The global animal health market size is expected to reach USD 64.6 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 5.5% during the forecast period. Rapid technological advancements in veterinary care are likely to provide an upthrust to the market. For instance, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, emergence of veterinary health information systems, specifically in developed economies, is poised to help the market gain significant momentum over the coming years.
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With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. Incorporation of this technology will facilitate real-time analysis of fluctuations in disease prevalence. As a consequence of aforementioned factors, it is projected that there will be remarkable improvement in the overall penetration rate of animal health products, which is also anticipated to spur the growth of the market.
Further key findings from the report suggest:
• Vaccines are expected to exhibit a noteworthy CAGR during the forecast period due to significant increase in adoption of companion animals that demand long-term health check-ups
• The companion animal segment is estimated to expand at a higher CAGR during the same period owing to associated health benefits for humans such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
• Veterinary hospitals and clinics accounted for a substantial share in 2017, owing to increasing number of hospital pharmacies coupled with high procedural volume as a consequence of frequent readmission of pets for treatment
• Retail channels and E-commerce platform commanded a sizeable cumulative share owing to factors such as high convenience associated with online pharmacies and increasing number of retail pharmacies
• Point-of-care testing is the fastest growing end-use segment due to surging demand for highly productive animals and growing investments in R&D activities for novel animal products
• In 2017, North America represented the largest share in the global animal health market owing to local presence of established pharmaceutical companies, consistently striving for extensive commercialization of their products
• Asia Pacific is expected to progress at a phenomenal CAGR due to dire clinical urgency to curb high incidence of zoonotic diseases and growing focus on management of disease outbreaks such as swine influenza and Ebola
• The key participants employ sustainability strategies, such as expanding product portfolio to gain competitive advantage. For instance, In March 2016, Merial entered into distribution agreement with Zoetis, Inc. to expand dairy product portfolio in India
• Vaccines are expected to exhibit a noteworthy CAGR during the forecast period due to significant increase in adoption of companion animals that demand long-term health check-ups
• The companion animal segment is estimated to expand at a higher CAGR during the same period owing to associated health benefits for humans such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
• Veterinary hospitals and clinics accounted for a substantial share in 2017, owing to increasing number of hospital pharmacies coupled with high procedural volume as a consequence of frequent readmission of pets for treatment
• Retail channels and E-commerce platform commanded a sizeable cumulative share owing to factors such as high convenience associated with online pharmacies and increasing number of retail pharmacies
• Point-of-care testing is the fastest growing end-use segment due to surging demand for highly productive animals and growing investments in R&D activities for novel animal products
• In 2017, North America represented the largest share in the global animal health market owing to local presence of established pharmaceutical companies, consistently striving for extensive commercialization of their products
• Asia Pacific is expected to progress at a phenomenal CAGR due to dire clinical urgency to curb high incidence of zoonotic diseases and growing focus on management of disease outbreaks such as swine influenza and Ebola
• The key participants employ sustainability strategies, such as expanding product portfolio to gain competitive advantage. For instance, In March 2016, Merial entered into distribution agreement with Zoetis, Inc. to expand dairy product portfolio in India
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Michelle Thoras
Corporate Sales Specialist, USA
Radiant Insights, Inc
28 2nd Street, Suite 3036, San Francisco, CA 94105, United States
Phone: 1-415-349-0054
Toll Free: 1-888-202-9519
Email: sales@radiantinsights.com
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