The global animal health market size accounted for USD 150 billion in 2022 and is estimated to reach USD 239 Bn by 2032, witnessing a CAGR of 4.9% from 2021 to 2031. The market growth is mainly driven by the substantial rise in demand for protein foods and also due to the increase in foodborne and zoonotic diseases across the globe.
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Key Takeaway:
By product, the pharmaceuticals segment accounted for the largest market share and dominated the market in 2022. By distribution channel, the hospital pharmacies segment dominated the global market with the largest revenue share of 52% and is expected to grow more during the forecast period of 2023 to 2032. By end-user, the veterinary hospitals and clinics segment dominated the animal health market by holding the highest revenue share in 2022. In 2022, North America dominated the market with the highest revenue share of 33.6%. Asia-Pacific will likely grow at a CAGR of 12.7% from 2023-2032. This unpredictable disease growth encouraged the companies to develop improved drugs and vaccines. The increase in demand has also led to an expansion in the number of companies consistently trying to alleviate the risk of foodborne diseases and pathogenic contaminations, which is likely to fuel the growth of the global animal health market.
Factors affecting the growth of the Animal Health Market
Several factors can affect the growth of the animal health market. Some of these factors include:
Increasing zoonotic and foodborne diseases: The market growth is mainly influenced by the rise in zoonotic and foodborne diseases, requiring animals to be admitted to veterinary hospitals and clinics. Rising investments: The companies are investing heavily to expand their production facilities, which is anticipated to impact the animal health market positively. Adoption of companion animals: Companion animals are being increasingly adopted due to the multiple health benefits and well-being it offers, as they are known to provide psychological stability, lower blood pressure, reduce the frequency of heart arrhythmias, and lowers anxiety attacks. Rising disposable income: The exponential rise in the animal health market is due to the rising disposable income, growing demand for pet nutrition as well as supply awareness. To understand how an Animal Health market report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/animal-health-market/#inquiry/
Top Trends in Global Animal Health Market
The increasing adoption of pets for companionship is a noteworthy trend in the animal health market. People are largely adopting pets for companionship, as well as there has been a significant shift in the trend from pet holders to pet parentages. Moreover, public-private partnerships are expected to strengthen the demand for animal care products due to increasing availability and awareness.
Market Growth
Increasing initiatives by governments of several regions to promote sales of veterinary products, rising adoption of companion animals, increasing awareness, and advanced diagnostics tests are expected to drive the market growth of animal health market positively.
Regional Analysis
North America dominated the market for animal health and accounted for the greatest revenue share of 33.6% in 2022. This growth is mainly influenced by the wide range of actions by governmental animal welfare groups that continuously work to improve animal health. Additionally, the market in this region is expected to rise due to technological developments and an increase in zoonotic diseases. It is predicted that numerous cooperative initiatives by significant corporations to improve their research & development capabilities and to guarantee high-quality standards will likely fuel the growth in this region. Moreover, the high disease burden in this region might also be the major driver for this overwhelming share.
On the other hand, the Asia Pacific market is expected to expand at the fastest CAGR. This is largely due to the major player in the field of animal health are constantly investing in research & development activities and are working to commercialize both generic and branded treatments at an affordable cost. In addition, the growing pet nutrition, as well as supply awareness, and rising disposable incomes are the key drivers of this exponential rise.
Source: globenewswire.com
Categories: New York, Livestock, Beef Cattle