Animal Health Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Distribution Channel (E-commerce, Pharmacy), By Product (Diagnostics, Feed Additives), By End Use, And Segment Forecasts, 2021 - 2028
New York, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Health Market Size, Share & Trends Analysis Report By Animal Type, By Distribution Channel, By Product, By End Use And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06020571/?utm_source=GNW
Animal Health Market Growth & Trends
The global animal health market size is expected to reach USD 74.5 billion by 2028 registering a CAGR of 5.9%. The market is driven by technological advancements in veterinary care. For instance, MediLabSecure, a laboratory network project (2014-2021), was initiated to identify emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future.
With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians.Incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence.
As a result of the aforementioned factors, it is presumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market growth.
North America captured the largest share of the global market owing to technological advancements, rising incidence of zoonotic diseases, an increasing number of pet owners, and a wide range of definitive measures adopted by welfare organizations. Asia Pacific is expected to exhibit the fastest CAGR over the forecast years as a result of consistent R&D investments by prominent players and their efforts to commercialize branded and generic therapeutics at competitive prices.
Key market participants employ sustainability strategies, such as expanding product portfolio, to gain a competitive advantage. For instance, in April 2019, Merck acquired Antelliq Corp., operational in the field of digital animal identification, traceability, and monitoring solutions. This acquisition helped the former company improve its veterinary vaccines and pharmaceutical solutions portfolio.
Animal Health Market Report Highlights
• The vaccines product segment is expected to exhibit lucrative growth due to a significant increase in the adoption of pets, which demands long-term health plans
• The companion animal type segment is anticipated to register the fastest CAGR from 2021 to 2028 owing to associated health benefits for humans, such as greater psychological stability and reduced anxiety attacks
• The retail and e-commerce distribution channels accounted for notable shares owing to factors, such as convenience associated with online platforms and an increasing number of retail pharmacies
• Point-of-care is the second-fastest-growing end-use segment. The growth is attributed to an increase in demand for productive animals and growing investments in R&D for novel animal products
• In 2020, North America accounted for the largest share of the global market owing to the presence of established pharmaceutical companies consistently striving for extensive commercialization of their products
• Asia Pacific is anticipated to be the fastest-growing regional market over the forecast years owing to high clinical urgency to curb incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola
Read the full report: https://www.reportlinker.com/p06020571/?utm_source=GNW
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