June 18, 2024
Animal Healthcare Market

Veterinary Care Is The Largest Segment Driving The Growth Of Animal Healthcare Market

Market Overview:

Animal healthcare products are preventive medicines and vaccines that help monitor and treat pets, livestock, and other animals. These products aid in improving animal health and productivity while preventing infectious diseases.

Market key trends:

Rising awareness regarding animal health and expanding pet insurance coverage are some key trends boosting the animal healthcare market growth. Growing incidents of zoonotic and infectious diseases have increased the need for vaccinations and pharmaceuticals for livestock. Increased spending on animal health products is also being witnessed among pet owners in developed economies. Rapid urbanization and growing disposable incomes in developing regions are further providing growth opportunities to animal healthcare companies.

The global Animal Healthcare Market Growth is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The Animal Healthcare Market has been witnessing rising demand for pet adoption across major countries. Growing humanization of pets and increasing awareness about animal welfare has been driving more pet owners to spend on quality healthcare for their pets. Rising disposable incomes has further fueled this trend as pet owners are now willing to spare no expense when it comes to ensuring good health of their pets. Additionally, growing prevalence of zoonotic diseases has compelled farmers to focus more on animal health which is positively impacting the demand for pharmaceuticals and vaccines in the animal healthcare industry.

SWOT Analysis
Strength: Large player base with strong distribution networks and R&D capabilities. This allows continuous innovations to address unmet needs.
Weakness: High capital requirements for building manufacturing facilities and regulatory processes increase market entry barriers.
Opportunity: Rising adoption of pets worldwide is opening new growth avenues. Investments in animal health will also ensure control over zoonotic diseases.
Threats: Stringent laws governing animal testing and regional regulations may halt certain product approvals. substitute treatment practices like herbal medicines can challenge conventional drugs.

Key Takeaways

The global Animal Healthcare Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing pet adoption worldwide. North America currently dominates the market owing to growing trend of nuclear families and high per capita expenditures on pet healthcare in the region.

The global Animal Healthcare Market size for 2023 is valued at US$ 50.45 Bn. The market is driven by rising humanization of pets as more owners now view pets as companions and an important member of the family. This has increased spending on vaccination, pharma drugs, feed additives and other healthcare essentials.

Regional analysis: Asia Pacific is anticipated to witness fastest growth aided by growing meat consumption in China and India. Rising awareness about zoonotic disease control is also expected to propel growth of veterinary services and vaccines.

Key players operating in the Animal Healthcare Market include 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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it