by Market Overview:
The animal healthcare market involves products and services that help prevent and treat diseases and infections in livestock and companion animals. The key products in this market include vaccines, pharmaceuticals, feed additives, and diagnostics. Vaccines help prevent common infections in animals such as rabies, distemper, foot and mouth disease. Pharmaceuticals including antiparasitics and antibiotics are used to treat parasites and bacterial infections. Feed additives are nutritional supplements added to animal feed to enhance growth and prevent disease. Diagnostic tools such as imaging equipment and molecular diagnostics aid in faster detection of diseases. The rising adoption of companion animals and increasing focus on animal health and welfare will drive demand for animal healthcare products over the forecast period.
Market Dynamics:
The growth of the animal healthcare market is driven by rising meat consumption and increased focus on livestock management. According to United Nations Food and Agriculture Organization, global meat consumption increased from 218 million tons in 1997 to 341 million tons in 2018. This rising demand for meat is propelling livestock farmers to focus on animal health and productivity, thereby boosting adoption of vaccines, feed additives and other preventive care products. Another driver is increased spending on companion animal healthcare. According to the American Pet Products Association, total spending on companion animals in the U.S. grew from $72.13 billion in 2020 to $103.6 billion in 2021. Rising pet ownership worldwide coupled with growing awareness about animal welfare has augmented spending on preventive care products and pet insurance which is fueling market growth.
The global Animal Healthcare Market Growth is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global Animal Healthcare Market is segmented into companion and farm animals. The companion animal segment dominates the market with over 60% share and is expected to continue its dominance over the forecast period. Companion animals like dogs and cats require regular checkups, vaccinations and medicines which boosts demand for animal healthcare products for companion animals.
PEST Analysis
Political: Regulations like the Animal Welfare Act in the US guide ethical treatment and housing of animals influencing the market.
Economic: Rising disposable incomes in developing nations allow people to spend more on pet care driving market growth.
Social: Increase in pet adoption and humanization of pets foster a sense of responsibility towards pet wellbeing growing demand.
Technological: Advancements in diagnosis, vaccinations, and treatment methods like wearable devices make healthcare more accessible for animals.
Key Takeaways
The global Animal Healthcare Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing pet adoption globally. The market size for 2023 is estimated to be US$ 50.45 Bn.
North America holds the largest share in the animal healthcare market attributed to high pet population, expenditure on vet care, and presence of global market leaders. Asia Pacific is expected to fastest growing region expanding at a CAGR of over 6% during the forecast period, led by increased focus on food-producing animals in India and China.
Key players operating in the Animal Healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. Major players focus on launch of innovative products, increasing investments in R&D to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
