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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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
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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.
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