Demand for Livestock Healthcare Market is forecasted to reach a value of US $86.94 billion by 2029
The Business Research Company's Demand for Livestock Healthcare Market is forecasted to reach a value of US $86.94 billion by 2029
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How Large Will The Livestock Healthcare Market Be By 2025?
The market size for livestock healthcare has seen significant growth in recent years. It is projected to rise from $54.45 billion in 2024 to $58.41 billion in 2025, with a compound annual growth rate (CAGR) of 7.3%. This historical growth is due to factors such as an increased livestock population, the intensification of livestock farming, the growing demand for animal products, the globalization of the livestock industry, and government efforts aimed at improving livestock health.
In the upcoming years, the livestock healthcare market is anticipated to undergo swift expansion. The predictions indicate an increase to $86.94 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.5%. Various factors contributing to this growth in the projected period include the evolving disease landscape, initiatives for reducing antibiotic usage, heightened awareness about zoonotic diseases, the adoption of precision livestock farming and the implementation of sustainable livestock practices. Throughout the forecast period, noteworthy trends will include measures for biosecurity to prevent disease, genetic selection towards disease resistance, the introduction of remote consultation and veterinary services, an emphasis on animal welfare and stress minimization, and the advancement of personalized medicine for livestock.
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What Are The Major Driving Forces Influencing The Livestock Healthcare Market Landscape?
The livestock healthcare market is predicted to grow due to the rising occurrence of food-borne and zoonotic diseases. Foodborne diseases refer to illnesses triggered by consuming food or water contaminated with harmful microorganisms, including bacteria, parasites, and viruses. On the other hand, zoonotic diseases are those that can be transmitted between animals and humans. Through vaccines and medications, livestock healthcare aids in detecting, preventing, and treating these diseases, resulting in an increased demand for livestock healthcare products in the face of growing food-borne and zoonotic diseases. For example, the European Food Safety Authority, a public agency based in Italy, reported that in December 2023, there were 5,763 outbreaks of foodborne diseases in the European Union during 2022, a significant increase of 44% compared to the preceding year. Consequently, the heightened occurrence of food-borne and zoonotic diseases is fuelling the growth of the livestock healthcare market.
Who Are The Top Players In The Livestock Healthcare Market?
Major players in the Livestock Healthcare include:
• Merck & Co Inc.
• Boehringer Ingelheim International GmbH
• Zoetis Inc.
• Elanco Animal Health Incorporated
• Alltech Inc.
• Virbac SA
• Ceva Santé Animale
• Phibro Animal Health Corporation
• Avivagen Inc.
• Dechra Pharmaceuticals plc.
What Are The Key Trends And Market Opportunities In The Livestock Healthcare Sector?
Advancements in technology are becoming increasingly significant in the livestock healthcare arena, a trend that many top companies are utilizing to bolster their market position. For example, in July 2022, Merck Animal Health, an American biopharmaceutical firm specializing in creating novel medicines and vaccines, launched a groundbreaking technology known as Whisper on Arrival. It's specifically engineered with advanced sound-gathering gear and predictive algorithms that scrutinize the breathing, heartbeat, weight, and rectal temperature of cattle and provide valuable data to feedlot managers and veterinarians for decision-making related to individual animals. The technology is pivotal in strategizing a response plan for handling bovine respiratory disease (BRD) and pinpointing the cattle that might be more prone to sickness.
Market Share And Forecast By Segment In The Global Livestock Healthcare Market
The livestock healthcare market covered in this report is segmented –
1) By Product Type: Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, Other Types
2) By Livestock Animal: Poultry, Swine, Cattle, Sheep And Goats, Horse, Other Animals
3) By End User: Reference Laboratories, Point-of-care Testing or In-house Testing, Veterinary Hospitals and Clinics, Other Users
Subsegments:
1) By Vaccines: Live Attenuated Vaccines, Inactivated Vaccines, Subunit Vaccines, mRNA Vaccines, Viral Vector Vaccines, DNA Vaccines, Recombinant Vaccines
2) By Pharmaceuticals: Prescription Medications, Over-the-Counter Medications, Biopharmaceuticals, Generic Drugs, Specialty Pharmaceuticals, Combination Drugs
3) By Feed Additives: Nutritional Additives (Vitamins, Minerals), Antibiotics, Probiotics, Enzymes, Amino Acids, Flavoring Agents, Antioxidants
4) By Diagnostics: Molecular Diagnostics, Immunoassays, Point-of-Care Testing, Imaging Diagnostics, Histopathology, Genetic Testing
5) By Other Types: Medical Devices, Laboratory Equipment, Research Reagents, Therapeutic Devices, Alternative Treatments
View the full livestock healthcare market report:
https://www.thebusinessresearchcompany.com/report/livestock-healthcare-global-market-report
Livestock Healthcare Market Regional Insights
In 2024, North America held the top position in the livestock healthcare market and is projected to grow. The report includes regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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