PUBLISHER: Grand View Research | PRODUCT CODE: 1493206
PUBLISHER: Grand View Research | PRODUCT CODE: 1493206
The GCC animal health market size is expected to reach USD 2.36 billion by 2030, registering a CAGR of 9.45% from 2024 to 2030, according to a new report by Grand View Research, Inc. The region is witnessing a rise in the focus of government efforts to improve the healthcare infrastructure, penetration, and overall quality of care in animals. Countries in the GCC region are implementing various measures like health awareness initiatives, encouraging public-private partnerships, strengthening government support towards industry, and launching campaigns to ensure penetration of veterinary services.
For instance, in June 2023, the World Organisation for Animal Health (WOAH), collaborated with the UAE's Ministry of Foreign Affairs and International Cooperation of UAE (MOFA). Under this agreement, WOAH established its own office in the country. It will participate in activities like enhancing the animal health network, protecting animals from disease outbreaks, facilitating the entry of animal health products into the UAE market, and improving penetration of veterinary products & services.
Additionally, Oman, Qatar, and Bahrain authorities are trying to implement the "One Health" program across the country. This is a program created by WHO to approach the diagnosis and treatment of diseases with the help of implementing strategies for human, animal, and environmental health. Individuals from various sectors, disciplines, and communities collaborated in 2023 to address and formulate strategies to ensure food & water safety, zoonotic disease control, pollution control, etc. This multisectoral congregation ensures that various approaches are used to address these challenges before deciding on the most productive approach to combat the existing issues.
The GCC region is also attracting investments from animal health product manufacturers from across the globe, which ensures that the end-users in the country have ready access to a large variety of products. For instance, in May 2022, Biogenesis Bago & Saudi Partners formed to open the Middle East & North Africa's first animal vaccine facility in Saudi Arabia. This facility will ensure that the required supply of veterinary vaccines is available to the countries in the region.
Biogenesis Bago launched a new veterinary vaccine in the Middle & North Africa (MENA) region for combating foot-and-mouth disease (FMD) in May 2022. This launch can be attributed to the company recognizing the regional market's potential and the high need for such vaccines in the region's animal population.
Moreover, in 2021, Kemin Industries Inc., acquired a majority share in MEVAC highlighting the potential of this region when it comes to animal health products. Such activities act as a boosting factor towards propelling the GCC market towards a lucrative growth prospect.