The global animal healthcare industry is expected to reach a valuation of US$ 62.3 billion by 2033, growing at a significant CAGR of 4.3% during the forecast period. Several factors, including the rising prevalence of companion animals, the increasing demand for preventive care, and the growing awareness of animal welfare, are driving this growth.
Companion animals, such as dogs and cats, are becoming increasingly popular around the world. This is leading to an increased demand for animal healthcare products and services. Pet owners are also becoming more willing to spend money on their pets’ health and well-being.
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Improved animal health is 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 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 are 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 research and development to introduce 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 their 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.
Based on 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 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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