Insights Geographically, the global animal healthcare market is segmented into North America, Europe, Asia - Pacific, Latin America, Middle - East & Africa. North America is expected to dominate the region during the forecast period due to fa ctors such as housing enormous meat and milk - yielding animal populations, rising demand for protein - rich diets, and higher instances of animal disease. Asia - Pacific will be the fastest - growing region mainly due to factors such as the increasing prevalence of zoonotic disease, the presence of major market players involved in the manufacture of animal health products, and compulsory animal immunization by regulatory agencies, as well as higher disposable income for keeping companion animals. Competitive L andscape The leading market players in the global animal healthcare market are Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players. The leading industry playe rs invest considerably in R&D in order to create and offer new and improved products. Global and regional market players dominate the market, and are also seeking to increase their distribution networks to make their products more accessible. Recent Develo pment l In May 2021, Anivive, a pharmaceutical company that uses AI software for developing novel therapeutics for pets, announced its collaboration with MWI Animal Health, a leading distributor of animal health products. Through this collaboration, Anivi ve aims to accelerate the distribution of their first oral canine lymphoma treatment called ‘LAVERDIA - CA1’. l In February 2021, Neogen Corporation, a US - based food safety company, announced the relaunch of FDA - approved ‘ThroKare’ (levothyroxine sodium tablets) as replacement therapy for diminished thyroid function in dogs. Scope of the Report Attributes Details Y ears Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period Facts Covered Revenue in USD Million Market Coverage North America, Europe, the Asia - Pacific, Latin America, and the Middle East and Africa Product Service/Segmentation By Product Type, By Animal Type, By Distribution Channel, By Region Key Players Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals PLC, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsung en AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players. By Product Type Ø Feed Additives Nutritional Feed Additives Medicinal Feed Additives Ø Pharmaceuticals Anti - infective Antibiotics Anti - Inflammatories Ø Vaccine By A nimal Type Ø Livestock animals Ø Companion animals By Distribution Channel Ø Pharmacies Ø Online Ø Distributors Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period By Region Ø North America Ø Europe Ø Asia - Pacific (APAC) Ø Latin America (LATAM) Ø Middle - East & Africa (MEA) FAQs: 1. What is the current size of the global animal healthcare market? Answer: The global animal healthcare market reached USD 49.1 billion in 2020. 2. What are the major factors driving the growth of the global animal healthcare market? Answer: The major factors driving the growth of the global animal healthcare market are; growing animal husbandry around the world and an increase in pet adoption rates. 3. Who are the key players in the global animal healthcare market? Answer: The key players in the global animal healthcare market are: Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sant e Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players. 4. Which animal type segment accounted for the largest share in the global animal healthcare market? Answer: The livestock segment accounted for the largest share in the global animal healthcare market. 5. Which region is at the highest growth rate in the global animal healthcare market? Answer: North America has the l argest share in the global animal healthcare market. Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports b ased on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering qu ality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. 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