The global Animal Hormones Market size is expected to reach USD 23.88 Billion by 2028 at a CAGR of 6.2%, according to the latest report by Reports and Data. Rapidly growing global population, increasing demand for meat products, and rising use of growth promoters and performance enhancers by farmers to increase livestock income are some key factors expected to drive market revenue growth over the forecast period. Extensive research and development activities to develop alternatives to antibiotics and increasing need to prevent animal diseases are some other key factors expected to drive revenue growth of the market going ahead.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Research Methodology:
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Animal Hormones Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter's Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Merck and Co. Inc.
Cargill Inc.
Bayer Animal Health
Royal DSM N.V
Vetoquinol
Bupo Animal Health
Elanco Animal Health Inc.
CHR Hansen
Novus International Inc.
Novozymes A/S
Associated British Foods (ABF) Plc
Zoetis Inc.
Alltech Inc.
Animal Hormones Market Segmentation:
Type Outlook
Antibiotic Growth Promoters
Non-antibiotic Growth Promoters
Acidifiers
Prebiotics and Probiotics
Feed Enzymes
Phytogenics
Hormones
Other
Animal Type Outlook
Poultry
Swine
Livestock
Aquaculture
Others
Regional Outlook:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)
Frequently asked questions addressed in the report:
What is the revenue growth rate of the global Animal Hormones Market over the forecast period?
What are the major factors driving the growth of the Global Animal Hormones Market ?
What are the key challenges impacting the global Animal Hormones Market growth?
What are the outcomes of the SWOT Analysis and Porter's Five Forces Analysis conducted in the report?
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