Livestock Healthcare Market Forecast 2023-2027 By The Business Research Company
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 livestock healthcare market report forecasts the livestock healthcare market size to grow to $57.14 Billion by 2027, with a CAGR (compound annual growth rate) of more than 7%.
Learn More On The Livestock Healthcare Market Report 2023 – https://www.thebusinessresearchcompany.com/report/livestock-healthcare-global-market-report
Livestock Healthcare Market Size Forecast
The global livestock healthcare market is expected to grow from $39.89 billion in 2022 to $43.04 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. 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 livestock healthcare market size is expected to grow to $57.14 billion in 2027 at a CAGR of 7.3%.
North America held the largest livestock healthcare market share.
Key Livestock Healthcare Market Driver – Increase In The Prevalence Of Food-Borne And Zoonotic Diseases
According to the World Health Organisation, a Switzerland-based specialised agency responsible for international public health, there were approximately 200 types of zoonoses in July 2020, and it is estimated that zoonoses cause approximately 1 billion cases of illness and millions of deaths worldwide each year. As a result, the rising prevalence of food-borne and zoonotic diseases is propelling the livestock healthcare industry.
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Key Livestock Healthcare Market Trend – Technological Innovations
To strengthen their market position, major players in the livestock healthcare industry are focusing on developing innovative technical solutions. For example, in July 2022, Merck Animal Health, a biopharmaceutical firm located in the United States that researches and manufactures medicines and vaccines, unveiled “Whisper on Arrival,” a first-of-its-kind technology that transforms cow decision-making. It is one-of-a-kind, with specialised sound-gathering equipment and a predictive algorithm that analyses animal respiration, heartbeat, weight, and rectal temperature and provides relevant information to feedlot managers and veterinarians for specific animal decisions. It aids in the development of a management strategy for bovine respiratory disease (BRD) and identifies cattle that may be more prone to illness.
Livestock Healthcare Market Segment
1) By Product Type: Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, Other Types
2) By Livestock Animal: Poultry, Swine, Cattle, Sheep And Goats, Horse, Other Animals
3) By End User: Reference Laboratories, Point-of-care Testing or In-house Testing, Veterinary Hospitals and Clinics, Other Users
Livestock Healthcare Market Major Players and Strategies
Major players in the livestock healthcare market are Ceva Santé Animale, Virbac SA, Vetoquinol SA, Boehringer Ingelheim International GmbH, Bayer Healthcare AG, Elanco Animal Health Incorporated, Hester Biosciences Limited, Merck & Co Inc., Phibro Animal Health Corporation, Zoetis Inc., Intas Pharmaceuticals Ltd., Norbrook Laboratories Ltd., Alivira Animal Health Limited, and IDEXX Laboratories Inc.
Zoetis Inc., a US-based provider of pet and livestock medicine and immunisations, acquired Jurox Animal Health for an unknown sum in September 2022. The combined resources of Zoetis and Jurox are expected to expand the range of goods offered and the potential for worldwide expansion. Jurox Animal Health is a company established in Australia that develops and manufactures veterinary pharmaceutical solutions for livestock producers, veterinarians, and pet owners.
The Livestock Healthcare Global Market Report 2023 covers regional data on livestock healthcare market size, livestock healthcare market trends and drivers, opportunities, strategies, and livestock healthcare market competitor analysis. The countries covered in the livestock healthcare 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.
Livestock healthcare is the creation of health-building and illness prevention, detection, and management procedures that benefit farm animals’ health and welfare. They are used to improve animal health, welfare, and productivity.
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