New York, March 31, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Farm Animal Healthcare Global Market Report 2023” – https://www.reportlinker.com/p06438633/?utm_source=GNW
, Hester Bioscience, and Eli Lilly and Company.
The global farm animal healthcare market grew from $18.7 billion in 2022 to $20.31 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The farm animal healthcare market is expected to grow to $26.92 billion in 2027 at a CAGR of 7.3%.
The farm animal healthcare market includes revenues earned by entities by offering farm animal healthcare services such as farm animal health management, vaccination to poultry farm animals, vaccination knowledge management, trainings.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The farm animal healthcare refers to a proactive service that outlines steps for disease prevention, identification, and management in order to promote the health and wellbeing of farm animals. It ensures that disease, injury, and mortality among farmed animals are kept to a minimum.
North America was the largest region in the farm animal healthcare market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the farm animal healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of farm animal healthcare are vaccines, parasiticides, anti-infectives, medical feed additives, and other products.Vaccination is administering a vaccine into the body to create immunity to a specific disease.
Vaccination improves animal health and welfare while increasing livestock productivity and preventing disease transmission from domestic and wild animals to people.The different applications include cattle, swine, poultry, fish, and sheep.
The several end users include reference laboratories, point-of-care testing or in-house testing, veterinary hospitals and clinics, and others.
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.
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 January 2020, Boehringer Ingelheim, a Germany-based pharmaceutical company, launched the VAXXITEK HVT+IBD+ND vaccine based on trojan horse vaccine technology to protect poultry from three types of diseases. This vaccine technology is similar to a trojan horse in that it protects against disease by employing a non-pathogenic substance as a vector to carry pathogen-protective genes VAXXITEK HVT+IBD+ND builds a solid immune foundation and provides enhanced protection against marek’s disease, infectious bursal disease (classic and variant kinds), and newcastle disease.
In April 2020, Heska Corporation, a US-based advanced veterinary diagnostic and specialty products company, acquired Scil Animal Care Company for $110 million.Through this acquisition, Heska Corporation aimed to expand the company with veterinarians and point-of-care analyzers to serve companion animals.
Scil Animal Care Company is a US-based company that specializes in animal health laboratories and imaging diagnostic products and services.
The countries covered in the farm animal healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The farm animal healthcare market research report is one of a series of new reports that provides farm animal healthcare market statistics, including farm animal healthcare industry global market size, regional shares, competitors with a farm animal healthcare market share, detailed farm animal healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the farm animal healthcare industry. This farm animal healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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