The global animal health market is predicted to touch USD 38,500 million at a 5.7% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report. Animal health, simply put, is a branch of veterinary science that deals with monitoring and treatment of animal disease. It plays a crucial part in the safety and economy of the food supply of the country
Various factors are propelling the animal health market growth. Some of these factors, according to the Market Research Future report, include rising pet insurance, increasing incidences of zoonotic diseases, growing pet population, and rising expenditure on animal health. Additional factors pushing market growth include rising pet ownership, increasing emphasis on food safety, improvement in productivity, rapid technological advancements, rising focus on animal welfare, and rising R&D activities in the veterinary industry
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- Vetiquinol SA
- Merck Animal Health
- Nutreco N.V.
- Eli Lilly
- Ceva Sante Animale
- Boehringer Ingelheim GmbH
- Bayer AG
- The MRFR report offers a wide segmental analysis of the animal health market on the basis of distribution channel, route of administration, product, and animal type.
- Based on animal type, the animal health market is segmented into companion animal and farm animal. The farm animal segment is again segmented into sheep and goats, cattle, swine, poultry, and others.
- Based on product, the animal health market is segmented into feed additives, vaccines, and pharmaceuticals.
- Based on route of administration, the animal health market is segmented into topical, parenteral, oral, and others.
- Based on distribution channel, the animal health market is segmented into retail, e-commerce, hospitals and clinics, veterinary, and others. Of these, the e-commerce and retail segment will lead the market over the forecast period.
Based on region, the animal health market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period. This is due to the growing demand for animal protein, emphasis on food safety, and improvement in production. Besides, rising medicalization for pets and increasing pet ownership are also boosting the market growth
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