The market for animal healthcare is anticipated to grow from its 2023 valuation of US$ 40.9 billion to US$ 62.3 billion by 2033. Over the course of the forecast period, the sales of animal healthcare are anticipated to increase at a noteworthy CAGR of 4.3%. The following are some of the factors driving the demand for animal healthcare:
Monitoring animal health and preventing disease outbreaks are essential for the nation’s economic and food supply safety. Stable consumer pricing and a safe food supply are facilitated by the production of healthy cattle.
The focus on animal health guarantees that medical researchers and practitioners in both domains work together to stop illness outbreaks in different animals and deal with the root cause of their spread.
This is currently being utilized to eradicate additional diseases in the future after successfully managing fatal ones like avian flu.
Growing demands for food and feed, the production of animals bred for meat and dairy products, and large mergers and acquisitions between the veterinary sections of big corporations have all occurred in recent years.
Growth in the industry under study is being driven by a significant share of pet insurance investments in developed nations. But that investment is going toward funding improvements in animal health for the 750 million pigs and goats, 400 million cats, 500 million dogs, 1 billion cattle and sheep, and 24 billion chickens around the world.
Manufacturers are focusing on public awareness as their effective market strategy
To gain a competitive advantage, major corporations have implemented a variety of business strategies, including regional expansion strategies, mergers and acquisitions, and collaborative research initiatives. Several programs and initiatives are underway to raise public awareness and education about animal health and well-being. Among the world’s leading animal healthcare companies are Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic.
- Cadila Healthcare’s (Zydus Cadila’s) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL), sold its animal healthcare business for nearly INR 3,000 crore to a consortium led by Multiples Alternate Asset Management in May 2021.
- Hester Biosciences announced in April 2021 that it would begin developing research-based herbal products for poultry, cattle, sheep, goats, and swine.
Key Companies Profiled
Neogen; Zoetis; Merck; Boehringer Ingelheim; Elanco; Dechra Pharmaceuticals; IDEXX Laboratories; B. Braun Vet Care; and Medtronic
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Animal Healthcare Market Segmentation
Product Type:
- Feed Additives
- Pharmaceuticals
- Vaccines
Animal Type:
- Production Animals
- Companion Animals
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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