The global animal healthcare market size was estimated at US$ 54 billion in 2022 and is expected to surpass around US$ 85.07 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 4.70% from 2023 to 2032.
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The U.S. animal healthcare market size was valued at US$ 11.34 billion in 2022 and is predicted to reach around US$ 18.21 billion by 2032, pgrowing at a CAGR of 4.90% between 2023 to 2032.
North America region accounted revenue share of 30% in 2022. This is attributed to a wide range of concrete initiatives taken by government animal welfare organizations that are continually trying to enhance animal health. In addition, technological advances, an increase in the number of pet owners, and an increase in the frequency of zoonotic diseases are likely to drive the animal healthcare market expansion in this region.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. This region’s rapid growth is thought to be the result of constant research and development investments by major companies in the animal healthcare market as well as their efforts to sell branded and generic treatments at affordable rates.
Animal healthcare entails conserving, directing, and safeguarding animals from a variety of diseases as well as providing them with essential veterinary treatments in order to extend their lives and increase their yield. The global animal healthcare market is available in two types. The key drivers of demand in the animal healthcare market are rising meat and milk consumption worldwide. Aside from that, growing foodborne and zoonotic diseases as well as the rising trend of pet adoption are all driving the animal healthcare market growth. The natural products are in high demand and food processors are in high demand and food processors want transparent labelling, which is expected to fuel demand in the animal healthcare market expansion during the forecast period.
A large growth in the demand for protein foods as well as an increase in the occurrence of food borne and zoonotic diseases around the world are driving the global animal healthcare market. The key market players have responded by developing outstanding medications and vaccines as a result of the remarkable decrease in diseases occurrence. In addition, as the number of animals has increased, global demand in proper animal health monitoring technologies has grown. The increased government activities in many locations have heightened animal healthcare and sparked a surge in veterinary vaccine interest. On account of different benefits such as convenience and cheaper pricing for ordered pharmaceuticals, several developed countries are functioning as the focal point for the rise of online pharmacy usage. Investing in research and development projects to provide improved product offerings as well as acceptance of innovative technologies by key players to alter the animal healthcare market, have all contributed to the worldwide animal healthcare market growth.
|Market Size by 2032
|USD 85.07 Billion
|Growth Rate from 2023 to 2032
CAGR of 4.70%
|North America Market Share in 2022
|Pharmaceutical Market Share in 2022
|2023 to 2032
|Animal Type, Product, Distribution Channel, End Use, Treatments, Geography
|Elanco, Bayer, Dechra Pharmaceuticals, Neogen, Boehringer Ingelheim, Merck & Co, Inc., Zoetis, Nutreco N.V., Virbac, Vetquinol S.A.
The governments all across the world are focusing on enacting and enforcing stronger animal healthcare legislation and regulations. The animal healthcare market growth will be supported by animal adoption and protection, improved treatment facilities, emergency healthcare systems, vaccination drives, immunization programs for animal healthcare, and birth control. The financial support for animal shelters as well as funding for multiple veterinary research laboratories dedicated to containing advanced zoonotic and foodborne diseases, will help the animal healthcare market growth significantly.
Following the COVID-19 pandemic, telehealth and eHealth applications are creating lucrative opportunities for the growth of the global animal healthcare market. As animal medicine testing is being scrutinized, the market players should rely on surveys and data collection from pet and production animal owners to develop drug formulations. The worldwide animal healthcare market is growing due to an increase in global consumption of meat and milk products as well as novel diseases in animals and their potential transmission to humans through product consumption and companionship. Animals are currently being affected by a number of new diseases. These infections can cause the animal to get extremely unwell or possibly kill it. As a result, the animal’s owner must have the essential treatments to cure the animals.
In 2021, the pharmaceutical segment accounted market share of 34%. On the basis of continuing improvements in veterinary pharmaceuticals, it is expected to maintain its dominant position during the projection period. The anti-inflammatory medications, antibiotics, parasiticides, and other pharmaceuticals are among the most common.
The veterinary diagnostics segment, on the other hand, is predicted to develop at the quickest rate in the future years. The expanding number of veterinary practitioners and their incomes in industrialized nations, rising animal health expenditure, and increased zoonotic diseases incidence are all contributing to segment expansion.
The others segment is expected to registered growth at a CAGR of 16% from 2023 to 2032.
The production animal segment dominated the market in 2022 with revenue share of 64.5%. The segment’s significant market share can be attributed to government healthcare organizations’ worldwide concern for food safety and sustainability.
The companion animal segment is fastest growing segment of the animal healthcare market in 2022. The policymakers in numerous countries are aiming for overall food security, which encourages large scale food production and increases animal husbandry.
The hospital pharmacies segment garnered revenue share of around 52% in 2022. The segment’s growth has been aided by an increase in the number of hospital pharmacies as well as a high procedural volume as a result of frequent readmission of pets for treatment.
The retail pharmacies segment is fastest growing segment of the animal healthcare market in 2022. For the distribution of drugs and vaccines, major producers rely solely on certified veterinarians and authorized wholesalers.
In 2022, the veterinary hospitals and clinics segment accounted revenue share of around 73.5%. The segment’s leading market share is due to a variety of applications including clinical pathology, toxicological tests, and therapy. In veterinary hospitals and clinics, the provision of a wide range of therapeutic and diagnostic solutions is a high impact rendering growth driver for this industry.
The point of care testing/in-house testing segment, on the other hand, is predicted to develop at the quickest rate in the future years. The climatic change and globalization are predicted to increase the frequency of zoonotic illnesses, which will boost demand for diagnostic procedures which will drive the point of care testing/in-house testing segment in the next years.
Some of the prominent players in the global animal healthcare market include:
Segments Covered in the Report
By Animal Type
By Distribution Channel
By End Use
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