The animal healthcare market is composed of products used for the diagnosis and treatment of diseases in animals. This includes pharmaceuticals, feed additives, vaccines and diagnostics. Animal healthcare products are used for pets such as dogs and cats, as well as livestock animals. The demand for animal healthcare is driven by factors like rising pet ownership globally, increased awareness about animal welfare and the economic importance of livestock.
The size of the animal healthcare market is estimated to be valued at US$53.22 billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period of 2024 to 2031.
Key Takeaways
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. Key players are focused on developing novel vaccines and therapeutics for zoonotic and endemic diseases. They are also expanding their manufacturing capacity and footprint in emerging markets through acquisitions and partnerships.
The rising adoption of companion animals globally presents significant opportunities for industry players to develop affordable preventive care products and tele-veterinary healthcare services. Moreover, the growth in pet insurance and rising spending on animal health present lucrative growth avenues. Industry players are expanding their geographical presence in developing regions like Asia Pacific and Latin America which are witnessing rising animal welfare expenditure.
Increasing investments in R&D for new animal drugs and vaccines, rising meat consumption in developing nations, and growth in pet insurance are some of the key drivers propelling the animal healthcare market.However, factors such as increasing pet care costs, risk of zoonotic diseases, and regulatory issues regarding veterinary drugs could hamper the market growth.
Market drivers: The rising global meat consumption is driving demand for animal healthcare products to ensure animal health and productivity. Developing nations are witnessing rising meat consumption owing to growing population and disposable income. This is boosting the uptake of feed additives and veterinary pharmaceuticals for livestock. Furthermore, growth in pet ownership and pet humanization trends are fueling preventive healthcare spending on companion animals which is propelling the market growth.
Market restraints: Increasing costs of veterinary care pose a major challenge for pet owners and veterinary services globally. Risks of antibiotic resistance and zoonotic diseases are also major concerns hampering the demand for certain animal healthcare products. Strict regulations surrounding the approval and usage of veterinary drugs further complicate timely manufacturing and supply of affordable animal medicines in several countries. These factors could slow down the market growth to some extent over the forecast period.
Segment Analysis
The animal healthcare market is dominated by the companion animal sub-segment. Companion animals such as dogs and cats are kept as pets by households globally. Regular checkups and vaccination is required to ensure the health of these pets. This has led to increasing expenditure on animal healthcare products such as vaccines, parasiticides and other medication for companion animals. Growth in pet ownership and increasing awareness about animal health has contributed to the dominance of this sub-segment in the overall animal healthcare market.
Global Analysis
North America represents the fastest growing region in the global animal healthcare market.This can be attributed to growing pet ownership in countries like the United States and Canada. According to the American Pet Products Association, around 70 million households own at least one dog or cat in the US. There is rising focus on preventive healthcare and increasing expenditure on treatment of companion animals. This has boosted demand for vaccines, therapeutics and other animal healthcare products in North America. The region is expected to continue its dominance during the forecast period benefiting from increasing pet adoption and healthcare spending.
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