Animal Health Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By End Use, By Product (Pharmaceuticals, Feed Additives, Vaccines), By Distribution Channel, And Segment Forecasts, 2020 - 2027
New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Health Market Size, Share & Trends Analysis Report By Animal Type, By End Use, By Product, By Distribution Channel And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05867037/?utm_source=GNW
The global animal health market size is expected to reach USD 73.6 billion by 2027., registering a CAGR of 5.8% over the forecast period. The market is driven by technological advancements in veterinary care, which are anticipated to offer the market future growth opportunities. For instance, MediLabSecure, a laboratory network project (2014-2021), 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 expected to provide high growth potential in future.
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 for fluctuations in disease prevalence.
As a consequence of the aforementioned factors, it is presumed that there will be significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market demand as well as revenue.
North America captured substantial share in the global market in 2019, owing to a wide range of definitive measures adopted by welfare organizations, technological advancements, rising incidence of zoonotic diseases, and increasing number of pet owners. Asia Pacific is expected to exhibit lucrative growth over the coming years as consequence of consistent R&D investments deployed by prominent players and their efforts to commercialize branded and generic therapeutics at a relatively inexpensive price.
Key market participants employ sustainability strategies, such as expanding product portfolio, to gain competitive advantage.For instance, in April 2019, Merck acquired Antelliq Corporation operational in the field of digital animal identification, traceability, and monitoring solutions.
This acquisition helped the company improve its veterinary vaccines and pharmaceutical solutions portfolio.
Further key findings from the report suggest:
• By product, vaccines are expected to exhibit lucrative growth due to significant increase in the adoption of pets, which demands long-term health plans
• Based on animal type, the companion animal segment is anticipated to grow at an exponential rate owing to associated health benefits for humans such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
• By distribution channel, retail channels and e-commerce platforms accounted for a notable share owing to factors such as convenience associated with online pharmacies and increasing number of retail pharmacies
• Point-of testing is fastest growing end-use segment due to increase in demand for highly productive animals and growing investments in R&D for novel animal products
• In 2019, North America accounted for 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 anticipated to grow at a steady rate as a consequence of high clinical urgency to curb incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola.
Read the full report: https://www.reportlinker.com/p05867037/?utm_source=GNW
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