Global Animal Health Care Market Share Likely to Grow at a CAGR of 10.7% By 2033

According to Custom Market Insights (CMI), The Global Animal Healthcare Market Size was valued at USD 44.76 billion in 2021 and is estimated to reach USD 94.8 billion by the end of 2030 at a CAGR of approximately 10.7% during the forecast period 2022-2030. The emergence of several animal diseases has boosted the need for better animal healthcare facilities. In addition, the increasing demand for animal products and protein among the people has also helped the market to record considerable revenue over the period.

Browse the full “Animal Healthcare Market Size, Trends and Insights By Animal Type (Companion animal, Production animal), By Product (Pharmaceuticals, Vaccines, Medical feed additives, Equipment and disposables, Diagnostics, Others), By Distribution Channel (E-commerce, Retail, Veterinary hospitals and clinics), By End User (Reference laboratories, Veterinary hospitals and clinics, Point of care testing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/animal-healthcare-market/

Market Dynamics

Drivers

The rapidly increasing demand for various animal products among people has boosted the market for animal healthcare to a great extent. The vast number of benefits obtained from animal products have also made people aware of them, and hence a considerable demand is experienced in the market. In addition, the rapidly increasing number of animal diseases has boosted the need for better healthcare facilities to prevent the spread of diseases in society. 

The increasing number of research and development programs carried out by the key market players to introduce modern medicines that have a better effect on the health of the animals with minimum side effects has boosted the animal healthcare market economy. These multiple reasons have emerged as the driving forces for the growth of the animal healthcare market during the forecast period.

Restraints

The government has imposed several restrictions regarding the use of animal products to safeguard the extinction of various animals worldwide. Multiple rules and regulations have been set regarding hunting and manufacturing animal products to protect them from death and rapid climate change.

 Lack of animal health and safety awareness has considerably hampered the market’s growth. In addition, the high cost associated with the use of animal products has also hindered the development of the need to a great extent. These multiple reasons have merged as the strains for the growth of the animal healthcare market during the forecast period.

Opportunities

The increasing disposable income available to the people has enabled them to make proper expenditures on the healthcare system of animals. Moreover, the growing demand for better animal products with various benefits has dramatically boosted the animal healthcare market.

 Various pharmaceutical products obtained from animals have also boosted the demand for better healthcare facilities for animals. In addition, vaccines have been introduced into the market to prevent various animal diseases, which has increased the need considerably. These multiple reasons have emerged as the growth factors for the animal healthcare system during the forecast period. 

Challenges

The high cost associated with healthcare facilities for animals has emerged as a significant challenge for the growth of the animal healthcare market. Furthermore, the lack of facilities for animal healthcare in rural areas has emerged as a substantial obstacle to the market’s growth during the forecast period. In addition, the government has banned several drugs to prevent the various side effects that have been observed over some time.

Report Highlights

Based on animal type, the segment of production animals has emerged as the largest market due to the vast number of products obtained from these animals. In addition, the popularity of the benefits obtained from such animals has boosted the demand for production animals in the market. Based on Product, the segment of pharmaceuticals has emerged as the largest market due to the extensive use of the various medicinal products obtained from animals.

 The various medicines used to treat several animal diseases have considerably boosted this segment. Based on end-user, hospitals and clinics have emerged as the largest segment due to the increasing demand for modern healthcare facilities for animals. In addition, the availability of numerous services under a single roof has made this segment very popular among animal owners.

The government has introduced various modern facilities in the animal healthcare sector to provide better services to prevent the spread of diseases among animals. Based on the distribution channel, the segment of the veterinary hospital pharmacy has emerged as the largest market due to the attached healthcare sector, which helps to increase the demand and supply of medicines in the pharmacies. Based on geography, the region of North America has emerged as the largest market due to the massive demand for modern healthcare services for animals.

Regional Snapshots

The region of North America has emerged as the largest market for animal healthcare due to the extensive use of modern technology for various services and diagnoses, which helps the physician decide on a suitable line of treatment with modern medicines. In addition, increasing demand for technological advancement and advanced therapies for animal healthcare has boosted the economy for animal healthcare to a great extent. 

The key market players in this region have also emerged as major growth factors for the animal healthcare market. Various research and development programs which are carried out in this region with the help of the initiatives taken up by the government have boosted the demand for animal healthcare systems. In addition, many other animal benefits and services emerge as significant growth factors for this market.

The geographical region of Asia Pacific has emerged as a significant market for the animal healthcare system growth due to the rapid advancements in medicine. The vast number of people who have adopted pets in this region has also boosted the economy of the animal healthcare market to a greater extent. In addition, the various therapies which are carried out in this region by using animals have increased the healthcare system to a great time.

Report Scope

Key Players

• Merck Animal Health
• Vetoquinol S.A.
• Zoetis
• Ceva Santé Animale
• BoehringerIngelheim GmbH
• IDEXX
• Heska Corporation
• Virbac
• Elanco
• B.Braun Vet Care
• Televet
• Mars Inc.
• Covetrus
• DRE Veterinary
• Phibro Animal Health Corporation
• Dechra Pharmaceuticals PLC
• Thermo Fisher Scientific Inc.
• IDVet
• Bimeda Inc.
• Midmark Corporation

Recent Developments

• Bayer has taken over Elanco limited, aiming to develop the distribution channel of the numerous materials manufactured by the company. This acquisition has enabled pharmaceutical products to produce more turnover over the period.
• In April 2021 – Hester Biosciences manufactured various herbal veterinary products in the market.

Segments covered in the report

By Animal Type

• Companion animal
• Production animal

By Product

• Pharmaceuticals
• Vaccines
• Medical feed additives
• Equipment and disposables
• Diagnostics
• Others

By Distribution Channel

• Ecommerce
• Retail
• Veterinary hospitals and clinics

By End User

• Reference laboratories
• Veterinary hospitals and clinics
• Point of care testing
• Others

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America