The global animal health market size is anticipated to reach USD 67.56 billion by 2026 owing to the increasing number of animal health issues worldwide. Animals have always been of immense help to man either as companions or as livestock. With time, man starting adopting animals and keeping them as pets. Animals, alike humans, are susceptible to infections and diseases and require medical aid. As per a recently published report by Fortune Business insights™ titled, “Animal Health Market Size, Share and Global Trend By Product (Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and Companion Animals), By End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, and Others) and Geography Forecast till 2026” the market size was USD 41.50 billion in 2018 and is anticipated to rise at a CAGR of 6.3%.
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Current Trends in Veterinary Healthcare Market
People have been adopting pets on a large scale. The reason attributed to this wide adoption rate is companionship. The American Pet Products Association (APPA) states that according to their 2019 report, 67% of U.S. households own a pet. Therefore, the increasing number of pet owner population is expected to boost the animal healthcare market.

OIE held a survey of over 181 member nations and private entities as per their experience with Public-Private Partnership (PPP) in the animal health services. After the 10-year long experience in the Poultry, Veterinary, and Shrimp (PVS) program, the OIE is convinced that PPP has the potential of improving the quality of Animal Services all around the world. In addition to this, PPP also has the aptitude for building sustainable and robust animal health systems that contribute to the overall health and well-being of humans.

Increasing Prevalence of Zoonotic Diseases will Drive Market
The rise in the adoption of pets, worldwide, is a major driver for the animal healthcare market growth. Besides this, the market is driven by the rise in the prevalence of zoonotic diseases worldwide. Additionally, there is a rise in the consumption of animal-based food products, and this is further expected to add impetus to the overall market during the forecast period. Furthermore, animals work as test subjects in research laboratories for the development of new therapeutics for deteriorating diseases, due to which maintaining their health is a vital factor. Such factors indicate the need for animal health services.

On the flipside, stringent regulations on animal drug approval may cause hindrance to the overall animal healthcare market. All animal drugs require approval to launch from the U.S. Food and Drug Administration. As per the Animal Health Institute, it may take approximately 10 years or more to develop a new animal drug, costing more than USD 100 million. Such factors may also restrict the market from growing in the forecast period.

To get to know more about the short-term and long-term impact of COVID-19 on this market,
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