The global animal health market accounted for USD 47.21 billion in terms of valuation in 2020 and is expected to expand exponentially during the forecast timeframe.

Industry Snapshot:

• The rising trend of adopting pets is the main factor driving the overall market growth.
• The increasing demand for animal healthcare products is contributing towards market remuneration as well.
• The surging investments in animal vaccinations has augmented the demand for animal health products across the globe.
• The COVID-19 outbreak has severely affected various sectors including the veterinary and the livestock sectors as well as disrupted the meat trade, which in turn is negatively impacting global animal health market expansion.

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Segmental Overview:

Animal Type	Companion animals
	Production animals
Product Type	Feed Additives
	Vaccines
	Pharmaceuticals
End-User Spectrum	Point-of-care testing
	Veterinary Hospitals & Clinics
	Others
Regional Bifurcation	North America
	Latin America
	Asia Pacific
	Europe
	Middle East and Africa

 

Predictions Corner:

• The pharmaceutical product segment is expected to hold the largest revenue share in global animal health market over the forecast period, on account of consistent advancements in veterinary drugs and increasing companion animal ownership.
• The production animal segment currently accounts for the largest market share, owing to rising concerns for food safety and worldwide sustainability push by government and healthcare organizations.
• North America is anticipated to capture the largest market share over the forecast timeframe, ascribed to several measures adopted by government and animal welfare organizations to improve animal health, technological breakthroughs, the rising prevalence of zoonotic diseases, and the expanding number of pet owners.

Explainer – All you need to know

The humanization of pets has led to a growth in the trend of pet ownership, particularly for dogs and cats. While staying at home, many individuals find solace and company in getting pets, resulting in an enormous increase in demand for products used in animal healthcare, such as food and medications. There has also been a growing cognizance among pet owners for maintain animal health.

Phibro Animal Health Corporation, Vetoquinol, Ceva Santé Animale, IDEXX Laboratories Inc., Virbac, Elanco Animal Health Incorporated, Covetrus Inc., C.H. Boehringer Sohn Ko. KG, Merck & Co. Inc., and Zoetis Inc. are prominent companies operating in global animal health market.

Concluding lines:

Market researchers collect, present, and analyze data  to precisely signify the variety of facets of the commercial landscape. MarketStudyReport has a report titled ‘Global Animal Health Market (2021 Edition) - Analysis By Animal Type (Production, Farm), Product Type (Pharmaceuticals, Vaccines, Feed Additives), By End User, By Region, By Country: Market Insights & Forecast with Impact of COVID-19 (2021-2026)’ which steadily looks at the shifting market patterns, potential business prospects, and difficulties present around this business vertical. The report offers all the data expected by organizations working in this field and was created after a broad, meticulous examination.