Market Overview:
Animal healthcare includes products and services including vaccines, parasiticides, anti-infectives, medical feed additives, and veterinary services. Proper animal healthcare is important to ensure the health and wellbeing of livestock and companion animals. It also helps prevent the spread of zoonotic diseases.
Market key trends:
Growing Pet Ownership – Over the forecast period, the animal healthcare market is expected to grow owing increasing pet ownership globally. According to the APPA National Pet Owners Survey, about 70 million homes in the U.S. own at least one pet. Growing humanization of pets and rising disposable income in developing economies are key factors for rising pet adoption which is expected to drive the demand for preventive animal healthcare and treatment over the forecast period.
Segment Analysis
The global animal healthcare market is segmented by product type into pharmaceutical, vaccines, medicated feed additives, and others. Within pharmaceutical, parasiticides segment accounted for the largest share in 2021 owing to the increasing prevalence of zoonotic diseases. The parasiticides segment includes antiparasitics such as anthelmintics, ectoparasiticides, and endectocides. This segment is expected to continue dominating the market over the forecast period owing to the rising consumption of meat and increasing pet ownership.
Key Takeaways
The Global Animal Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing pet ownership and consumption of animal-derived food products.
Regional analysis: North America dominated the global animal healthcare market in 2021 and is expected to continue its dominance over the forecast period. Higher disposable income and increasing animal health awareness among pet owners are driving market growth in North America. Asia Pacific is projected to be the fastest growing region owing to rising meat consumption, growing population, and increasing adoption of pets.
Key players: 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. Bayer AG and Zoetis Inc. dominate the market owing to their diverse product portfolio and strong distribution network across regions.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
