Global Animal Healthcare Market - WishTree Insight

Global animal healthcare Market by Animal Type (Companion Animals and Production Animals), Product Type (Pharmaceuticals, Feed Additives, and Vaccines), End-User (Veterinary Hospital and Clinic), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Global animal healthcare market size was valued at USD 35.1 billion in 2021 and is expected to surpass USD 55.6 billion by 2031, expanding at a CAGR of 6.3% during the forecast period, 2021–2031. The growth of the market is attributed to the rising number of government initiatives promoting animal healthcare, increasing adoption of companion animals, growing consumption of meat and milk, and increasing incidence of food-borne zoonotic diseases.

INTRODUCTION

Animal healthcare refers to curing & protecting animals from disease by utilizing treatments, vaccines, and veterinary services to improve animal yield and lifespan. The treatment or prevention of diseases like feline leukemia, Lyme disease, and tick infestation includes different categories of medicine. The outbreak of animal diseases has made farmers aware overall in the world and led them to focus on animal healthcare. This aided in averting diseases and monitoring the health of animals to ensure the supply of food.

Pet owners treat their pets equally and meet basic requirements like food, shelter, and health, and this has become an emerging trend of pet humanization. The rising awareness and government initiatives regarding animal health through media with inflating income levels have led pet owners to spend on animal healthcare products. Additionally, governments of several countries are organizing animal vaccination programs. Also, the research and development activities by key players to formulate effective medicines coupled with the integration of advanced technological solutions, such as real-time analysis, are anticipated to create a positive outlook for the market.

The unprecedented rise in the incidence of zoonotic and food-borne disease prevalence has triggered companies to produce protein-rich food, advanced vaccines, and pharmaceuticals. The rising demand has also increased the number of companies taking efforts to control pathogen contamination risk.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing adoption of companion animals, growing consumption of meat and milk, and increasing incidence of food-borne zoonotic diseases are the key drivers of the market.
• Technological advances, scientific innovations, increasing government support for pet care across the globe, and increasing demand for online veterinary pharmacies in developed regions are also major driving factors for the Animal Healthcare Market.
• The high cost associated with animal healthcare drugs is a restraining factor in this Market.
• Rapid growth is seen in the adoption of pets across the world in recent years, which has created opportunities for market growth.

Scope of the Report

Market Segment Insights

The production animal type segment is expected to expand at a rapid pace

Based on animal type, the global animal healthcare market is bifurcated into companion animals and production animals. The production animal type segment is expected to expand at a rapid pace during the forecast period holding a share of 67%. The high concern for food safety and sustainability by government healthcare organizations is considered a key driver for the growth of the segment. The production animal type consists of swine, ruminants, aquatic species, and poultry. However, the companion animals segment is anticipated to hold a key share of the market in the coming years. Companion animals include dogs, horses, cats, and fish.

The pharmaceuticals segment is projected to register a considerable CAGR of around 34.3%

Based on product type, the market is segregated into pharmaceuticals, feed additives, and vaccines. The pharmaceuticals segment is projected to register a considerable CAGR of around 34.3% during the forecast period. The consistent advancements in veterinary drugs that include antibiotics, anti-inflammatory drugs, parasiticides, and others. On the other hand, the vaccine segment is anticipated to account for a major market share during the forecast period.

The veterinary hospital & clinic segment is projected to register a considerable CAGR of 74%

Based on end-user, the market is segmented into veterinary hospitals & clinics. The veterinary hospital & clinic segment is projected to register a considerable CAGR of around 74% during the forecast period. Various applications and availability of different treatments as well as diagnostic options have rendered growth for this segment. The rise in zoonotic diseases caused by climatic change is expected to drive the demand for diagnostic procedures. One of the key factors contributing to in-house tests in animal health has been the increasing awareness of preventive care among companion animal owners. The initiatives and safety practices & standards by various government animal welfare organizations for veterinary hospitals and clinics have expanded the scope for segment growth in the last years.

North America is expected to hold a key market share

In terms of regions, the global animal healthcare market is classified as the Asia Pacific, Middle East Africa, Europe, North America, and Latin America. The market of North America is expected to hold a key share of the market during the projected period. Due to increasing incidences of animal diseases, technological advancements have. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Key factors such as increasing spending on animal healthcare by farm animal owners, growing demand for animal-based products, and increasing humanization of pets are driving Animal Healthcare Market in the Asia Pacific region.

Competitive Landscape

Key players competing in the global animal healthcare market are Boehringer Ingelheim; Merck & Co. Inc.; Zoetis Inc.; Elanco; Merial; Bayer; Biogenesis Bago; Vetoquinol; Virbac; Neogen Corporation; Novartis; Ceva Sante Animale; Heska Corporation; Thermo Fisher Scientific.

FAQs

How much is the market worth?

The Global animal healthcare market size was valued at USD 35.1 billion in 2021 and is expected to surpass USD 55.6 billion by 2031

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 6.3%.

What are the key drivers of the market?

The growth of the market is attributed to the rising number of government initiatives promoting animal healthcare, increasing adoption of companion animals, growing consumption of meat and milk, and increasing incidence of food-borne zoonotic diseases.

What segments are covered in the Global animal healthcare report?

Animal Type (Companion Animals and Production Animals), Product Type (Pharmaceuticals, Feed Additives, and Vaccines), End-User (Veterinary Hospital and Clinic)

Mention the key players in the market.

The global animal healthcare market has a presence of some of the key major players across the globe which include: Boehringer Ingelheim; Merck & Co. Inc.; Zoetis Inc.; Elanco; Merial; Bayer; Biogenesis Bago; Vetoquinol; Virbac; Neogen Corporation; Novartis; Ceva Sante Animale; Heska Corporation; Thermo Fisher Scientific.