by Animal healthcare includes products and services for pet care such as vaccines, drugs, feed additives, and diagnostics. With rising pet adoption globally, demand for preventive animal care is increasing. Pets require regular vaccinations and checkups to ensure their health. Growing disposable incomes have led to higher spending on pet care. The global Animal Healthcare Market is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising pet adoption has been a key driver of growth in the animal healthcare market. According to the US Pet Owners Survey 2018-2019, 67% of households in the US own a pet. This indicates growing humanization of pets and a substantial rise from 56% pet ownership in 1988. As pet owners treat their animals like family members, they are increasingly willing to spend more on nutritional pet care and preventive healthcare. This growing trend of pet adoption has increased demand for medications, feed additives, and diagnosis services to ensure pets remain healthy. The animal healthcare industry has benefitted significantly from this trend, leading to rapid market expansion over the forecast period.
Segment Analysis
The global animal healthcare market is dominated by the pharmaceuticals segment. This segment accounted for over 40% of the total market share in 2024 due to rising demand for vaccines, parasiticides, and antibiotics globally. Within pharmaceuticals, parasiticides are the largest sub-segment as they help control internal and external parasites in livestock and companion animals.
The increased spending on pet care and rising adoption of pets in developing nations is also driving the growth of this sub-segment.
Key Takeaways
The Global Animal Healthcare Market is expected to witness high growth over the forecast period of 2023 to 2030. According to estimates, the market is expected to grow at a CAGR of around 6.6% during this period. Growth in demand for pet insurance and increasing per capita expenditure on animal healthcare are the major driving factors.
Regional analysis: North America led the global market in 2024 with over 35% share backed by growing trend of pet ownership and increased spending on pet care. Asia Pacific is anticipated to grow at the fastest pace during 2023-2030 due to expansion of veterinary services, rising livestock population and growing pet adoption in China and India.
Key players: Key players operating in the animal healthcare market are Abbott, Pfizer Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Johnson & Johnson Private Limited, GSK plc., Purdue Pharma L.P. Mergers and acquisitions are among the main growth strategies adopted by these players to gain a larger share in the market.
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Source: Coherent Market Insights, Public sources, Desk research
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