30 April 2020
Visiongain has launched a new pharma report Animal Health Market Report 2021-2031: Forecasts by Animal Type (Production Animal (Poultry, Swine, Cattle, Sheep & Goats & Fish), Companion Animal (Dogs, Cats, Horses & Others), Product (Vaccines (Live Attenuated Vaccines, DNA Vaccines, Recombinant Vaccines, Inactivated Vaccines & Others), Pharmaceuticals (Parasiticides, Anti-infectives, Anti-inflammatory, Analgesics & Others), Feed Additives (Nutritional & Medicinal), Diagnostics (Instruments, Consumables & Others), Distribution Channel (Retail, E-commerce, Hospital Pharmacy), End Use (Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics, Others)), and Geography (North America, Latin America, Europe, Asia Pacific, MEA).
The global animal health market is anticipated to grow at a lucrative CAGR of xyz% and anticipated to surpass USD xyz billion by 2020. Visiongain anticipates that the global animal health market is projected to grow on account of growing zoonotic and food-borne diseases.
As per the reports of the Bureau of Labor Statistics, Americans spent over US $xyz billion on their pets. It is also stated that the average household spends US$xyz per year on pets, out of which approximately US $xyz is spent on food and the rest on veterinary services, medicine, and supplies among others. As pet owners look for solutions to maintain the quality of their pets, cutting-edge treatments are becoming more common for pet health problems. All these factors are projected to boost market growth over the forecast period.
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Animal health products are indispensable in both direct and indirect ways for the global economy and communities. Economically, the animal health sector's impact extends beyond manufacturing. Related industries such as animal production, veterinary services, and food production all rely on animals that remain healthy due to animal medicines.
North America dominated the global animal health market in the year 2019. The regional dominance is attributed to technological advancements in veterinary healthcare and a high focus on animal healthcare. Visiongain further anticipates that the rising incidence of zoonotic diseases and the growing number of pet owners across the region will offer lucrative growth opportunities for the market players.
Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to growing investments for strengthening the animal healthcare sector by government across economies of China and India. Over the years, animal husbandry in India has undergone magnificent changes thanks to the adoption of innovative technologies for the prevention and treatment of farm animals and their companions. There has been a fundamental change in the market philosophy to Animal Welfare firms, which has changed from medical to preventive to quality improvement, and now to comprehensive animal health services. The animal welfare sector has developed and driven animal husbandry to unprecedented heights of prominence through modern methods and paradigms.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global animal health market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the Animal Health Market.
For instance, on 31st March 2020; NEOGEN Corporation announced today that it has acquired the assets of Chile-based Magiar Chilena (Magiar) — a distributor of food, animal, and plant diagnostics, including NEOGEN products. NEOGEN will incorporate the Magiar assets into its wholly-owned subsidiary, NEOGEN Chile SpA, for continued operations in Chile.
The comprehensive market report features companies such as AusDiagnostics Pty, Ltd., Agrolabo S.p.A , BioMérieux SA, Bio-X Diagnostics, Chembio Diagnostic Systems, Inc., Creative Diagnostics, Demedetic Diagnostics GmbH, DRG Diagnostics GmbH, Eurofins Technologies, Eurolyser Diagnostica, Genesig (Primerdesign), Heska Corporation, IDEXX Laboratories, Inc., InBios International, Inc., Neogen Corporation, Thermo Fisher Scientific, Inc., among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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