Animal Healthcare Market is expected to grow with a CAGR 4.3% from 2022 to 2028
As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Animal Type, Product, Distribution Channel, End Use, and Region); the Global Animal Healthcare Market accounted for USD 141.2 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Animal Healthcare Market”
The market is essentially driven by a significant rise in demand for protein meals and an increase in the incidence of zoonotic and meal-borne illnesses globally. The remarkable rise in disease prevalence has prompted companies to provide advanced vaccines and pharmaceuticals. The excessive demand has additionally ended in the next growth with the quantity of corporations venture constant efforts to govern pathogen infection dangers and meals-borne illnesses that are contributing to market growth.
The market is flourishing on account of rapid technological advancements and increasing research and development activities in the veterinary pharmaceutical industry. With the help of advanced technological systems, data made in veterinary clinics can be uploaded on the internet and shared with other researchers and clinicians.
Growing R&D spending on drug and vaccine development will spur segment growth:
The pharmaceuticals segment in the animal healthcare market is projected to grow because of the increasing demand and supply of vaccines, drugs, and medicated feed additives. The rising prevalence of zoonotic diseases, rising feed production, and growing awareness by consumers regarding animal well-being are some of the major factors promoting demand for pharmaceuticals in the market.
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) due to rising digitalization, convincing for consumers, and preference for e-commerce channels owing to discounted prices of medicines. An additional benefit of ordering medicines from an online platform is uninterrupted medication supply as they can be pre-ordered by the consumer itself.
Some of the key players in the Global Animal Healthcare Market include- Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim GmbH, Elanco, IDEXX, Heska Corporation, Covetrus, DRE Veterinary, Mars Inc., Virbac, Televet, Phibro Animal Health Corporation, B.Braun Vet Care and others.
Browse the full Report - Animal Healthcare Market Size, Share & Trends Analysis Report by Animal Type (Production Animal, Companion Animal), by Product (Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics), by Distribution Channel (Retail, E-Commerce, Veterinary Hospitals & Clinics), by End-Use (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals & Clinics, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)