Animal Health Market to Drive Data-Driven Innovation Intelligence at a CAGR of 4.8%

The Global animal health market should reach US$44,847.2 million year round 2025 to CAGR of 4.8%. Health systems have essentially focused on affordability as well as quality of medical services. However, now digitalization has arrived which would bring about a revolution in the same healthcare vertical. Life sciences would become digitally innovative. This would be the way to go in healthcare over the next 10 years.

A significant increase in animal husbandry has led to an increase in demand for animal health services for improving food safety systems and veterinary public health to protect human health. Adoption of animal health services is highly dependent on fiscal, political and institutional factors in the country.

In order to increase the uptake of animal health services, governments are directly involved in raising awareness of animal diseases among the general population and the privatization of animal health services. One such scheme in Europe is livestock insurance, which was introduced to increase the effectiveness and efficiency of animal health systems.

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Another case that can be considered is that of the UK government compensating for direct losses incurred due to outbreaks of EU compensation schemes and the UK national budget.

Animal health care providers, on the other hand, up the game with the implementation of various strategies. The manufacturers are focusing on developing new products to increase the acceptance of Animal Healthcare, thus expecting to increase their respective market shares.

Companies are focusing on outsourcing the manufacturing of animal health products to reduce their manufacturing costs and compete in the market with lower prices. Some of the major companies operating in the global animal health market are Bayer AG, Boehringer Ingelheim GmbH, Virbac SA, Zoetis, Inc., Hester Biosciences Ltd. and Intas Pharmaceuticals Ltd.

According to a report published by Persistence Market Research (PMR), the global animal health market is expected to experience a CAGR of 4.8% from 2017 to 2025. In 2017, the market was worth US$30,744.2 million and should achieve a valuation of US$44,847.2 million at the end of 2025.

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Increase in the prevalence of contagious diseases to accelerate the adoption of animal health

Animals are more susceptible to a wide range of contagious diseases such as peste des petits ruminants, foot and mouth disease, bovine pleuropneumonia, Newcastle disease, classical and African swine fever and influenza (especially equine and avian influenza ), among other things, by direct or indirect contact.

Peste des petits ruminants (PPR) or goat plague is a highly contagious disease that generally affects small ruminants. According to the Food and Agriculture Organization of the United Nations, the PPR virus can infect up to 90% of the small ruminant population and can even cause the death of 30-70% of the animal population.

Ongoing outbreaks of contagious diseases can have serious impacts on livestock production, resulting in direct and indirect economic losses. In addition, significant resources are needed to control the outbreak of the disease. For the above reasons, government organizations and public organizations have shared financial resources to prevent and control the contagious disease in farm animals and this is expected to fuel the growth of the global animal health market during the forecast period .

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Use of counterfeit drugs to hamper market growth

Rising concerns over the supply of illicit drugs in developing and underdeveloped countries are expected to restrain the growth of the animal health market. Illegal drugs are unregistered and falsified, counterfeit products and unapproved parallel imports. This also includes illegal autogenous vaccines and compound pharmaceuticals.

These products are not manufactured or used properly in accordance with the regulations. The risk of illegal drugs is not only due to the lack of efficacy and animal safety, but they also affect the sale of approved drugs. The use of counterfeit animal health drugs, which are generally cheap and of poor quality, has a strong negative impact on the brand name drug market. The trend of counterfeit drugs is more common in underdeveloped and developing countries and hence the demand for approved drugs is witnessing a decline.

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