The animal healthcare market comprises various veterinary medicines, vaccines and pharmaceutical products that prevent and treat diseases in companion and farm animals. Rising pet adoption, increasing awareness about animal health, and technological advancements in veterinary care are driving the growth of this market. The global animal healthcare industry provides veterinary services and products to enhance livestock well-being and productivity. Vaccines help curb the spread of zoonotic diseases to humans, while antimicrobials are used during farming and livestock production.
The Global Animal Healthcare Market is estimated to be valued at US$ 53.22 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the animal healthcare 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. These key players are primarily focused on new product developments and expansion strategies to strengthen their market position.
The rising adoption of companion animals and increasing per capita animal healthcare expenditure presents lucrative opportunities for industry players to expand their consumer base.
Technological advancements in veterinary practices such as use of digital radiography, digital veterinary endoscopy, ultrasonography etc. allow accurate diagnosis and treatment monitoring, boosting the animal healthcare market.
Market drivers
Growing awareness about zoonotic diseases and their prevention through vaccination is a major market driver. Vaccination programs help control the outbreak and spread of diseases from animals to humans. Also, increasing consumption of animal-based products is propelling the use of veterinary pharmaceuticals and feed additives to ensure optimum livestock health and productivity. This is significantly boosting the animal healthcare market.
Challenges in the Animal Healthcare Market
The animal healthcare market is facing challenges related to rising cost of development of new drugs and vaccines. Stringent regulations associated with the approval of animal drugs and vaccines further increases the cost and time required for product development in this market. Counterfeiting of animal drugs is another major challenge faced by players in this market. Rising awareness about animal welfare and growing preference for vegetarian and vegan diets also poses challenge for growth of this market.
SWOT Analysis
Strength: Growing pet population worldwide is driving higher demand for various animal healthcare products like vaccines, parasiticides and other drugs.
Weakness: Heavy reliance on vaccines and drugs makes market vulnerable to competition from generic equivalents.
Opportunity: Emergence of new pathogens requiring new vaccines and therapeutics presents lucrative growth opportunities.
Threats: Stringent regulations associated with approval of animal drugs increases complexity and costs of drug development process.
The United States represents the largest market for animal healthcare, accounting for over 30% of global revenues. High pet adoption rates and growing disposable incomes drive strong demand for various animal health products in the country. Western Europe is another major regional market led by countries like Germany, France, UK and Italy. Population statistics indicate over 60% of households in Western Europe own a pet.
Asia Pacific region is poised to be the fastest growing market for animal healthcare over the coming years. Factors such as rising affluence, increasing awareness about animal health and surging pet adoption are fueling demand growth across developing countries of China and India. Rapidly evolving regulatory framework along with advancement of veterinary medical facilities also support market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
