WESTFORD, Mass., July 16, 2024 /PRNewswire/ -- According
to SkyQuest, the global, Animal Health Market size was
valued at USD 58.28 billion in 2022
and is poised to grow from USD 63
billion in 2023 to USD 117.48
billion by 2031, at a CAGR of 8.1% over the forecast period
(2024- 2031).
Animal health refers to the overall healthcare services and
products associated with the care of animals. Rising pet ownership
and growing spending on animal healthcare are forecasted to be
prime factors driving animal health demand outlook. Growing use of
companion animals and rising investments in the development of new
veterinary care products are also slated to provide new
opportunities for animal health companies going forward. The global
animal health market is segmented into animal type, product,
distribution channel, end use, and region.
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Animal Health Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 63 Billion
|
Estimated Value by
2031
|
$ 117.48
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 8.1%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Animal Type, Product,
Distribution Channel, End Use, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Animal health awareness
remains prime focus for all market players
|
Key Market
Opportunities
|
Adoption of precision
animal husbandry practices
|
Key Market
Drivers
|
Growing demand for
preventive healthcare measures for animals will drive animal health
market
|
Segments covered in Animal Health Market are as
follows:
- Animal Type
- Production Animals (Poultry, Swine, Cattle, Sheep & Goats,
Fish), Companion Animal (Dog, Cat, Horse, Others)
- Product
- Biologics (Vaccines [Modified/ Attenuated
Live,Inactivated(Killed), Other Vaccines], Other Biologics),
Pharmaceuticals (Parasiticides, Anti-Infectives, Anti
-Inflammatory, Analgesics, other), Medicinal Feed Additives,
Diagnostics (Consumables, Reagents and Kits,Instruments and
Devices), Equipment & Disposables (Critical care Consumables,
Anesthesia equipment, Temprature Management Equipment, Rescue &
Resuscitation Equipment, Research Equipment, Patient Monitoring
Equipment), Others (Veterinary Telehealth, Veterinary Software,
Livestock Monitoring)
- Distribution Channel
- Retail, E-Commerce, Hospital/Clinic Pharmacy
- End-Use
- Veterinary Reference Laboratories, Point-of-care
Testing/In-house Testing, Veterinary Hospitals & Clinics and
Others
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Pharmaceutical Products to Promote Animal Health Estimated to
Bring in Major Revenue
Pharmaceuticals and drugs play a crucial role in the regulation
of animal health, and this is why this segment is the most
lucrative for all companies. The growing diversity of animal
diseases and rising demand for better treatment options are
projected to bolster the demand for animal health pharmaceutical
products in the future. High investments in the development of
novel animal health drugs and pharmaceuticals are also estimated to
help market growth via this segment going forward.
Meanwhile, rising awareness regarding animal health and the
growing demand for preventive healthcare among pet owners is
projected to make the diagnostic segment a highly attractive one.
Development of novel animal health diagnostic solutions and
services to promote preventive healthcare adoption among animals
should be the prime focus of new companies entering the animal
health market.
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(TOC):
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Adoption of Precision Animal Husbandry Practices to Promote
Demand of Animal Health
Rapidly increasing global population has led to a high demand
for food products and animal-based food products are a key part of
people's diet. Growing number of people moving toward livestock
farming to satisfy the surging demand for meat, dairy, and other
animal-based food products will also bolster the importance of
animal health among livestock farmers. Livestock segment is
estimated to emerge as the most opportune one for new as well as
established animal health companies in the future.
Veterinary Hospitals and Clinics Forecasted to Spearhead
Animal Health Demand
Most pet owners take their animals to veterinary clinics and
hospitals for their primary as well as tertiary animal health
needs. Growing number of veterinary hospitals and clinics around
the world is expected to help this segment account for a dominant
share of the global animal health market.
New companies should focus on the diagnostics and veterinary
clinics/hospitals segments to maximize their business scope and
compete with leading animal health providers.
Related Reports:
Animal Nutrition Market
Animal Wound Care Market
Animal Feed Market
Animal Diagnostics Market
Livestock Care & Treatment Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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