The global animal health market is expected to value at 73.6 billion by 2027, with a CAGR of 5.8%, according to a new report by Grand View Research, Inc. Increase in technological advancements in the veterinary care and growing awareness about animal welfare is likely to propel the market growth throughout the forecast period. Moreover, the emergence of health information systems is expected to supplement the market demand for animal vaccine in the near future.
Government initiatives are beneficial in promoting animal health and welfare in various countries. For instance, according to the UN Department of Economic and Social Affairs the population is expected to grow by leap and bounds by 2050 and this would generate a tremendous need for food and nourishment. Therefore, the government policies for animal-based food product will play a significant role in pricing, access to protein based foods at affordable price range.
The technological advances in the veterinary healthcare is expected to create a pool of opportunities such as emergence of information management in the healthcare systems and a high focus on animal welfare. Major players are emphasizing on producing pathogen-free vaccines with high resistance. Hence, innovative practices in the manufacturing of vaccine is anticipated to strengthen the supply-chain.
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Covid-19 Effect:
On account of covid-19, there is a tremendous research ongoing on animals to evaluate the impact of infection. The findings by the U.S. Center for Disease Control and Prevention states, animals such as dogs and cats can get infected and pass onto similar species but it is very unusual for animal to human transmission. The data suggests that dogs carry the infection but there can be rare chances to spread. While cats and ferrets can easily spread the infection among the same species. Although the research is limited at present, the impact of virus on wild animals and pets is been studied under laboratory settings on non-human primates such as macaques and marmosets. The studies are based on smaller data sets leading to ambiguity whether the infection can spread from animals to humans.
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Key Takeaways from the report:
Major Players:
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Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end use, and region:
Animal Health Animal Type Outlook (Revenue, USD Million, 2016 – 2027)
Animal Health Product Outlook (Revenue, USD Million, 2016 – 2027)
Animal Health Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)
Animal Health End-use Outlook (Revenue, USD Million, 2016 – 2027)
Animal Health Regional Outlook (Revenue, USD Million, 2016 – 2027)
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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