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The global animal healthcare market size is estimated to grow by USD 10.34 billion at a CAGR of 4.48% between 2023 and 2028. There has been an increasing role of organic tracing elements in improving livestock production. In addition, trace minerals are inorganic and organic minerals that are crucial for the normal functioning of living organisms. Moreover, inorganic trace minerals are common oxides, sulfates, carbonates, and chloride of minerals. In addition, organic trace minerals are formed by combining inorganic trace minerals with organic molecules called chelated. Furthermore, organic trace minerals in animal feed are designed to improve the bioavailability and enhance gut absorption of these minerals in animals. Hence, such factors are positively impacting the market.
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The pharmaceutical segment is estimated to witness significant growth during the forecast period. The market encompasses a significant expenditure on veterinary services, hospitals, pet insurance, and the humanization of companion animals. This market is driven by rising pet ownership, animal welfare, and preventive care measures. Veterinary care includes various pharmaceutical solutions such as parasiticides, antibiotics, anti-inflammatory drugs, and vaccines for animals like Poultry, Swine, Cattle, Sheep & Goats, Fish, Dogs, Cats, and Horses.
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The pharmaceutical segment was the largest segment and was valued at USD 15.43 billion in 2018. Telemedicine, educational initiatives, and nutritional supplements are also integral parts of this market. Biologics, regenerative medicine, monoclonal antibodies, and diagnostic products like software, veterinary diagnostics, point-of-care diagnostic tools, and at-home testing kits further enhance veterinary care. Sterile injections and parasite-control products are essential for maintaining animal health, especially in livestock production. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
Livestock plays a significant economic and socio-cultural role, especially in rural households, as it offers income, food supply, asset saving, employment, and livelihood. In addition, it also helps retain soil fertility, maintain agricultural traction and diversification, and sustainable agricultural production. Moreover, livestock production is closely interrelated with crop production. In addition, the use of livestock and its sub-product, manure, is crucial to improving crop production. Furthermore, manure improves soil structure and fertility along with water retention, while livestock is a source of draught animal power. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
It is estimated that over three-fifths of households in the US have one or more companion animals. In addition, these animals play an important part in the lives of their owners. Moreover, apart from providing companionship, they also provide a sense of responsibility to the owners. In addition, studies have linked pet ownership to reduced stress, low blood pressure, and low incidence of heart disease. Furthermore, the rising social acceptance of pets has led to public spaces becoming pet-friendly. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The Market in North America is experiencing significant growth, driven by the US and its leading companies like Zoetis. This expansion is attributed to the humanization of pets, resulting from increased disposable incomes and the consideration of cats and dogs as family members. With the rising prevalence of pets, there is a corresponding demand for pet healthcare products to address their health concerns. Point-of-care devices, digital health solutions, data analytics, and artificial intelligence (AI) are transforming the industry. These advanced technologies enable quick and accurate diagnoses, personalized treatment plans, and improved overall animal health management. Hence, such factors are driving the market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Biogenesis Bago SA - The company offers antibiotics, vitamins and minerals, and other essential items for the care and prevention of viruses in animals.
APA United Nano Technology Co. Ltd., Avante Health Solutions, Bimeda Holdings Ltd., Boehringer Ingelheim International GmbH, Cargill Inc., Ceva Sante Animale, Chanelle Pharma Group, Covetrus Inc., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Hester Biosciences Ltd., Merck KGaA, Midmark Corp., Norbrook Laboratories Ltd., Phibro Animal Health Corp., SeQuent, Virbac Group, and Zoetis Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Market encompasses a wide range of sectors, including Veterinary Hospitals, pet insurance, and preventive care. With the rising pet ownership rate, animal health expenditure has seen significant growth. Companion animals, such as dogs and cats, are the primary focus of this market, with a high demand for companion animal vaccines, medicated animal feeds, and disease prevention measures. Telemedicine has also emerged as a key trend in animal healthcare, providing remote veterinary care and access to drugs and vaccines. Animal welfare is another crucial aspect of this market, with a focus on nutrition, disease prevention, and animal epidemics. Livestock animals, wildlife, and zoonotic diseases are also areas of concern, requiring research in genetics, drug testing, and biological research fields to ensure disease prevention and animal health. The human-animal bond is strengthened through pet adoption, with pet owners investing in their pets' health and well-being. Animal protein is another significant component of the market, ensuring the health and productivity of livestock animals. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increase in animal ownership. The rise in pet ownership, with approximately 40% of households owning a dog and 30% owning a cat, has significantly impacted the market. This trend is driven by the humanization of pets, considering them as family members, and the increase in disposable income. Consequently, animal health expenditure has surged, leading to advancements in veterinary hospitals, pet insurance, and preventive care services.
Moreover, telemedicine, educational initiatives, and nutritional products are also gaining popularity. The market encompasses various sectors, including veterinary care, pharmaceuticals, diagnostic products, and software. Key areas of focus are companion animal vaccines, parasiticides, anti-inflammatory drugs, and sterile injections. Hence, such factors are driving the market during the forecast period.
Rising awareness about disease prevention and pet insurance is the major trend influencing the market growth. The market has experienced significant growth due to increasing animal health expenditure, driven by the rising trend of pet humanization and preventive care. Veterinary hospitals and telemedicine services have become increasingly popular, with pet insurance providing financial coverage for veterinary care. Companion animal vaccines, nutritional supplements, and parasiticides are in high demand, as pet owners prioritize their pets' health and well-being.
Moreover, educational initiatives and preventive care programs, such as Boehringer Ingelheim's Social Engagement initiative with Cowtribe, aim to improve access to veterinary care in rural communities. Pharmaceuticals, including monoclonal antibodies, anti-inflammatory drugs, and sterile injections, are essential for veterinary care, including animal intestinal health. Diagnostic products, such as veterinary diagnostic tools, point-of-care diagnostic tests, and at-home testing kits, enable early detection and treatment of various animal diseases. Hence, such factors are driving the market during the forecast period.
Contamination of animal-source foods is one of the key challenges hindering market growth. The market encompasses a significant expenditure on various aspects of animal health, including Veterinary Hospitals, pet insurance, and the pet humanization trend. This market caters to companion animals, with a focus on preventive care through vaccines for pets like Dogs, Cats, and Horses.
Moreover, telemedicine and educational initiatives are increasingly utilized to improve access to veterinary care. Rising pet ownership and animal welfare concerns have led to advancements in areas such as nutrition, regenerative medicine, and biologics. Key products include pharmaceuticals, software, diagnostic products, and point-of-care diagnostic tools like at-home testing kits. Hence, such factors are hindering the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the Animal Healthcare industry, Veterinary Services play a pivotal role in promoting pet health and wellbeing. Hospitals and clinics utilize advanced technologies like MRI, Ultrasounds, and Vaccines to diagnose and treat various conditions. Preventive measures such as Nutritional Supplements and Insecticides are crucial for maintaining animal health. Care is essential for all types of animals, including birds, reptiles, and aquatics. Adopting a proactive approach through regular check-ups and vaccinations can help prevent diseases and save costs in the long run. Pet owners value high-quality animal healthcare, and marketing strategies should focus on building trust and providing personalized solutions. Regions like Europe and North America have a significant market share due to high pet ownership rates. The market is expected to grow with the increasing trend of pet humanization and rising awareness about animal welfare.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
Market growth 2024-2028 |
USD 10.34 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.22 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, UK, France, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
APA United Nano Technology Co. Ltd., Avante Health Solutions, Bimeda Holdings Ltd., Biogenesis Bago SA, Boehringer Ingelheim International GmbH, Cargill Inc., Ceva Sante Animale, Chanelle Pharma Group, Covetrus Inc., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Hester Biosciences Ltd., Merck KGaA, Midmark Corp., Norbrook Laboratories Ltd., Phibro Animal Health Corp., SeQuent, Virbac Group, and Zoetis Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Animal Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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