The demand within the Global “Animal Health
Market Research Report – Forecast to 2023” has been rising due to the several
approaches like technology advancements and heavy competition.
The
global animal health market is predicted to touch USD 38,500 million at a 5.7%
CAGR over the forecast period (2018-2023), states the latest Market Research
Future (MRFR) report. Animal health, simply put, is a branch of veterinary
science that deals with monitoring and treatment of animal disease. It plays a
crucial part in the safety and economy of the food supply of the country.
Various
factors are propelling the animal health market growth. Some of these factors,
according to the Market Research Future report, include rising pet insurance,
increasing incidences of zoonotic diseases, growing pet population, and rising
expenditure on animal health. Additional factors pushing market growth include
rising pet ownership, increasing emphasis on food safety, improvement in
productivity, rapid technological advancements, rising focus on animal welfare,
and rising R&D activities in the veterinary industry. Moreover, the rising
popularity of animal participation in sports such as team events, one-on-one,
and racing, fighting, and hunting is increasing the need for best performance
of animals in different sports activities that in turn is propelling better
animal health care and pushing market growth.
Also
Read:
https://www.medgadget.com/2020/06/animal-health-market-size-to-represent-5-7-cagr-by-2023-size-estimation-growth-projection-upcoming-trends-regional-insights-and-covid-19-impact-analysis.html
Market
Segmentation
The
MRFR report offers a wide segmental analysis of the animal health market on the
basis of distribution channel, route of administration, product, and animal
type.
Based
on animal type, the animal health market size is segmented into companion
animal and farm animal. The farm animal segment is again segmented into sheep
and goats, cattle, swine, poultry, and others. The companion animal segment is
again segmented into equine, cat, dog, and others. Of these, the companion
animal segment will have the largest share in the market over the forecast
period.
Based
on product, the Animal Health Market Trends is segmented into feed additives,
vaccines, and pharmaceuticals. The pharmaceuticals segment is again segmented
into analgesics, anti-inflammatory, anti-infectives, parasiticides, and others.
The vaccines segment is again segmented into inactivated vaccines, recombinant
vaccines, DNA vaccines, live attenuated vaccines, and others. Of these, the
vaccines segment will dominate the market over the forecast period.
Based
on distribution channel, the animal health market is segmented into retail,
e-commerce, hospitals and clinics, veterinary, and others. Of these, the
e-commerce and retail segment will lead the market over the forecast period.
Key
Players
Leading
players profiled in the animal health market report include Zoeti, Virbac,
Vetiquinol SA, Merck Animal Health, Nutreco N.V., Eli Lilly, Elanco, Ceva Sante
Animale, Boehringer Ingelheim GmbH, and Bayer AG, among others. Key players
have used different strategies to strengthen their position in the market such
as product launch and innovations, expansions, partnerships, mergers and
acquisitions, research and development activities, and more.
For
More Details:
https://www.marketresearchfuture.com/reports/animal-health-market-7163
NOTE:
Our team of researchers are studying Covid19 and its impact on various industry
verticals and wherever required we will be considering covid19 footprints for a
better analysis of markets and industries. Cordially get in touch for more
details.
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