Global Animal Health Market is poised to grow at a steady rate of 4% to reach $49 billion by 2026

BRUSSELS - July 12, 2022 - PRLog -- Animal health is a medical disciple that emphasizes the prevention, detection, control, and therapeutics associated with veterinary diseases, disorders, and injuries. It covers a broad spectrum of animal species, including the domesticated and wild, with an extensive range of conditions that affect several species. It involves taking care of animals with the appropriate use of vaccines, anti-infective and anti-parasitic drugs, pharmaceutical specialty products, performance technologies, and value-added programs, such as livestock data management tools.

Technological Innovations in Animal Health Market

Scientific advancements, innovations, and emerging technologies from artificial intelligence to stem cell therapy and new generations of vaccines, have provided greater opportunities to predict, prevent, diagnose and treat animal illness more quickly, accurately, and safely. Veterinary researchers and developers continue to break new ground in reducing disease spread and its impact due to the development of new medicines and vaccinations for animal health.

Adoption of Pet Animals for Companionship Fuels the Animal Health Market

Pet ownership has skyrocketed across the world. Over 50% of households in leading markets currently own a pet which rises to over 80% in nations like Brazil and Argentina. This reflects the increased recognition that pets are not only companions but offer several benefits to our health and happiness. Moreover, pet owners are more likely to get to know their neighborhood than those without pets, which can lead to more community engagement and improves the quality of life and relationships.

North America Likely to Continue its Dominance in Animal Health Market

From a geographic perspective, North America holds a larger market share of the animal health market. This can be attributed to a growing number of pet owners in this region - more than 67% of American households own pets, rising incidence of zoonotic diseases, technological advancements & increase in research and development activities by leading players in this region.

Competitive Landscape Analysis: Animal Health Market

Some of the major players operating in the animal health market are Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.

Companies Adopting Efficient Growth Strategies to Increase their Market Share in Animal Health Market

Leading players operating in the global animal health market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner higher market share.

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