2024-2033 Wildlife Health Market: Key Insights on Growth Opportunities
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What is the Expected Growth Trajectory for the Wildlife Health Market by 2033?
The market size of wildlife health has witnessed a substantial rise recently. It is projected to expand from $2.26 billion in 2023 to $2.51 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 11.3%. The growth in the past can be credited to factors such as habitat destruction and the availability of wildlife veterinary care facilities. Moreover, enhancements in technology used for administering medicines to animals in sanctuaries or zoos, along with increased government measures to curb the spread of zoonotic diseases from wild reservoirs, have also contributed to this progression.
A significant surge is anticipated in the wildlife health market in the ensuing years, with predictions suggesting it will touch the $3.7 billion mark by 2028, progressing at a compound annual growth rate (CAGR) of 10.2%. This projected growth within the forecast period can be ascribed to factors like escalating demand for a diverse range of animal health products, regional prospects, an increased preference for companion animal health items, and strategic initiatives taken by industry giants. Key trends for the predicted period encompass international cooperation in disease surveillance, the rise of data analytics and artificial intelligence, and an increasing number of initiatives, programs, and funding for wildlife conservation.
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What Factors Are Leading to Growth in the wildlife health Market?
The surge in zoonotic diseases is anticipated to fuel the expansion of the wildlife health market in the future. Zoonotic diseases are disorders or infections capable of transferring spontaneously between animals and humans or in the reverse direction. The rising occurrences of these diseases are anticipated to stimulate the growth and advancement of several products related to wildlife health. As per data revealed in December 2022 by the European Food Safety Authority, a decentralized agency in Italy representing the European Union, Europe observed 127,840 cases of zoonotic diseases in 2021 as opposed to 120,946 cases in 2020. Besides, in 2022, salmonellosis, which affected 60,050 people, became the second most frequently reported zoonotic disease compared to 52,702 cases in the preceding year. Thus, the escalating incidents of zoonotic diseases equate to the growth of the wildlife health market.
Which Segments Play a Key Role in Understanding the Wildlife Health Market?
1) By Animal Type: Mammals, Birds, Fish, Reptiles, Amphibians
2) By Product: Medicine, Equipment And Consumables
3) By Route of Administration: Oral, Injectable, Other Routes Of Administration
4) By End-User: Zoos, Wildlife Sanctuaries, Wildlife Rescue And Rehab Centers, Other End Users
What Trends Are Emerging as Game-Changers in the Wildlife Health Market?
Technological developments are becoming a prominent trend in the wildlife health market. Leading firms within the wildlife health market are integrating new technologies to maintain their market dominance. In an example from August 2021, Merck Animal Health, an American firm specializing in the creation and manufacturing of vaccines and pharmaceutical drugs for animal health, introduced a technology called WHISPER ON ARRIVAL, which revolutionizes decision-making processes. This unique technology features a specialized device for collecting sound data and an innovative predictive algorithm for assessing the risk of animal illness, thereby enabling farmers and veterinarians to devise appropriate treatments for Bovine Respiratory Disease (BRD).
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Which Regions Are Setting the Pace for Wildlife Health Market Growth?
North America was the largest region in the wildlife health market in 2023. The regions covered in the wildlife health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Wildlife Health Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the wildlife health market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Wildlife Health Market Include
1. Wildlife Health Market Executive Summary
2. Wildlife Health Market Segments
3. Wildlife Health Market Size And Template Market Growth Rate
4. Key Wildlife Health Market Trends
5. Major Wildlife Health Market Drivers
……
25. Key Mergers And Acquisitions In The Wildlife Health Market
26. Top Wildlife Health Companies
27. Wildlife Health Market Opportunities And Strategies
28. Wildlife Health Market, Conclusions And Recommendations
29. Appendix
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