Animal Health Market is Expected to Surpass USD 117.48 Billion Mark by 2031; Rising Awareness Regarding Animal Health Among Pet Owners Driving Market Development | SkyQuest
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Animal Health Market Overview:
Segments covered in Animal Health Market are as follows:
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Pharmaceutical Products to Promote Animal Health Estimated to Bring in Major Revenue
Pharmaceuticals and drugs play a crucial role in the regulation of animal health, and this is why this segment is the most lucrative for all companies. The growing diversity of animal diseases and rising demand for better treatment options are projected to bolster the demand for animal health pharmaceutical products in the future. High investments in the development of novel animal health drugs and pharmaceuticals are also estimated to help market growth via this segment going forward.
Meanwhile, rising awareness regarding animal health and the growing demand for preventive healthcare among pet owners is projected to make the diagnostic segment a highly attractive one. Development of novel animal health diagnostic solutions and services to promote preventive healthcare adoption among animals should be the prime focus of new companies entering the animal health market.
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Adoption of Precision Animal Husbandry Practices to Promote Demand of Animal Health
Rapidly increasing global population has led to a high demand for food products and animal-based food products are a key part of people's diet. Growing number of people moving toward livestock farming to satisfy the surging demand for meat, dairy, and other animal-based food products will also bolster the importance of animal health among livestock farmers. Livestock segment is estimated to emerge as the most opportune one for new as well as established animal health companies in the future.
Veterinary Hospitals and Clinics Forecasted to Spearhead Animal Health Demand
Most pet owners take their animals to veterinary clinics and hospitals for their primary as well as tertiary animal health needs. Growing number of veterinary hospitals and clinics around the world is expected to help this segment account for a dominant share of the global animal health market.
New companies should focus on the diagnostics and veterinary clinics/hospitals segments to maximize their business scope and compete with leading animal health providers.
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