Global Animal Health Market is expected to grow at a rate of 4% to reach $49 billion by 2026
Medi-Tech Insights: Growing awareness regarding animal health products, rising demand for protein-rich food including meat, milk, eggs, and fish, increasing prevalence of zoonotic and food-borne diseases, increasing trend of companion animal adoption, and rising investments in research and development of medications & vaccines for animal care are some of the key factors driving the global animal health market.
Brussels, Belgium, June 20, 2022 (GLOBE NEWSWIRE) --
Animal health is a medical disciple that emphasizes the prevention, detection, control, and therapeutics associated with veterinary diseases, disorders, and injuries. It covers a broad spectrum of animal species, including the domesticated and wild, with an extensive range of conditions that affect several species. It involves taking care of animals with the appropriate use of vaccines, anti-infective and anti-parasitic drugs, pharmaceutical specialty products, performance technologies, and value-added programs, such as livestock data management tools.
Technological Innovations in Animal Health Market
Scientific advances, innovations, and emerging technologies from artificial intelligence to stem cell therapy and new generations of vaccines, have provided greater opportunities to predict, prevent, diagnose and treat animal illness more quickly, accurately, and safely. Veterinary researchers and developers continue to break new ground in reducing disease spread and its impact due to the development of new medicines and vaccinations for animal health. Recently, several technological developments have been made to improve the quality of life of animals such as:
In April 2022, Zoetis announced its latest innovation in diagnostics with the addition of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM.
In June 2021, Vetoquinol announced the launch of a new device called Phovia for faster skin recovery in dogs and cats.
“A new wave of innovation from smart sensors that continually monitor vital signs and AI-driven prediction technologies to mRNA vaccines, feed supplemented with health-boosting ingredients, and many more scientific advances offer enormous potential for better animal health.” - President, Global Operations, Animal Health Company, United States
Adoption of Pet Animals for Companionship & Communities Fuels the Animal Health Market
Pet ownership has skyrocketed across the globe. Over 50% of households in major markets currently own a pet which rises to over 80% in nations like Brazil and Argentina. This reflects the increased recognition that pets are not only companions but offer tangible benefits to our health and happiness. Moreover, pet owners are more likely to get to know their neighbourhood than those without pets, which can lead to more community engagement and improves the quality of life and relationships. Growth in companion animal ownership is expected to boost the consumption of parasiticides antimicrobial & antibiotics, vaccines, feed additives, and growth promoters in the coming years.
North America Likely to Continue its Dominance in Animal Health Market
From a geographical perspective, North America holds a major market share of the animal health market. This can be attributed to an increasing number of pet owners in this region - more than 67% of American households own pets, rising incidence of zoonotic diseases, technological advancements & increase in research and development activities by prominent players in this region.
Competitive Landscape Analysis: Animal Health Market
Some of the key players operating in the animal health market are Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.
Companies Adopting both Organic & Inorganic Growth Strategies to Increase their Market Share in Animal Health Market
Players operating in the global animal health market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner higher market share. For instance, in June 2022, Boehringer Ingelheim and CarthroniX announced that they have entered into a research collaboration to pursue small molecule therapeutics in canine oncology. The collaboration will focus on identifying new molecules to target cancers in dogs.
Explore Detailed Insights on Global Animal Health Market @ https://meditechinsights.com/animal-health-market/
About Medi-Tech Insights:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
Associate, Medi-Tech Insights
+32 498 86 80 79