SAN FRANCISCO, Aug. 12, 2024 /PRNewswire/ -- The global
animal health industry is broad and dynamic, encompassing products
and services that ensure the health and well-being of animals. The
animal health market is expected to continue its growth trajectory,
driven by advancements in technology, rising pet ownership, and the
increasing importance of animal welfare. Moreover, the development
of new drugs, vaccines, and biologics improves the treatment of
various chronic diseases and illnesses. Innovations such as gene
therapy, stem cell therapy, and immunotherapy are expanding the
possibilities for treating previously untreatable conditions.
Advances in biotechnology, such as recombinant DNA technology and
vector-based vaccines, are leading to the development of more
effective and safer vaccines. Increased awareness and educational
campaigns about the importance of animal health and vaccination are
driving higher adoption rates. These factors help strengthen the
Animal Vaccine Market, which was valued at
USD 12.8 billion in 2022 and
is expected to expand at a CAGR of 9.40% from 2023 to 2030.
The increasing outbreaks of cattle disease and the ever-expanding
livestock population are the prime factors for the wide acceptance
of ruminants, especially cattle vaccines, globally.
In addition, the adoption of platelet-rich plasma (PRP)
treatments has indeed been driving growth in the Animal Wound
Care Market, estimated at USD 1.08
billion in 2022, and is expected to grow at a CAGR of
6.92% over the forecast period. PRP therapy, which involves
using components of a pet's own blood to promote healing and tissue
regeneration, has gained popularity due to its effectiveness in
treating various conditions, including chronic wounds, joint
issues, and soft tissue injuries.
The Livestock Monitoring Market was estimated at
USD 4.01 billion in 2023 and
is anticipated to grow at a CAGR of 11.56% from 2024 to
2030. This is a growing sector that leverages technology to
improve animal health, productivity, and overall farm management.
Key trends in this market include wearable technologies, artificial
intelligence, and others. The AI in livestock monitoring is
expanding as technology advances and farmers seek more efficient
and data-driven ways to manage their herds. AI analyzes data from
sensors and wearable devices to monitor the health of livestock. It
can detect early signs of illness or distress, enabling timely
intervention and potentially reducing the need for costly
treatments.
The increasing number of accidents and illnesses in pets propels
the growth of the Pet Insurance Market, valued at
USD 11.87 billion in 2023, and is projected to grow at a
CAGR of 14.15% from 2024 to 2030. As more pet owners become
aware of the potential costs associated with veterinary care, they
seek insurance to help manage these expenses. This trend can lead
to a rise in the number of people purchasing pet insurance, as well
as an expansion in the types of coverage offered by insurance
providers.
Veterinary Diagnostics Market, estimated at
USD 9.29 billion in 2023 and
is expected to grow at a CAGR of 10.02% from 2024 to 2030
plays a crucial role in the animal health market by enabling the
early detection, accurate diagnosis, and effective management of
diseases in animals. Advanced diagnostic technologies, such as
imaging, blood tests, and genetic screening, provide precise
information about an animal's health status, which is essential for
determining the right treatment plan. Overall, the role of
veterinary diagnostics is integral to advancing animal health care
and improving the effectiveness of treatments and preventive
measures.
The increasing number of animals diagnosed through advanced
imaging techniques like X-rays, CT scans, and MRIs is indeed a
significant trend in the Veterinary Imaging Market,
estimated at USD 1.8 billion in
2023 and is expected to grow at a CAGR of 7.01% from 2024 to
2030. The rise of specialized veterinary practices and referral
centers that use advanced imaging to diagnose and treat complex
conditions contributes to market growth.
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