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Animal healthcare involves various medical services and healthcare products for animals including veterinary visits, medications, vaccines, and feed additives. Animal healthcare products include parasiticides, anti-infectives, anti-inflammatory, and other pharmaceuticals. Veterinary clinics and hospitals offer services such as surgical procedures, diagnostic imaging, and emergency care for animals. Companion animal species like dogs, cats, and horses majorly drive the demand for animal healthcare products and services. Growing adoption of pets and increasing expenditure on pet care have propelled the demand for vaccination and regular checkups over the past few years.
The global 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Demand for Veterinary Services: Rising adoption of pets and increasing awareness about animal health have augmented the demand for veterinary services over the past few years. As per the American Pet Products Association, the total US pet industry expenditure increased from $95 billion in 2014 to $123 billion in 2020. Advancements in veterinary facilities, availability of specialized veterinary professionals, and expanding insurance coverage are some factors fueling the growth of veterinary services.
Rising Focus on Zoonotic Diseases: Growing focus on zoonotic diseases that can be transmitted from animals to humans is propelling the development of preventive care and treatment options. Zoonotic pathogens may cause diseases like rabies, anthrax, bird flu, swine flu, and plasmid-borne diseases. Continuous surveillance and effective monitoring of zoonotic diseases are crucial for animal health as well as public health. Thus, increasing investments in research related to zoonotic diseases are boosting the animal healthcare market growth.
Segment Analysis
The global animal healthcare market is dominated by the companion animal segment. Within the companion animal segment, the dogs sub-segment holds the largest market share of over 30%. Dogs are one of the most preferred pets globally and they require consistent healthcare checkups and medications. This makes the dogs sub-segment the largest revenue generator within the companion animal segment.
PEST Analysis
Political: Regulations regarding animal welfare and rules for veterinary practices are framed by governments and international bodies. Stricter regulations boost the market growth.
Economic: Rising pet ownership in developing nations due to increases in disposable income and growing awareness regarding pet healthcare is positively impacting the market.
Social: Social trend indicates people are treating pets as companions rather than livestock. This has boosted medical care and insurance for animals.
Technological: Adoption of advanced diagnostic devices, AI-enabled tools, and telehealth for animals is allowing remote monitoring and driving the market growth.
Key Takeaways
The global animal healthcare market is expected to witness high growth at a CAGR of 5.5% during the forecast period of 2024 to 2031. The market size in 2024 is estimated to be $53.22 Bn.
Regional analysis: North America dominates the market currently due to stringent regulations and high pet care expenditure. However, Asia Pacific is anticipated to witness the fastest growth over the forecast period due to rising pet adoption, growing middle class, and increasing awareness about veterinary healthcare in countries like India and China.
Key players: Key players operating in the animal healthcare market are Zoetis, Merck, Elanco, Boehringer Ingelheim, Ceva Santé Animale, Virbac , Vetoquinol SA, Neogen , Biogenesis Bago. Zoetis and Merck collectively account for over 30% market share due to their diversified product portfolio and strong global presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
