Animal Health Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Product (Pharmaceuticals, Diagnostics), By Distribution Channel, By End-use, By Region, And Segment Forecasts, 2021 - 2028
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Health Market Size, Share & Trends Analysis Report By Animal Type, By Product, By Distribution Channel, By End-use, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06129561/?utm_source=GNW
Animal Health Market Growth & Trends
The global animal health market size is expected to reach USD 88.6 billion by 2028, registering a CAGR of 9.0% over the forecast period. The market is driven by technological advancements in veterinary care, which are anticipated to offer the market future growth opportunities. 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.The incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence.
As a consequence 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 demand as well as revenue.
North America captured a substantial share in the global market in 2020 owing to a high incidence rate of zoonotic diseases, an increasing number of pet owners, technological advancements, and a wide range of definitive measures adopted by welfare organizations in the region. Asia Pacific is expected to exhibit the fastest CAGR over the forecast years due to the consistent R&D investments by prominent players and their efforts to commercialize branded and generic therapeutics at relatively low 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 company improve its veterinary vaccines and pharmaceutical solutions portfolio.
Animal Health Market Report Highlights
• By product, diagnostics are expected to exhibit a lucrative growth rate of 11.7% from 2021 to 2028 due to a significant increase in the adoption of pets, which demands long-term health plans
• The companion animal type segment is anticipated to grow at the fastest CAGR from 2021 to 2028 as a result of rising pet ownership due to associated health benefits for humans, such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
• The retail and e-commerce distribution channel segments accounted for notable shares in 2020 owing to factors, such as the increasing number of retail pharmacies and convenience associated with online pharmacies
• Point-of-Care (POC) testing is estimated to register the fastest CAGR from 2021 to 2028 due to a rise in demand for highly productive animals and growing investments in R&D for novel pet products
• In 2020, North America accounted for the largest revenue share owing to the presence of well-established pharmaceutical companies that consistently strive for extensive commercialization of their products
• Asia Pacific is anticipated to record the fastest CAGR from 2021 to 2028 owing to the 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/p06129561/?utm_source=GNW
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