Animal Health Market Dynamics, Landscape And Latest Trends Report 2030

Animal Health Industry Overview

The global animal health market size was valued at USD 39.9 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030.

The market is largely driven by a significant rise in demand for protein food and an increase in the incidence of zoonotic and food-borne diseases globally. This unprecedented rise in disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals. The high demand has also resulted in a subsequent increase in the number of companies undertaking consistent efforts to control pathogen contamination risks and food-borne diseases, which is contributing to market growth. In addition, the rising number of government initiatives to promote animal health products is presumed to drive the overall market.

Gather more insights about the market drivers, restrains and growth of the Global Animal Health Market

North America animal health market size, by product, 2020 - 2030 (USD Billion)

In spite of disruption due to the COVID-19 pandemic, the animal health industry witnessed steady growth. The trend for telemedicine has witnessed significant growth during the pandemic. Online channels such as eCommerce are the most preferred distribution channels by pet owners for purchasing vet products and pet food. According to the UN Department of Economic and Social Affairs, the global population is approximately 7.3 billion and it is anticipated to reach around 9.7 billion by 2050; of which, 795 million people are undernourished, as per the estimations of the International Fund for Agricultural Development (IFAD). The aforementioned statistics exemplify the urgent requirement to expand the food supply through large-scale adoption of livestock.

The heightened production of animal-based food products will lead to a significant price reduction, facilitating easy access to food at affordable prices. The market for animal health is also driven by technological advancements in veterinary health care, and this is anticipated to offer future growth opportunities. These advancements include the advent of efficient information management systems, animal owner mobile technology, and vaccine banks. Growing focus on innovation in animal health has given rise to certain measures that are strengthening market growth prospects. For instance, the Innovative Medicines Initiative (IMI) is a public-private partnership to support collaborative research to boost innovation in veterinary pharmaceuticals in Europe.

The economic downturn is relatively lower in animal health as compared to others. There will be a shift in business models for veterinarians in post-pandemic situations. Traditional veterinary practices generate the majority of their revenues from selling high-margin products like pharmaceuticals. However, as the adoption of telehealth has been on rising the demand for knowledge, expertise and consulting solutions will increase.

Browse through Grand View Research's Animal Health Industry Research Reports.

  • Veterinary Telehealth Market - The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030.
  • Veterinary Telemetry Systems Market - The global veterinary telemetry systems market size was estimated at USD 271.9 million in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.59% from 2022 to 2030.

Market Share Insights

  • August 2021: Elanco closed the acquisition of Kindred Biosciences. With this acquisition, Elanco strengthened and accelerated its innovation, portfolio, and productivity (IPP) strategy, and positioned itself to bring solutions for veterinarians and animal owners in areas of under-served or unmet medical needs.
  • April 2021: Hester Biosciences launched a range of herbal veterinary products.
  • February 2021: Merck Animal Health completes the acquisition of Poultry Sense Ltd to expand its vertical in the poultry business and have technology in health and environmental monitoring solutions.
  • July 2020: Merck Animal Health ramped up its animal vaccine production capacity with a USD 100 million investment in its Kansas manufacturing site. These types of initiatives are anticipated to fuel market growth in the coming years.

Key Companies profiled:

Some prominent players in the global animal health market include

  • Merck Animal Health
  • Ceva Santé Animale
  • Vetoquinol S.A.
  • Zoetis
  • Boehringer Ingelheim GmbH
  • IDEXX
  • Elanco
  • Heska Corporation
  • Virbac
  • Braun Vet Care
  • Covetrus
  • DRE Veterinary
  • Televet
  • Mars Inc.
  • Phibro Animal Health Corporation
  • Dechra Pharmaceuticals PLC
  • Bimeda, Inc.
  • Midmark Corporation
  • Thermo Fisher Scientific, Inc.
  • IDVet

Order a free sample PDF of the Animal Health Market Intelligence Study, published by Grand View Research.

Comments

Post a Comment

Popular posts from this blog

India Electric Vehicle Market Competitive Landscape Report to 2028

Image
India Electric Vehicle Industry Overview The India electric vehicle market size was valued at USD 220.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 94.4% from 2021 to 2030. The attractive incentives being offered by the Indian government on the production and purchase of electric vehicles to encourage the adoption of electric vehicles are anticipated to drive the growth of the market over the forecast period. The outbreak of the COVID-19 pandemic triggered a significant decline in the overall sales of passenger and commercial vehicles in 2020. However, the sales of electric vehicles in India remained unaffected. The post-lockdown sale of pure and hybrid electric vehicles is a prominent driving factor for the electric vehicle market in India. The stringent GreenHouse gas (GHG) emission norms drafted by the government, such as the Bharat Stage (BS) VI emission standards introduced by India’s Ministry of Road Transport and Highways (MoRTH), are a
Read more

Cyber Security Market 2030 - Advanced Solutions for Modern Businesses

Image
Data breaches, malware, and hacking attempts are all too common, forcing businesses and individuals to prioritize cybersecurity market  trends. The internet has become an essential part of our lives, and with it comes the ever-present threat of cyberattacks. Within the struggles of integrity, privacy, and trust, the domain of cybersecurity thrives with firewalls, encryption keys, and neural networks that safeguard our interconnected existence. The Market Landscape This blog explains the core of the cybersecurity market, examining its growth, challenges, and the valiant defenders who shield the virtual world. Numbers Beyond 0 & 1: The global cyber security market is no mere niche; it’s a thriving ecosystem fueled by relentless innovation and escalating threats. According to recent reports, here are the key figures: In 2023, the market was estimated at a staggering  USD 222.66 billion , growing at a projected compound annual growth rate of 12.3% from 2024 to 2030. By 2030, th
Read more

LiDAR Market Historical Data & Forecasts 2030

Image
LiDAR Industry Overview The global LiDAR market size was valued at USD 1.81 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.8% from 2022 to 2030. The technological advancements in spatial resolution of LiDAR-based digital terrain models are providing better accuracy in applications such as change detection on hillsides, water runoff for agriculture or mining sites, and inland waterways. The growth of the market is attributed to the rising automation in LiDAR to reduce human efforts and increase efficiency. Gather more insights about the market drivers, restrains and growth of the Global LiDAR Market   The rising demand for 3D imagery in application areas such as military & defense, topographical surveys, civil engineering, and corridor mapping is expected to drive the market growth over the forecast period. Textured 3D imagery is applied in applications such as 3D mapping, city planning, and corridor mapping. The installation of advanced
Read more