Enjoy complimentary customisation on priority with our Enterprise License!
The Animal Healthcare Market size is estimated to grow at a CAGR of 4.3% between 2022 and 2027. The animal healthcare market size forecast is set to increase by USD 9.49 billion. The growth of the animal health market depends on several factors, including the increase in animal ownership, a rise in incidences of zoonotic diseases, and the increasing role of organic tracing elements in improving livestock production.
This animal healthcare market research report extensively covers market segmentation by product (pharmaceutical, feed additive, and biologicals), animal type (livestock and companion animals), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.
To learn more about this report, Request Free Sample PDF
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers 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 increase in disposable income is one of the reasons for the rise in animal ownership to provide companionship and entertainment. People have started recognizing pets as family members who have diverted the focus toward better health services for these animals. Globally, the owners of pets ensure that the quality of ingredients and manufacturing standards of their companion animal products are as good as products intended for humans.
Participation of animals in sports is also increasing. Racing, one-on-one and team events, hunting, and fighting are some of the sports in which animals are participating increasingly. This has increased the focus on improved animal health care for the optimal performance of animals in sports. Thus, an increase in animal ownership has increased the demand for animal healthcare products and will continue in the future, thus benefiting the market.
Rising awareness about disease prevention and pet insurance is the major trend influencing the market growth. Nowadays, preventive healthcare is gaining popularity across regions, and globally. Preventive healthcare includes the periodic examination of animals to determine vaccinations, nutrition, dental care, and other risk factor assessments. Pet owners vaccinate their pets as recommended as there is an increasing awareness about various pet diseases. This increasing awareness is contributing to the early diagnosis of diseases, which helps to enhance clinical outcomes. Pet owners are also opting for healthcare insurance for their pets.
The increase in animal insurance provides the opportunity for better treatment and care for these animals. This fuels the growth of the market as pet owners do not hesitate to buy expensive medicines covered by an insurance policy. Therefore, the rising awareness about disease prevention and pet insurance is expected to drive the growth of the animal health market.
Contamination of animal-source foods is one of the key challenges hindering market growth. Eggs, meat, and dietary products are loaded with hormones, bacteria, dioxins, and other toxins that cause serious health problems in humans. Eating flesh contaminated with bacteria cause food poisoning, with symptoms ranging from stomach cramps and diarrhea to organ failure and death. For instance, in the US, around 23% of cases of food poisoning annually are caused by contaminated animal flesh.
Dangerous hormones increase the risk of disrupted development and cancer in humans, in addition to other disorders such as gynecomastia and enlarged male breasts. Thus, these factors will reduce the consumption of animal-source foods, which will discourage animal owners from using feed additives products such as vitamins, minerals, and probiotics in animals used for increasing muscle growth, milk production, and egg production, which hinders the growth of the animal health market.
The 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.
Global Animal Healthcare Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the animal health market.
Norbrook Laboratories Ltd. - The company offers solutions for animal healthcare that includes products such as Adrenacaine, Alamycin Aerosol, Betafuse gel, and Bovaclox. Under this segment, the company offers veterinary pharmaceuticals enhancing the health of farm and companion animals.
The animal healthcare market report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the pharmaceutical segment will be significant during the forecast period. The pharmaceuticals segment of the market includes several drugs such as ectoparasiticides, endoparasiticides, and anti-inflammatories, which come in different forms such as sprays, creams/ointments, tablets, and injectables. Animal pharmaceutical products help in the treatment of various diseases such as tick-borne diseases, rabies, and fever, thus, benefitting the market growth.
Get a glance at the market contribution of various segments ViewSample pdf
The pharmaceutical segment was valued at USD 14.94 billion in 2017 and continued to grow until 2021. The increase in threat from zoonoses will increase the demand for pharmaceutical products in the coming years. Also, food-borne zoonoses, such as salmonellosis, also continue to impact human health. This leads to the high demand for pharmaceutical products for improving animal health, which is benefitting the market and will continue during the forecast period.
For more insights on the market share of various regions View Sample Pdf
North America is estimated to contribute 40% to the growth of the global animal health market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The animal healthcare market is growing in North America due to the abundant pet humanization because of increasing disposable incomes. Cats and dogs are considered to be an integral part of the family. Around 84 Billion households own a pet in the US. Hence, like humans, these animals also fall sick and require treatment for conditions such as otitis externa, diabetes mellitus, and cardiovascular diseases with the help of animal healthcare products and, thus, benefit the market. Also, the trend of pet keeping is likely to continue during the forecast period resulting in rising demand for various pet animal healthcare products.
COVID-19 affected all countries in North America, especially the US. It negatively impacted the market in North America. However, the demand for animal healthcare monitoring equipment rebounded as manufacturing activities were reopened owing to COVID-19 vaccination drives. Also, the vendors operating in the market are investing to gain a competitive advantage. For instance, in July 2022, Dechra raised USD 21.8 Billion to acquire Piedmont Animal Health. These factors are anticipated to drive the growth of the regional animal health market during the forecast period.
The animal healthcare market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Animal Healthcare Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
Market growth 2023-2027 |
USD 9.49 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.1 |
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 Inc., 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 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. |
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.