Animal health is a healthcare segment that focuses on the prevention, identification, management, and treatment of veterinary illnesses, disorders, and injuries. It encompasses a wide range of animal species, both domesticated and wild, as well as a wide range of disorders that impact several species. It entails the proper use of vaccinations, anti-infective and anti-parasitic medications, pharmaceutical specialty goods, performance technology, and value-added programs such as livestock data management software to care for animals.
Technological Improvements in the Animal Health Market Technology
From artificial intelligence to stem cell treatment and new generations of vaccinations, scientific discoveries, innovations, and developing technologies have increased our ability to forecast, prevent, diagnose, and treat animal sickness more quickly, precisely, and safely. Due to the creation of new medications and immunizations for animal health, veterinary researchers and developers continue to break new ground in decreasing disease transmission and effect. Several technical innovations have recently been created to better the quality of life of animals, including:
• In April 2022, Zoetis announced its latest innovation in diagnostics with the addition of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM
• In June 2021, Vetoquinol announced the launch of a new device called Phovia for faster skin recovery in dogs and cats
“A new wave of innovation from smart sensors that continually monitor vital signs and AI-driven prediction technologies to mRNA vaccines, feed supplemented with health-boosting ingredients, and many more scientific advances offer enormous potential for better animal health.” – President, Global Operations, Animal Health Company, United States
Growing Adoption of Pet Animals for Companionship & Communities is Boosting the Animal Health Market
Pet ownership has skyrocketed all around the world. More than half of households in major markets now own a pet, with the figure climbing to more than 80% in countries such as Brazil and Argentina. This reflects an increasing awareness that pets are more than simply companions; they also give tangible benefits to our health and happiness. Furthermore, pet owners are more likely to become familiar with their surroundings than non-pet owners, which may lead to higher community engagement and enhanced quality of life and relationships. Increased pet ownership is expected to increase the usage of parasiticides, antimicrobials and antibiotics, immunizations, feed additives, and growth promoters in the coming years.
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North America Likely to Continue its Dominance in the Animal Health Market in Coming Years
Geographically, North America controls a sizable portion of the animal health business. This may be ascribed to an increasing number of pet owners in this area – more than 67% of American households own pets –, a rise in the frequency of zoonotic illnesses, technical developments, and an increase in research and development efforts by key businesses in this region.
Competitive Landscape Analysis of the Animal Health Market
Some of the Major Companies operating in the market include Merck Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis, Boehringer Ingelheim, Elanco, and IDEXX, among others.
Companies Adopting Aggressive Growth Strategies to Increase their Animal Health Market Share
To gain market share, players in this market use both organic and inorganic growth tactics such as partnerships, acquisitions, investment, and new product releases. In June 2022, for example, Boehringer Ingelheim and CarthroniX announced a research cooperation to develop small molecule therapies in canine cancer. The cooperation will focus on discovering novel compounds that can be used to treat cancer in dogs.