The global animal health market was valued at USD 41.50 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 6.3%, reaching USD 97.54 billion by 2032. In 2018, North America led the market, accounting for 34.02% of the global share.
Animal healthcare focuses on ensuring the well-being of animals through the use of drugs, vaccines, medicated feeds, and diagnostic tools to address various medical conditions. Animals play a vital role in human life by providing food, security, and companionship.
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In January 2021, Boehringer Ingelheim, a leader in animal health, announced a strategic partnership with PetMedix to advance the development of antibody therapeutics for companion animals. This collaboration leverages PetMedix's proprietary Ky9 platform for antibody discovery and will focus on addressing vital therapeutic targets. Boehringer Ingelheim is responsible for bringing these groundbreaking therapies to market, marking a significant step in the evolution of animal healthcare.