The Animal Health Market is experiencing remarkable growth, boasting a robust Compound Annual Growth Rate (CAGR) of 5.8%. As of 2023, the market has achieved a significant valuation of 3.47 billion, underscoring its increasing importance in ensuring the well-being of animals across the globe.
The report "Animal Health Market, By Animal Type (Production Animal (Poultry, Swine, Cattle, Sheep & Goats, and Fish) and Companion Animal (Dogs, Cats, Horses, and Others)), By Product (Vaccines (Live Attenuated Vaccines, DNA Vaccines, Recombinant Vaccines, Inactivated Vaccines, and Others), Pharmaceuticals (Parasiticides, Anti-infectives, Anti-inflammatory, Analgesics, and Others), Feed Additives (Nutritional, Medicinal, Diagnostics, Instruments, and Consumables), and Others)), By Distribution Channel (Retail, E-commerce, and Veterinary Hospitals & Clinics), By End-use (Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
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Key Highlights:
- In January 2018, Zoetis aquaculture division, PHARMAQ acquired Norland Sett Vaks to enhance its portfolio for vaccines products.
- In March 2018, Merck completed the acquisition of Vallee S.A. This acquisition was aimed to increase the former company’s animal health product portfolio and drive its presence in Brazil.
- In April 2019, Merck acquired Antelliq Corporation operational in the digital field of animal traceability, identification, and monitoring solutions. This acquisition aimed to improve the veterinary vaccines and pharmaceutical solutions portfolio of the company.
Analyst view:
From an analyst's perspective, the current trajectory of the Animal Health Market is nothing short of impressive. The steady CAGR of 5.8% reflects a strong and sustained demand for products and services aimed at safeguarding animal welfare. With the market now valued at 3.47 billion in 2023, it's evident that stakeholders are recognizing the economic and ethical significance of investing in animal health. This growth underscores the sector's resilience and potential for continued expansion, driven by factors such as advancements in veterinary care, increasing pet ownership, and a growing awareness of the critical interplay between animal and human health.
Competitive Landscape:
The prominent player operating in the global animal health market includes Bayer AG, H. Boehringer Sohn AG & Co. KG, Dechra Pharmaceuticals Plc, Cadila Healthcare Ltd., Elanco Animal Health Inc., Heska Corp., Norbrook Laboratories Ltd., Merck & Co. Inc., Virbac SA, and Zoetis IncThe market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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