Anticipated to be valued at US$ 40.9 billion in 2023, the animal healthcare market is set to witness remarkable growth, reaching an estimated US$ 62.3 billion by 2033. This upward trajectory is underpinned by a substantial compound annual growth rate (CAGR) of 4.3% throughout the forecast period.
Several factors are driving the burgeoning demand for animal healthcare, including:
- Safeguarding the Economy and Food Supply: The pivotal role of animal health monitoring and disease prevention in bolstering the economy and ensuring the safety of the nation’s food supply cannot be overstated. Healthy livestock production plays a crucial part in maintaining a secure food supply and stabilizing consumer prices.
- Cross-Species Disease Prevention: The emphasis on animal health underscores the collaboration between healthcare researchers and practitioners across various fields to prevent disease outbreaks spanning different species. This collaborative effort aims to address the root causes contributing to the spread of diseases.
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Improved animal health is drastically becoming a top priority for people and governments across the world since they have a vital contribution to maintaining the balance of the ecosystem. Billions of dollars are being spent on vaccines, pharmaceuticals, and feed additives every year in order to protect animals from a wide range of diseases.
Key Takeaways
- Surging demand for animal pharmaceuticals and vaccines will therefore continue to boost the growth of the animal healthcare market during the forecast period.
- A huge variety of pharmaceuticals is being used to treat production and companion animals such as antibiotics, antiparasitics, anti-inflammatories, analgesics, and fertility drugs. Increasing awareness about animal care is set to spur growth in the animal healthcare market.
- The rapid surge in animal healthcare product sales like pharmaceuticals is acting as a catalyst for the growth of the animal healthcare market and the trend is likely to continue in the future.
- The increasing consumption of meat and dairy products, the rising prevalence of foodborne and zoonotic diseases, growing trend of pet adoption across the globe are some of the primary factors fueling demand in the animal healthcare market during the forecast period.
- The account of rising pet adoption rates growing awareness about maintaining the proper health of animals, and surging demand for animal pharmaceuticals for enhancing the immunity system of animals over the last few decades have led to an increase in spending on animals significantly.
- North America and Europe are projected to dominate the animal healthcare market, accounting for more than 60% of the market share and North America alone will command a market value of US$ 18.2 billion.
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Competitive Landscape
Bayer AG, Cargill, Inc., Eli Lilly and Company, Boehringer Ingelheim GmbH, Ceva Sante Animale, Zoetis Inc., Merc & Co., Inc., Virbac S.A., and SeQuent Scientific Ltd. Etc. are some of the key companies profiled in the full version of the report.
Leading market players operating in the global animal healthcare market are constantly increasing in research and development for introducing new products at low costs. Besides this, they are adopting growth strategies such as partnerships, acquisitions, price reduction, and moving towards online platforms to expand tehri global footprint.
More Insights into the Animal Healthcare Market
The global animal healthcare market falls under the seven major regional segments such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).
North America is leading the global animal healthcare market, accounting for the maximum market share and the revenue is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to account for the second largest market value share during the forecast period.
With the rapid expansion of the pet care market and surging demand for animal pharmaceuticals, North America and Europe will collectively constitute more than 60% of the market share over the forecast period.
Asia Pacific region is expected to grow at a phenomenal pace during the forecast period owing to the rising adoption of pets, expansion of the animal feed additives market, and penetration of new veterinary healthcare market entrants in countries like India and China.
On the basis of animal type, the global animal healthcare market has been segmented into production animals and companion animals.
The production animals segment is projected to grow at the fastest CAGR over the forecast period, reaching around US$ 35,041.9 Mn by 2027 end. The companion animals segment, on the other hand, is projected to grow at a CAGR of 3.6% over the forecast period.
Increased focus on protecting both production and companion animals from lethal diseases will continue to push the animal healthcare product sales during the forecast period.
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Market Segmentation
Based on Product Type:
- Feed Additives
- Pharmaceuticals
- Vaccines
Based on Animal Type:
- Production Animals
- Companion Animals
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