Global Farm Animal Healthcare Market Set for Significant Growth, Projected to Reach USD 27.39 Billion by 2028
DUBLIN, Aug. 24, 2023 /PRNewswire/ — The “Farm Animal Healthcare Market Size & Share Analysis – Growth Trends & Forecasts (2023-2028)” report has been added to ResearchAndMarkets.com’s offering.
The global farm animal healthcare market is poised for remarkable expansion, with a projected value of USD 27.39 billion by 2028, witnessing a robust Compound Annual Growth Rate (CAGR) of 5.12% during the forecast period from 2023 to 2028.
Several pivotal factors are driving this growth trajectory, including technological advancements, government and animal welfare initiatives, and an escalating risk of emerging zoonosis.
Navigating the Impact of COVID-19 on the Farm Animal Healthcare Market:
The COVID-19 pandemic has undeniably impacted the farm animal healthcare sector, marked by lockdown measures and the suspension of crucial animal healthcare services. However, the resilience of the industry is evident as companies have deftly resumed clinical activities and intensified product development efforts. This renewed momentum is expected to fuel the market’s anticipated growth over the forecast period.
Fueling Growth Through Technological Innovations:
The growth of the farm animal healthcare market is intrinsically linked to advancements in technology and innovative healthcare solutions for animals. The development of novel vaccines and therapeutics, particularly in response to emerging chronic and infectious diseases among farm animals, has emerged as a pivotal driver of market expansion.
Government Initiatives and Heightened Awareness:
Government bodies and animal welfare associations across various nations are increasingly championing programs and campaigns aimed at vaccinating farm animals. These initiatives significantly boost market growth. A noteworthy example is the launch of a five-year project in the United States in 2022, targeting the vaccination of cattle against bovine tuberculosis.
Leading Growth: The Vaccines Segment:
The vaccines segment is primed for substantial growth within the farm animal healthcare market. Factors driving this surge include the growing prevalence of zoonotic and chronic diseases, heightened awareness of animal health, increased investments, and the introduction of new products. Global market players are leveraging these trends, developing and launching novel vaccines to enhance their market presence and address emerging diseases among farm animals.
North America’s Commanding Market Share:
North America is poised to command a significant share of the farm animal healthcare market. The region’s growth is attributed to the mounting burden of diseases, technological strides, and proactive government initiatives. Furthermore, increased investments in the research and development of effective medicines and therapeutics for farm animals continue to bolster market expansion in North America.
Anticipating a Robust Future:
The farm animal healthcare market is set to continue its growth trajectory fueled by technological advancements, government initiatives, and the growing recognition of animal health importance. Innovations in vaccines and therapeutics, coupled with heightened awareness of emerging diseases, are expected to shape the market landscape in the years to come.
Market Dynamics:
Market Drivers:
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Advanced Technology Leading to Innovations in Animal Healthcare
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Increasing Initiatives by Governments and Animal Welfare Associations in Different Countries
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Increasing Risk of Emerging Zoonosis
Market Restraints:
Leading Industry Players:
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Boehringer Ingelheim International GmbH
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Ceva Animal Health Inc.
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Elanco
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Hester Biosciences Limited
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Merck & Co. Inc.
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Phibro Animal Health
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Vetoquinol
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Zoetis Inc.
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Intas Pharmaceuticals Ltd
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Norbrook
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Alivira Animal Health Limited
For more information about this report visit https://www.researchandmarkets.com/r/o3it1t
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