According to the latest report by IMARC Group, titled “Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The global animal health market was worth more than US$ 44 Billion in 2018. Animal health is one of the most prominent factors that influence the overall productivity of farmers. Regular monitoring of animal health helps in ensuring a safe food supply and preventing the outbreak of various zoonotic diseases. Some of these diseases include feline leukemia, Lyme disease, and tick infestation. The concept of animal health involves the development and production of veterinary drug products that are required to be approved for marketing as well as tested for human toxicology, environmental impacts, and residue levels. These medicines are broadly categorized as pesticides, pharmaceuticals and biologics. On account of these factors, the Animal Health Market value is projected to recah US$ 58 Billion by 2024, grow at a CAGR of around 5% during 2019-2024.
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Over the years, animal health has become a vital part of the evaluation of the economic growth of several countries. The increase in the global animal health market can be attributed to the rising risk of zoonotic diseases. The World Health Organization (WHO) has been undertaking numerous favorable initiatives to prevent the transmission of these ailments and spread awareness about their presence. Other than this, growth in career opportunities across veterinary medicine and rising social consciousness about optimum animal health have further provided a boost to the market growth.
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Key Market Segmentation:
Breakup by Animal Type:
Breakup by Product:
3. Medicinal Feed Additives
Breakup by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
The report has also analysed the competitive landscape of the market with some of the key players in Animal Health Market Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol and Virbac.
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
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