Press release
Animal Health Market Outlook 2024: Exclusive Report By The Business Research Company | Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Boehringer Ingelheim International GmbH
Animal Health Market Characteristics
The Business Research Company offers in-depth market insights through Animal Health Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The animal health market size has grown strongly in recent years. It will grow from $50.99 billion in 2023 to $55.73 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to globalization of food supply chains, intensification of livestock farming, increase in zoonotic diseases, regulatory compliance and standards, preventive healthcare emphasis..
The animal health market size is expected to see strong growth in the next few years. It will grow to $76.07 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to focus on aquaculture health, one health approach, global efforts in disease surveillance, expansion of pet insurance, crisis preparedness in animal agriculture, globalization of animal health products.. Major trends in the forecast period include technological integration in diagnostics, biotechnology and genomics, adoption of telehealth services, digitalization of supply chain and distribution, collaborative research initiatives..
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Market Segmentation:
The animal health market covered in this report is segmented -
1) By Product: Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics , Equipment And Disposables, Other Products
2) By Animal Type: Commercial, Companion
3) By Route Of Administration: Oral, Parenteral, Topical
4) By End-User: Veterinary Hospitals And Clinics, Animal Care And Rehabilitation Centers, Diagnostic Centers
Major Driver - Rising Zoonotic Disease Prevalence Drives Growth In The Animal Health Market
The increasing prevalence of zoonotic diseases will support the growth of the animal health market going forward. Zoonotic diseases can be defined as infectious diseases that can be transmitted between different animal species to humans or from humans to animals. Monitoring and safeguarding animal health using different methods helps in controlling zoonosis and can help in protecting public health. For instance, according to World Health Organization, a Switzerland-based specialized agency of the United Nations, in Africa, there was an increase of 63% in the number of zoonotic outbreaks from 2012-2022 as compared to last decade. Zoonotic diseases cause 2.5 billion cases of human illness and 2.7 million human deaths every year globally. Therefore, the increasing prevalence of zoonotic diseases will propel the animal health market.
Competitive Landscape:
Major companies operating in the animal health market report are Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Boehringer Ingelheim International GmbH, Ceva Sante Animale, Heska Corporation, Vetoquinol SA, Virbac, Bayer AG, Novartis AG, Biogenesis Bago, Intervet International BV, IDEXX Laboratories Inc., Hester Biosciences Ltd., Intas Pharmaceutucals Ltd., Dechra Pharmaceuticals, Kindred Biosciences, Phibro Animal Health Corporation, Neogen Corporation, Norbrook Laboratories, Huvepharma EOOD, Abaxis Inc., ECO Animal Health Group, Hipra, Zoetis Inc., Kemin Industries, DeLaval, Troy Laboratories, Parnell Pharmaceuticals, Ceva Sante Animale, Bimeda Inc., Animalcare Group, PetIQ, AdvaVet Inc. .
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Top Trend - Revolutionizing Animal Care With Latest Technologies Propel Advancements In The Animal Health Market
Technological advancements are the key trends gaining popularity in the animal health market. Major market players are concentrating their efforts on introducing new and advanced technologies to strengthen their position in the market. For instance, in April 2022, Elanco Animal Health Incorporated, a US-based animal health company, and Ginkgo Bioworks, a US-based biotechnology company, launched October 2022, Merck Animal Health, a US-based company that develops, manufactures, and markets a broad range of veterinary medicines and services launched Animo GPS, an activity and behaviour monitor for dogs with GPS tracking capabilities. The product enables real-time tracking with position updates starting every five seconds when in 'Lost Dog Mode' and may notify pet owners within 20 seconds if their dog exits its assigned 'Safe Zone. Smart technology is used by Animo GPS to track a dog's individual activity levels and behaviour within an intuitive mobile app. Data on barking, scratching, shaking, and sleep duration are all recorded by the device. If there are any major changes in these behaviours, it can utilize an adaptive algorithm to analyze this information and issue an alert via the app.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Animal Health Market Characteristics
3. Animal Health Market Trends And Strategies
4. Animal Health Market - Macro Economic Scenario
5. Animal Health Market Size And Growth
…..
27. Animal Health Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Merck
Bayer Animal Health
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