Global Animal Healthcare Market, By Animal Type (Production animal & companion animal), by Product Type (Feed additives, pharmaceuticals and vaccines), By End user (veterinary hospitals, Retail, E-commerce, & clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 50.45 Billion in 2023 and is expected to exhibit a CAGR of 5.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Partnerships in the animal healthcare market are driving innovation and development. By collaborating, companies combine resources to create new products, services, and solutions. These partnerships enhance diagnostics, develop treatments, and improve overall animal health. They are making a tangible impact on the industry, benefiting animals and their owners. For instance, in November 2022, Vetigenics and an animal health pharmaceutical firm partnered to develop canine-specific therapeutic antibodies for chronic companion animal illnesses. The collaboration utilizes the VETIGENICS CANIBODYTM Platform, which employs all-canine phage display technology to create tailored treatments from canine genetic material.
January 12, 2021 – Boehringer Ingelheim is pleased to announce a multi-year partnership with PetMedix to develop novel and transformative companion animal antibody therapeutics using PetMedix’s proprietary Ky9 platform. As part of the collaboration, PetMedix will undertake discovery activities against a number of key targets, and Boehringer Ingelheim will work to develop and bring these therapies to market.
On February 18, 2021, INRAE CEO Philippe Mauguin and Ceva Santé Animale Chairman & CEO Dr. Marc Prikazsky signed an agreement to strengthen their collaboration in animal health. The agreement focuses on "One Health" work, aiming to prevent infectious diseases of animal origin and improve animal welfare, especially in light of the Covid-19 pandemic and avian influenza outbreak in France.
This collaboration between Boehringer Ingelheim and Henke-Sass, Wolf in October 2020 resulted in a groundbreaking solution for swine producers worldwide. The FreVAX™ and EPIG® brands offer a significant improvement over conventional needle vaccination, providing smooth and painless intramuscular injections with enhanced safety features. With the integration of intelligent sensors, LED alerts, and smart data capture functions, this innovative device ensures optimal vaccination experience for both pigs and operators.
Global Animal Helathcare Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
Global Animal Helathcare Market: Key Developments
in August 2020, Bayer completed the sale of its Animal Health business unit to Elanco Animal Health. Bayer received US$ 5.17 billion in cash and 15.5% of Elanco's stock.
In August 2021, Jurox, an animal health firm, agreed to be acquired by Zoetis. Jurox is known for developing and marketing veterinary pharmaceuticals. The acquisition provides Zoetis with important products for global expansion and access to Jurox's manufacturing operations in Australia.
In August 2020, Merck Animal Health acquired the global rights to VECOXAN from Elanco Animal Health. VECOXAN is an oral suspension used for preventing coccidiosis in calves and lambs.
Browse 38 Market Data Tables and 33 Figures spread through 178 Pages and in-depth TOC on “Global Animal Helathcare Market”- Forecast to 2030, Global Animal Helathcare Market, by Animal type (Production animal & companion animal), by Product Type (Feed additives, pharmaceuticals and vaccines), By End user (veterinary hospitals, Retail, E-commerce, & clinics) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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https://www.coherentmarketinsights.com/market-insight/animal-healthcare-market-3708
Key Takeaways of the Global Animal Helathcare Market:
The global animal helathcare market is expected to exhibit a CAGR of 5.1% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global Animal Helathcare market. Companies are also expanding their production capacity to meet the increasing demand for vaccines and healthcare products, emphasizing preventive measures and reducing the use of antibiotics. However, as economic development progresses and disposable incomes increase, there is a positive shift in attention towards animal healthcare. Pet owners are becoming more conscious of the well-being and healthcare needs of their animals, leading to an increased demand for veterinary services, preventive care, and specialized treatments.
Among animal type, The animals are segmented into production animal and companion animal. Companion animals, including dogs, cats, small mammals, birds, and fish, hold a dominant position in American households, with approximately 70% owning pets. This signifies a strong culture of pet ownership in the United States, surpassing the presence of livestock and production animals.
Among Product type, the market is segmented into Feed additives , pharmaceuticals and vaccines. Globally, vaccines are the dominant product type in animal healthcare management. They are widely used to prevent the spread of infectious diseases and ensure the health and well-being of animals across different species. Vaccination programs are crucial in maintaining animal health and reducing the risk of disease outbreaks.
Among region, the market is segmented into North America,Latin ameria, Europe, Asia pacific, Middle east and Africa. Out of which, the North America is expected to hold a dominant position in the animal healthcare market during the forecast period, owing to increasing the usage of pharmaceuticals and vaccines.
Major players operating in the global animal healthcare market include include Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc.
