Global Animal Health Market Overview 2024: Size, Drivers, And Trends
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The animal health market has experienced substantial growth, surging from $50.99 billion in 2023 to $55.73 billion in 2024, boasting a compound annual growth rate (CAGR) of 9.3%. This growth is attributed to globalization of food supply chains, intensification of livestock farming, increase in zoonotic diseases, regulatory compliance, and a focus on preventive healthcare.
Anticipated growth projections indicate continued expansion, with the market expected to reach $76.07 billion by 2028, boasting a CAGR of 8.1%. The growth in the forecast period is fueled by a focus on aquaculture health, a one health approach, disease surveillance efforts, expansion of pet insurance, crisis preparedness in animal agriculture, and globalization of animal health products.
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Rising Zoonotic Disease Prevalence Drives Market Growth
Understanding Zoonotic Diseases
The increasing prevalence of zoonotic diseases serves as a catalyst for growth in the animal health market. Zoonotic diseases, transmitted between animals and humans, pose significant public health concerns. Addressing animal health effectively aids in controlling zoonosis, protecting public health, and preventing the spread of infectious diseases.
Market Response to Disease Trends
Major companies like Elanco Animal Health Incorporated, Merck Animal Health, and Zoetis Inc. play pivotal roles in developing solutions to combat zoonotic diseases. Their contributions support disease monitoring, surveillance, and intervention efforts, safeguarding both animal and human populations worldwide.
Revolutionizing Animal Care With Latest Technologies
Embracing Technological Advancements
Technological innovations are driving advancements in the animal health market, with major players introducing cutting-edge solutions to enhance care delivery. For instance, Elanco Animal Health Incorporated and Ginkgo Bioworks launched Animo GPS, a smart activity and behavior monitor for dogs, equipped with GPS tracking capabilities, revolutionizing pet care and monitoring.
Case Study: Dechra Pharmaceuticals’ Acquisition
Dechra Pharmaceuticals PLC’s acquisition of Piedmont Animal Health underscores the company’s commitment to innovation and growth in both human and animal health therapeutics. This strategic move reinforces Dechra Pharmaceuticals’ position in the market, enabling expansion and diversification of its healthcare offerings.
Market Segmentation and Regional Outlook
The animal health market is segmented based on product, animal type, route of administration, and end-user, catering to diverse healthcare needs and preferences. From vaccines to diagnostics and oral to topical administration, the market offers a comprehensive range of products and services.
North America emerged as the largest region in the animal health market in 2023, reflecting the region’s advanced healthcare infrastructure and market presence. As the market expands, regions worldwide witness increased demand for animal health solutions, driven by evolving healthcare needs and technological advancements.
In conclusion, the animal health market presents significant opportunities for growth and innovation, driven by advancements in technology, rising disease prevalence, and a focus on preventive healthcare. As market dynamics evolve, stakeholders must remain agile and proactive in addressing emerging challenges and opportunities, ensuring the delivery of accessible, efficient, and quality animal healthcare services globally.
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