The Farm Animal Healthcare by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Farm Animal Healthcare, The farm animal healthcare market size has grown strongly in recent years. It will grow from $19.77 billion in 2023 to $21.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to disease outbreaks, regulatory support, increasing livestock population, awareness and education.
The farm animal healthcare market size is expected to see strong growth in the next few years. It will grow to $28.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to global food demand, preventive healthcare trend, precision farming technologies, environmental concerns, economic factors. Major trends in the forecast period include digital health solutions, biotechnology advances, eco-friendly practices, nutraceuticals and functional feed, collaborations and partnerships.
The increase in livestock is expected to drive the growth of the farm animal healthcare market going forward. Livestock refers to agricultural animals that are housed, reared, and used by people, such as cows, horses, and pigs. The need for farm animal healthcare services grows along with the increase of livestock since these services help protect animals from illnesses including swine flu and avian flu, which can also infect humans, workers, and veterinarians. For instance, according to a report published by the US Department of Agriculture in 2022, India’s national herd of cattle increased from 1.2 million in 2021 to 306.7 million in 2022. Therefore, the growing livestock population will propel the farm animal healthcare market.
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The farm animal healthcare market covered in this report is segmented –
1) By Product: Vaccines, Parasiticides, Anti-Infectives, Medical Feed Additives, Other Products
2) By Application: Cattle, Swine, Poultry, Fish, Sheep
3) By End User: Reference Laboratories, Point-of-care Testing or In-House Testing, Veterinary Hospitals and Clinics, Other End Users
Rapid developments in technology have emerged as a key trend gaining popularity in the farm animal healthcare market. Major companies in the farm animal healthcare sector are focused on developing new technologies to meet consumer demand and strengthen their position. For instance, in June 2023, Merck & Co., Inc. launched INNOVAX-ILT-IBD a dual-construct HVT vaccine for poultry heathcare that offers sustained defense against infectious bursal disease (IBD), infectious laryngotracheitis (ILT), and Marek’s disease (MD). Instead of one ILT glycoprotein insert, INNOVAX-ILT-IBD has two. Moreover, results from clinical trials indicate that immunity to INNOVAX-ILT-IBD develops early and lasts a long time. INNOVAX-ILT-IBD can be injected subcutaneously (at day-old) or in ovo (after around 18 days of incubation) into layers, breeder flocks and broiler chickens in the hatchery to improve early-life protection.
The farm animal healthcare market report table of contents includes:
1. Executive Summary
2. Farm Animal Healthcare Market Characteristics
3. Farm Animal Healthcare Market Trends And Strategies
4. Farm Animal Healthcare Market – Macro Economic Scenario
5. Global Farm Animal Healthcare Market Size and Growth
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26. South America Farm Animal Healthcare Market
27. Brazil Farm Animal Healthcare Market
28. Middle East Farm Animal Healthcare Market
29. Africa Farm Animal Healthcare Market
30. Farm Animal Healthcare Market Competitive Landscape And Company Profiles
Top Major Players:
- Bayer AG
- C. H. Boehringer Sohn AG & Co. KG
- Ceva Santé Animale
- Merck & Co. Inc
- Virbac Corporation
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