Product ID: SQMIG35D2005
Global Animal Health Market Size, Share, Growth Analysis, By Product(Drugs, Vaccines), By Animal(Livestock Animals, Companion Animals), By End User(Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2005 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
91 |
Figures:
58
Global Animal Health Market Dynamics
Animal Health Market Driver
- The animal health market is likely to be driven by an increase in the incidence of zoonotic diseases. The increased adoption of pets for companionship is resulting in increased contact with disease-spreading animal-borne diseases around the world. Increased awareness of preventive measures and the increasing availability of treatment options are expected to drive demand for animal care products during the forecast period.
- The Animal Health Market is primarily driven by an increase in pet adoption, an increase in the incidence of zoonotic diseases, and food-borne diseases, and an increase in global demand for protein-rich food. Furthermore, technological advancements in the Animal Health Market and the introduction of information systems are boosting the growth of the animal health market.
Animal Health Market Restraint
- Strict government regulations on animal drug approval are likely to constrain Animal Health Market growth. For sale in the United States, all animal drugs must be approved by the Food and Drug Administration. The Animal Health Institute estimates that developing a new animal drug can take up to ten years and cost more than USD 100 million before approval. It takes three to five years to develop a new vaccine and costs around USD 80 million. Manufacturers of animal health products contribute to the FDA approval process by charging user fees authorized by the Animal Drug User Fees Act (ADUF) and the Animal Generic Drug User Fee Act.
Global Animal Health Market Report Snapshots
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