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How has the animal health market grown in recent years?

In the past few years, a significant expansion can be observed in the animal health market size, escalating from $55.26 billion in 2024 to a projected $59.91 billion in the subsequent year, marking a compound annual growth rate (CAGR) of 8.4%. The expansion during the historic period is credited to the globalization of food supply chains, the intensification of livestock farming, a rise in zoonotic diseases, compliance with regulatory standards, and a focus on preventive healthcare.

How is the animal health market size expected to evolve during the forecast period?

In the forthcoming years, the animal health market is projected to witness robust growth. The market is anticipated to reach $82.04 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 8.2%. The growth predicted in this period can be traced back to several factors such as focus on the health of aquatic life, a holistic approach to health, global measures for disease observation, an increase in pet insurance, readiness for crises in animal farming, and global spread of animal health products. The forecast period is expected to see major trends such as incorporating technology in diagnostic procedures, advances in biotechnology and genomics, the rise in telehealth services, digital transformation of supply chain and distribution, and partnerships in research initiatives.

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Which key drivers are propelling the animal health market’s growth?

The escalating occurrence of zoonotic diseases is anticipated to fuel the advancement of the animal health market. Zoonotic diseases are infectious ailments that can be transferred from a variety of animal species to humans or vice versa. Employing various techniques to monitor and secure animal health aids in curbing zoonosis, thereby helping to preserve public health. For example, the National Library of Medicine, a US-based institution run by the US federal government, reported in June 2023 that zoonotic diseases account for approximately 2.5 billion human cases worldwide and around 2.7 million fatalities every year. Hence, the surge in zoonotic diseases is likely to drive the animal health market.

What are the market segments in the animal health industry?

The animal health market covered in this report is segmented –

1) By Product: Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics , Equipment And Disposables, Other Products

2) By Animal Type: Commercial, Companion

3) By Route Of Administration: Oral, Parenteral, Topical

4) By End-User: Veterinary Hospitals And Clinics, Animal Care And Rehabilitation Centers, Diagnostic Centers

Subsegments:

1) By Vaccines: Live Attenuated Vaccines, Inactivated Vaccines, Recombinant Vaccines, DNA Vaccines

2) By Pharmaceuticals: Anti-Infective Agents, Anti-Inflammatory Drugs, Parasiticides, Pain Management Medications

3) By Medicinal Feed Additives: Probiotics, Prebiotics, Antimicrobials, Enzymes

4) By Diagnostics: Laboratory Diagnostic Tests, Point-Of-Care Testing Devices, Imaging Equipment

5) By Equipment And Disposables: Surgical Instruments, Monitoring Devices, Disposable Syringes And Needles

6) By Other Products: Nutraceuticals, Supplements, Herbal Medicines

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Which leading companies are shaping the growth of the animal health market?

Major companies operating in the animal health market include Elanco Animal Health Incorporated, Merck Animal Health, Boehringer Ingelheim International GmbH, Heska Corporation, Vetoquinol SA, Virbac, Bayer AG, Novartis AG, Biogenesis Bago, Intervet International BV, IDEXX Laboratories Inc., Hester Biosciences Ltd., Intas Pharmaceutucals Ltd., Dechra Pharmaceuticals, Kindred Biosciences, Phibro Animal Health Corporation, Neogen Corporation, Norbrook Laboratories, Huvepharma EOOD, Abaxis Inc., ECO Animal Health Group, Hipra, Zoetis Inc., Kemin Industries, DeLaval, Troy Laboratories, Parnell Pharmaceuticals, Ceva Sante Animale, Bimeda Inc., Animalcare Group, PetIQ, AdvaVet Inc.

What key trends are currently impacting the animal health market’s development?

Innovations in technology are becoming increasingly prevalent trends within the animal health market. Leading companies in this market are focusing their efforts on developing and introducing cutting-edge technologies to secure their position within the market. For example, in April 2022, Elanco Animal Health Incorporated, an animal health company based in the US, and Ginkgo Bioworks, a biotechnology company also based in the US, launched a new product. Moreover, in October 2022, Merck Animal Health, an American company known for developing, manufacturing, and marketing a wide variety of veterinary medicines and services, introduced Animo GPS, a unique activity and behavioral monitor designed for dogs with GPS tracking features. The device provides real-time tracking with updates on the pet’s position every five seconds when switched to ‘Lost Dog Mode’. If a dog leaves its designated ‘Safe Zone’, the owner may receive an alert within 20 seconds. The Animo GPS uses smart technology to monitor a dog’s individual activity levels and behavior, all visible on an intuitive mobile application. It tracks barking, scratching, shaking, and even sleep duration. The device uses an advanced algorithm to analyze any significant changes in these behaviors and can issue a warning through the app if required.

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Which geographic areas are influencing the growth of the animal health market?

North America was the largest region in the animal health market in 2024. The regions covered in the animal health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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