Animal Health Market Trends Evaluation, Geographical Segmentation, Business Challenges, and Investment Opportunities Analysis till 2027
According to The Insight Partners new research study on “Animal Health Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product and Animal Type,” the global animal health market size is expected to reach US$ 119,570.99 million by 2027 from US$ 73,798.33 million in 2019; it is estimated to grow at a CAGR of 6.3% during 2020–2027. The animal health market report highlights trends prevailing in the market and factors driving its growth. The animal health market growth is attributed to a few key driving factors such as increase in the incidences of zoonotic diseases, rise in demand for proteinaceous food, and initiatives by governments and animal welfare associations. On the other hand, high complexity and cost of animal drug development and approval processes may hinder the market growth.
Animal health is maintained by the various pharmaceutical and non-pharmaceutical products. The preventive measure can be taken by the early diagnostics and giving vaccines to prevent diseases. Factors such as of zoonotic diseases, rise in demand for proteinaceous food are majorly contributing to the growth of animal health market.
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North America accounted for the largest animal health market share in 2019 and is expected to continue with a similar trend over the forecast period. The North America animal health market is segmented into the United States, Canada, and Mexico. The market for animal health in the region is expected to grow owing to a wide range of effective measures adopted by government animal welfare organizations, growing technological advancements, presence of numerous animal health centers, rising need for diagnostic techniques to care for animals from various diseases, and an increasing number of pet owners in the countries, among others.
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