The global animal healthcare market is on a strong upward trajectory, with a projected valuation of USD 40.9 billion in 2023. The market is anticipated to reach USD 62.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period.
Another contributing factor is the growing health consciousness among individuals, leading to increased demand for protein-rich foods like chicken, fish, beef, and meat. The expansion of veterinary hospitals and online and offline distribution channels worldwide is also contributing to the positive market outlook.
Moreover, the development of innovative technological systems that enable vital data generated in veterinary clinics to be uploaded to the Internet and shared with clinicians is driving market growth. Rising R&D activities in the healthcare industry to test the efficacy of drugs and medical devices are also propelling the market.
Finally, the use of animals in drug development for researching several genetic and chronic human diseases is driving market growth further.
Key Takeaways from the Animal Healthcare Market Study
- The US is to witness a significant growth of 3.7% due to a wide range of definitive measures that have been adopted by government animal welfare organizations that are consistently working to improve animal health overall.
- In recent years, India’s animal health industry has evolved from disease control and treatment activities to a full-service healthcare provider, assisting in the task of bridging the protein gap. It is expected to expand at a rate of 6.2%, compared to the global growth of 4.3%.
- Parasiticides show the most substantial growth of 3.2 % among other segments due to the increased number of animal livestock in emerging markets, developments in parasiticide products, and upcoming new offerings by the key players,
- Farm animals show a promising growth of 4.3% due to favorable policies. The policies are focused on long-term sustainability, which can be achieved through a combination of improving productivity and greater attention to livestock healthcare.
- Veterinary diagnostics is yet another segment that is expanding rapidly. Increased diagnostic testing to track an animal’s health trends over time and detect potential symptoms before they worsen is being driven by trends toward greater ‘wellness care,’ particularly in pets.
Manufacturers are focusing on public awareness as their effective market strategy
To gain a competitive advantage, major corporations have implemented a variety of business strategies, including regional expansion strategies, mergers and acquisitions, and collaborative research initiatives. Several programs and initiatives are underway to raise public awareness and education about animal health and well-being. Among the world’s leading Animal Healthcare companies are Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic.
- Cadila Healthcare’s (Zydus Cadila’s) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL), sold its Animal Healthcare business for nearly INR 3,000 crore to a consortium led by Multiples Alternate Asset Management in May 2021.
Hester Biosciences announced in April 2021 that it would begin developing research-based herbal products for poultry, cattle, sheep, goats, and swine.
Some of the Key Players Operating in the \ Market Include:
Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic.
More Insights Available
North America is currently the largest animal health market, owing to a high adoption rate of pets, rising pet healthcare expenditure, and an increasing focus on animal welfare. The region is expected to maintain its dominance during the forecast period.
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Animal Healthcare Market Segmentation
Product Type:
- Feed Additives
- Pharmaceuticals
- Vaccines
Animal Type:
- Production Animals
- Companion Animals
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