The global Animal Healthcare Market is poised for steady growth, with its valuation projected at US$ 40.9 billion in 2023. By 2033, the market is expected to reach US$ 62.3 billion, expanding at a CAGR of 4.3% over the forecast period.
The demand for animal healthcare is driven by the critical role of health monitoring and disease prevention in maintaining the safety of food supplies and ensuring economic stability. Healthy livestock production supports a secure food system and contributes to stable consumer prices. The growing emphasis on animal welfare, coupled with advancements in veterinary medicine and diagnostics, is further propelling market growth.
Emerging trends include the adoption of digital health monitoring tools for livestock, increased focus on preventive care, and the rising availability of advanced treatments for companion animals. Governments and private entities are also investing significantly in infrastructure and technology to support animal health and biosecurity measures.
A Full Report Overview – https://www.futuremarketinsights.com/reports/animal-healthcare-market
Key Takeaways:
- Market Size: Valued at US$ 40.9 billion in 2023, projected to grow to US$ 62.3 billion by 2033.
- Growth Rate: Expected to expand at a CAGR of 4.3% during the forecast period.
- Market Drivers: Emphasis on food safety, disease prevention, and rising investments in animal welfare and veterinary technology.
- Emerging Trends: Adoption of digital health tools, focus on preventive care, and advancements in companion animal healthcare.
Growth Drivers
- Importance of Animal Health Monitoring: Effective monitoring and disease outbreak prevention are crucial for maintaining the economy and ensuring the safety of the food supply. Healthy livestock production is essential for a secure food supply and stable consumer prices.
- Rising Demand for Animal Products: The increasing global consumption of meat, dairy, and other animal products is driving the need for robust animal healthcare solutions to maintain livestock health.
- Growing Pet Ownership: The rising trend of pet adoption worldwide is contributing to increased spending on veterinary care and animal health products.
- Advancements in Veterinary Medicine: Innovations in veterinary pharmaceuticals, diagnostics, and treatment options are enhancing the effectiveness of animal healthcare, leading to higher adoption rates.
- Regulatory Support and Initiatives: Government initiatives aimed at improving animal health standards and preventing disease outbreaks are further propelling market growth.
Regional Insights
- The North American market is expected to dominate due to high healthcare expenditures and advanced veterinary infrastructure.
- The Asia-Pacific region is anticipated to witness rapid growth, driven by increasing investments in animal healthcare and rising awareness about animal health issues.
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.
Key Companies Profiled
Neogen; Zoetis; Merck; Boehringer Ingelheim; Elanco; Dechra Pharmaceuticals; IDEXX Laboratories; B. Braun Vet Care; and Medtronic
Animal Healthcare Market Segmentation
Product Type:
- Feed Additives
- Pharmaceuticals
- Vaccines
Animal Type:
- Production Animals
- Companion Animals
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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