The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s animal health market report forecasts the animal health market size to grow to $70.17 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.

Learn More On The Animal Health Market Report 2023 – https://www.thebusinessresearchcompany.com/report/animal-health-global-market-report

Animal Health Market Size Forecast
The global animal health market is expected to grow from $46.95 billion in 2022 to $50.99 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global animal health market size is expected to reach $70.17 billion in 2027 at a CAGR of 8.31%.

North America held the largest animal health market share.

Key Animal Health Market Driver ­– Increase In The Prevalence Of Zoonotic Diseases
According to the World Health Organisation, a United Nations specialised organisation based in Switzerland, the number of zoonotic outbreaks in Africa increased by 63% between 2012 and 2022 when compared to the previous decade. Every year, zoonotic illnesses cause 2.5 billion cases of human illness and 2.7 million human fatalities worldwide. As a result, the rising prevalence of zoonotic illnesses will drive the animal health market forward.

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Key Animal Health Market Trend – Technological Advancement
Major market players are focusing their efforts on bringing new and sophisticated technologies in order to strengthen their market position. For example, in April 2022, Elanco Animal Health Incorporated, a US-based animal health company, and Ginkgo Bioworks, a US-based biotechnology company, launched Animo GPS, an activity and behaviour monitor for dogs with GPS tracking capabilities. In October 2022, Merck Animal Health, a US-based company that develops, manufactures, and markets a broad range of veterinary medicines and services, launched Animo GPS. When in “Lost Dog Mode,” the product allows for real-time tracking with position updates starting every five seconds and may warn pet owners within 20 seconds if their dog leaves its allotted “Safe Zone.” Animo GPS employs smart technology to track a dog’s particular activity levels and conduct via an easy-to-use smartphone app. The device records data on barking, scratching, shaking, and sleep length. If there are any significant changes in these behaviour, it can use an adaptive algorithm to analyse this data and send an alarm via the app.

Animal Health Market Segment
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

Animal Health Market Major Players and Strategies
Major players in the animal health market are Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Boehringer Ingelheim International GmbH, Ceva Sante Animale, Heska Corporation, Vetoquinol SA, Virbac, Bayer AG, Novartis , Biogenesis Bago, Intervet International BV, IDEXX Laboratories Inc., Hester Biosciences Ltd., and Intas Pharmaceuticals Ltd.

Dechra Pharmaceuticals plc, a UK-based company specialising in the research and distribution of veterinary medications, paid $210 million for Piedmont Animal Health in July 2022. Dechra Pharmaceuticals plc will now be solely focused on expanding its human health business as a result of this acquisition. Piedmont Animal Health is a specialised pharmaceutical firm established in the United States that focuses on human and animal health therapies.

The Animal Health Global Market Report 2023 covers regional data on animal health market size, animal health market trends and drivers, opportunities, strategies, and animal health market competitor analysis. The countries covered in the animal health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Animal health is defined as the study of animal diseases as well as the connection between animal welfare, environmental protection, human health, and food safety. Animal health is used to ensure that animals develop normally.

View More Reports Related To The Animal Health Market –
Farm Animal Healthcare Global Market Report 2023
Animal And Pet Food Global Market Report 2023
Animal Food Global Market Report 2023

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