THE BAJA POST
SOURCE: PRN MEDIA
The “Livestock Healthcare Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers, and senior management with critical information needed to assess the Livestock Healthcare market. The market is projected to grow from $39.89 billion in 2022 to $43.04 billion in 2023, with a compound annual growth rate (CAGR) of 7.9%.
Furthermore, the market is expected to reach $57.14 billion by 2027, with a CAGR of 7.3%.Major players in the Livestock Healthcare market include Ceva Sante Animale, Virbac SA, Vetoquinol SA, Boehringer Ingelheim International GmbH, Bayer Healthcare AG, Elanco Animal Health Incorporated, Hester Biosciences Limited, Merck & Co Inc., Phibro Animal Health Corporation, Zoetis Inc., Intas Pharmaceuticals Ltd., Norbrook Laboratories Ltd., Alivira Animal Health Limited, and IDEXX Laboratories Inc.
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Livestock healthcare involves the development of health-building and illness prevention, detection, and management strategies to support the health and welfare of farm animals, aiming to improve their health, welfare, and productivity.
The main types of livestock healthcare include vaccines, pharmaceuticals, feed additives, diagnostics, and other types. Feed additives are single ingredients or substances used in animal nutrition to enhance the quality of feed and animal-derived foods, contributing 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 used by various end users such as reference laboratories, point-of-care testing or in-house testing, veterinary hospitals and clinics, and others.
Technological innovations are a key trend in the livestock healthcare market, with major companies developing new technological solutions to strengthen their market position.
For instance, in July 2022, Merck Animal Health launched “Whisper on Arrival,” a first-of-its-kind technology that analyzes animal breathing, heartbeat, weight, and rectal temperature to offer 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 cattle that may be more susceptible to illness.In September 2022, Zoetis Inc. acquired Jurox Animal Health to increase the range of products offered and the potential for global expansion.
North America was the largest region in the livestock healthcare market in 2022, while Asia-Pacific is expected to experience significant growth in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Key countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The increasing prevalence of food-borne and zoonotic diseases is expected to drive the growth of the livestock healthcare market. Livestock healthcare helps detect, prevent, and treat diseases in animals, thus increasing the demand for livestock healthcare products.
For instance, the rising prevalence of food-borne diseases caused by the consumption of contaminated food or water and zoonotic diseases transmitted between animals and humans increases the need for livestock healthcare to ensure the health and welfare of farm animals.
The livestock healthcare market includes sales of livestock medications such as biologics and tick medications, as well as tools for livestock disease diagnosis. The market value includes 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.