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According to statistics made by Insure Insight, the global animal health market size is anticipated to hit $92.8 billion by 2029, expanding with a CAGR of 10.0% during the forecast period (2022 – 2029).
GLOBAL ANIMAL HEALTH MARKET – MARKET OVERVIEW
The global animal health market is impelled by technological advancements in veterinary care, as this is projected to offer lucrative opportunities for the market during the forecast period.
GLOBAL ANIMAL HEALTH MARKET – MARKET DYNAMICS
The increasing domination of zoonotic diseases and the rising penetration of e-commerce platforms facilitating online pharmacies are factors anticipated to drive market growth. Many emerging countries around the globe are focused on the high adoption of online pharmacies on account of various benefits such as comfort and slashed prices for ordered medications. The active participation of key market players in R&D innovations to produce technologically advanced products is another factor that will propel the growth of the global animal health market.
Top Driver: the rising government initiative for pet care globally, will drive revenue for the market
Government initiatives across the globe are focused on establishing and implementing stringent laws, and regulatory guidelines for animal healthcare. Animal adoption and protection, emergency healthcare facilities, enhanced treatment infrastructures and vaccines, birth control, and immunization programs for animal healthcare will drive the market value. Provision of financial assistance to animal shelters, and funding for veterinary research laboratories for containing severe zoonotic and foodborne diseases will significantly boost the market growth. For example, the Indian government commenced its National Livestock Mission (NLM) in 2014-15, which focuses on ameliorating quality feed and fodder, and sustainable improvements by minimizing the challenges faced by livestock such as the domination of diseases and other demanding factors. Furthermore, the implementation of laws on illegal poaching and killings of animals, and animal abuse will facilitate people to adopt animals, thereby driving market growth.
COVID-19 IMPACT ON THE GLOBAL ANIMAL HEALTHCARE MARKET
The SARS-CoV2 virus which appeared as an unknown pneumonia-like disease in December 2019, obtained the status of a global pandemic, by March 2020. Like all other industries, the life sciences sector is also severely hit by the COVID-19 pandemic. This was mainly caused by a drop in healthcare providers and reduced patient interactions as hospitals shifted their resources to COVID-19. As the hospitals moved their attention towards developing a pandemic cure, many patients around the world started avoiding health care facility visits and postponed preventative care, which in turn dampened the demand for non-COVID-19 products and trials. For instance, since April 2020 nearly 70% of clinical trials have been affected due to suspension of enrollment and almost 13% have experienced delayed trials. However, rapid change in strategy by major market players considering the existence of pandemic conditions will boost the market growth over the forecast period.
The pharmaceutical segment is anticipated to grow at a significant CAGR during the forecast period
Due to the increasing demand and supply of vaccines, drugs, and medicated feed additives, the market is expected to dominate the market during the forecast period. Furthermore, with the increasing domination of zoonotic diseases, increasing feed production, rising awareness amongst consumers regarding animal welfare, and rising R&D expenditures for drug and vaccine development, the market will witness significant growth. According to WHO, West Nile Virus can inflict severe disease and death on horses. Also, the enhanced animal healthcare system for early diagnosis, detection, and treatment of diseases will boost market growth.
The North American region possesses the largest share in the global animal healthcare market
The United States dominated the North American animal healthcare market and surpassed $49 billion in 2020 due to the significant rise in pet animal acceptance in the United States. According to the American Pet Products Association Inc. (APPA), about 67% of homes in the US owned a pet in 2019. Also, the US pet expenditure reached 96 billion in 2019 from 90 billion in 2018. Furthermore, according to the American Veterinary Medical Association (AVMA), the number of veterinarians in the US is estimated to be 125,000 by 2027. The increasing number of veterinarians will allow key market players to provide effective services across the country.
The global animal health market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;
Zoetis launched another recombinant vector vaccine called the Poulvac Procerta HVT-IBD vaccine in January 2021. This vaccine is for the protection of poultry against Infectious Bursal Disease (IBD).
Scope of the Report
Keys reasons to purchasing this report
It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2028 and which nation will lead the market in 2028?
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