New York, July 04, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Livestock Healthcare Global Market Report 2023” – https://www.reportlinker.com/p06457521/?utm_source=GNW
, Phibro Animal Health Corporation, Zoetis Inc., Intas Pharmaceuticals Ltd., Norbrook Laboratories Ltd., Alivira Animal Health Limited, and IDEXX Laboratories Inc.
The global livestock healthcare market is expected to grow from $39.89 billion in 2022 to $43.04 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. 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 livestock healthcare market is expected to grow to $57.14 billion in 2027 at a CAGR of 7.3%.
The livestock healthcare market consists of sales of livestock medications such as biologics and tick medications as well as tools for livestock disease diagnosis.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Livestock healthcare refers to the development of health-building and illness prevention, detection, and management strategies that support the health and welfare of farm animals. They are used for improving the health, welfare, and productivity of livestock.
North America was the largest region in the livestock healthcare market in 2022. The regions covered in the livestock healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of livestock healthcare are vaccines, pharmaceuticals, feed additives, diagnostics, and other types.Feed additives are single ingredients or substances used in animal nutrition to improve the quality of feed and animal-derived foods.
It contributes to the health and performance of the animals. These are applied to various livestock animals such as poultry, swine, cattle, sheep and goats, horses, and others and are used by various end users such as reference laboratories, point-of-care testing or in-house testing, veterinary hospitals and clinics, and others.
The increasing prevalence of food-borne and zoonotic diseases is expected to propel the livestock healthcare market going forward.Foodborne refer to infectious diseases caused by the consumption of food or water contaminated by pathogenic microorganisms such as bacteria, parasites, and viruses.
Zoonotic diseases are illnesses that transmit between animals and humans.Livestock healthcare helps to detect, prevent and treat diseases from the animals through vaccines and medications, so increasing food-borne and zoonotic diseases increases the demand for the livestock healthcare products.
For instance, in July 2020, according to the World Health Organization, a Switzerland-based specialized agency responsible for international public health, there were around 200 types of zoonoses in 2020, and further, it is estimated that globally, about 1 billion cases of illness and millions of deaths occur every year from zoonoses. Therefore, the increasing prevalence of food-borne and zoonotic diseases drive the livestock healthcare market.
Technological innovations are a key trend gaining popularity in the livestock healthcare market.Major companies operating in the livestock healthcare market are focused on developing new technological solutions to strengthen their market position.
For instance, in July 2022, Merck Animal Health, a US-based biopharmaceutical company that develops and produces medicines and vaccines, launched “Whisper on Arrival,” a first-of-its-kind technology that transforms decision-making for cattle.It is uniquely designed with specialized sound-gathering equipment and a predictive algorithm that helps to analyze animal breathing, heartbeat, weight, and rectal temperature and offers useful information to feedlot managers and vets for decisions involving specific animals.
It aids in formulating a plan of action for the management of bovine respiratory disease (BRD) and identifies the cattle that may be more susceptible to illness.
In September 2022, Zoetis Inc., a US-based producer of medicine and vaccinations for pets and livestock, acquired Jurox Animal Health for an undisclosed amount. Through this acquisition, combined resources with Jurox are expected to increase the range of products offered and the potential for global expansion for Zoetis. Jurox Animal Health is an Australian-based developer and producer of veterinary pharmaceutical solutions for livestock producers, veterinarians, and pet owners.
The countries covered in the livestock 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 livestock healthcare market research report is one of a series of new reports that provides livestock healthcare market statistics, including livestock healthcare industry global market size, regional shares, competitors with a livestock healthcare market share, detailed livestock healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the livestock healthcare industry. This livestock 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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