Request Sample
Request Methodology
Request Sample
Read More
Description
Animal Healthcare Market Size was valued at USD 48.62 billion in 2021, growing at a significant CAGR of 8.4% over 2022-2028. The growth in prevalence of livestock diseases coupled with a rise in R&D for the development of novel therapeutics and vaccines are key factors surge the growth of market. The vaccines segment anticipated to grow at significant CAGR over the forecast years owing to increased demand for vaccines for pet animals and livestock species coupled with launch of newer products by the market players. For instance, in May 2021, Boehringer Ingelheim India launched poultry vaccine VAXXITEK® HVT+IBD, an innovative recombinant single shot vaccine, ensuring life-long protection for all types of production chickens, namely broiler, layer and breeder. Moreover, outbreak of newer livestock disease create opportunity for the players to enhance their revenue in animal healthcare market. For instance, According to the World Health Organization (WHO), West Nile virus, a single-stranded RNA virus, can cause significant illness and death in horses. Furthermore, an improved animal healthcare system that enables early disease diagnosis and treatment will boost the pharmaceutical segment’s growth. Increase in demand for medicated and non-medicated feed additives, rise in consumption of meat, milk, and other animal products, and growing consumer awareness of animal welfare are a few factors driving the industry’s growth over the forecasting period.
The Recent Animal Healthcare Market Developments:
In July 2019, Ceva Santé Animale acquired IDT Biologika GmbH’s veterinary biopharmaceutical portfolio, which will help to increase their position in the market by Ceva’s product offerings.
In Feb 2020, Vetoquinol SA company announced the acquisition of Profender and Drontal product families from Elanco Animal Health.
