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New York, United States, Mon, 31 Jul 2023 06:54:58 / Comserve Inc. / -- During the forecast period of 2023-2033, the global animal health market is expected to reach an estimated value of ~USD 80 billion by 2033
During the forecast period of 2023-2033, the global animal health market is expected to reach an estimated value of ~USD 80 billion by 2033, by expanding at a CAGR of ~12%. The market further generated revenue of ~USD 39 billion in the year 2022. Major key factors propelling the growth of the animal health market worldwide are the increasing prevalence of zoonotic diseases and increasing expenditure on animal health. Nowadays, people are more concerned about their pets which has significantly contributed to animal healthcare.
Market Definition of Animal Health
Animal health includes ensuring animals’ safety, and their conservation, and informing breeders, farmers, and households about animal healthcare. When referring to animals, health is mostly characterized as the typical behavior of an animal, and the normal function of an animal’s body. Animal health also involves monitoring of animal health, keeping track of research and development, and checking the availability of medical products in the market. The idea of animal health entails keeping a check on the balance between animals and its environment.
Global Animal Health Market: Growth Drivers
The growth of the global animal health market can majorly be attributed to the rise in the number of people getting infected by animals owing to the growing prevalence of the zoonotic disease, thereby raising the need for monitoring the health of animals. The World Economic Forum estimated that zoonotic illnesses could account for up to 75% of newly discovered or developing infectious diseases and 60% of identified communicable diseases. On the other hand, the market growth can also be attributed to rising in the number of livestock and animals at risk of developing various diseases. As of December 2021, there were around 143 million pigs, 74 million cows, 62 million sheep, and 10 million goats in Europe. Furthermore, over a ten-year period, the prevalence of diabetes in pets increased by about 81% in dogs and 17% in cats.
The global animal health market is also estimated to grow majorly on account of the following:
Global Animal Health Market: Restraining Factor
There are strict rules on the approval of animal drugs. Moreover, the cost of animal medicines and diagnosis is rising. Hence, these factors are expected to be the major hindrance for the growth of the global animal health market during the forecast period.
Global Animal Health Market Segmentation
The pharmaceuticals segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising demand for animal drugs. Pharmaceuticals account for more than half of sales, flea and tick medications are about 29% of the industry, and biologics are just over 19% of the industry. Moreover, in the United States, animal health accounts for almost 2% of the total pharmaceutical market.
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The North America animal health market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The market growth in North America is expected on the account of a higher prevalence of zoonotic diseases and higher adoption of animals as pets. In America, tens of thousands of people get impacted by the zoonotic disease, each year. Moreover, in Canada, there were about 3.5 million beef cows and about 979,200 dairy cows as of January 1, 2022. In addition to this, between the years 2021–2022, over 91 million families, or around 75% of U.S. households, own pets. Besides this, growing insurance facilities for animal healthcare is also expected to expand the market size in the region. At the end of 2021, there were nearly 4 million insured pets nationwide, a 28 percent increase from the previous year. Dogs had an average annual accident and illness premium of around USD 580, or USD 50 per month.
The market research report on global animal health also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Animal Health Market
Some of the key players of the global animal health market are Heska Corporation, Merck & Co., Inc., Ceva Santé Animale, Virbac S.A., Midmark Corporation, Biogenesis Bago SA, Boehringer Ingelheim International GmbH, Phibro Animal Health Corporation, VETOQUINOL SA, Zoetis Inc., and others.
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The post Animal Health Market to Expand at a CAGR of ~12% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2033 appeared first on Comserveonline.