Global Animal Healthcare Market Share Is Expected To Grow At A CAGR Of 9.81% By 2030

20-Mar-2023 | Facts and Factors

According to Facts and Factors, the global animal healthcare market size was worth around USD 40.21 billion in 2022 and is predicted to grow to around USD 84.98 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.81% between 2023 and 2030.

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The global industry revolves around medical care, other services, and the treatment of animals. It comprises a variety of businesses and corporations operating in a coherent system to ensure the well-being of animals. Units like pharmaceutical companies, animal hospitals, veterinary clinics, animal feed and nutrient companies, research institutes, and diagnostic libraries form an integral part of the market. The primary intention of the service providers is to develop and deliver processes that ascertain the good health of animals including wild, livestock, and pet animals. This is achieved by manufacturing and distributing products like drugs, vaccines, and feed to prevent or cure injuries, illness, and other issues in animals.

Browse the full “Animal Healthcare Market Size, Share, Growth Analysis Report By Animal Type (Companion and Farm), By Product (Vaccine, Feed, Veterinary Equipment, Pharmaceuticals, and Others), By Distribution Channel (Veterinary Hospitals & Clinics, E-commerce, Retail, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" report at https://www.fnfresearch.com/animal-healthcare-market

The global animal healthcare market is projected to grow owing to the increasing demand for animal protein, especially from health enthusiasts. Regular consumption of protein in every meal is crucial for human health and although there is a segment of the population that prefers plant protein, a large percentage of the consumers incorporate animal protein in their diet. The nutrient is derived from eggs, meat, and milk.

Furthermore, doctors recommend regular protein consumption and clean protein does not have any side effects which is the major reason why consumers are largely dependent on animals for this. Additionally, the growing prevalence of animal diseases is another factor encouraging global industry expansion. This is mainly due to the exponential rise in animal agriculture and hence the corresponding diseases are on the rise. Covid-19 is a prime example of how animal disease can transfer from them to humans and severely impact the ecosystem.

Moreover, the growing interest of pet owners in the well-being of their pets is important for the global industry. The majority of owners treat housed pets as family and ensure their well-being as they would of their children. Studies have also proven that owning a pet tends to have physical and mental health benefits for the owners and hence many medical professionals promote adopting animal companions. For instance, pets are known to help in reducing depression and anxiety, they can assist in lowering blood pressure, and help with an overall improvement in people’s well-being.

However, the global industry may face certain growth restrictions owing to the stringent regulatory requirements surrounding the manufacturing and distribution of animal vaccines, medicines, and feed. The fraternity is highly regulated and getting necessary approvals can be time-consuming along with being expensive. Furthermore, the products are high in cost and may become overwhelming for low to middle-income animal caretakers.

Additionally, a lot of countries lack the necessary infrastructure to promote animal adoption which is a major limitation that exists in the global industry. Another crucial restraint is the lack of access to quality animal care in underdeveloped nations or developing economies. In certain parts of the world, certain cultural or religious norms do not work in the favor of animals which could limit global industry growth.

Veterinary care advancements may promote further growth whereas antibiotic resistance could act as a major challenge for players.

global-animal-healthcare-market-size

Segmental Analysis:

The global animal healthcare market is segmented based on animal type, product, distribution channel, and region

Based on animal type, the global market is divided into companion and farm

  • In 2022, the farm segment generated the highest revenue
  • However, it is important to note that both segments are significant contributors to the global industry and have high growth potential during the forecast period
  • The dominance of the farm segment was generally due to the high number of animals that need medical care or other assistance as compared to companion animals
  • Furthermore, they require routine treatment and preventive care since farm animals directly influence the ecosystems, and products derived from them are sold in the commercial market
  • In 2021, New Zealand’s milk export market was valued at USD 7.81 billion

Based on product, the global market is segmented into vaccines, feed, veterinary equipment, pharmaceuticals, and others.

  • In 2022, the global market registered the highest growth in the vaccine and pharmaceutical segment owing to the higher application of the products
  • Pharmaceuticals are required to treat various medical conditions that animals contract and are of crucial value for the health of production animals. In companion pets, regular use of vaccines and drugs for treating conditions like parasite infection, flea and tick, heartworm prevention, and others is highly common
  • Feed is a significant contributor in the product segment as it is important for animal health
  • Every year, more than 900,000 shelter animals are euthanized in the USA

Based on distribution channels, the global market segments are veterinary hospitals & clinics, e-commerce, retail, and others.

Regional Analysis:

North America leads the global animal healthcare market with the US and Canada being at the forefront of regional growth. Factors like well-established veterinary infrastructure, government policies in place to ensure the well-being of stray animals, stringent regulatory measures surrounding the treatment of farm animals, and the high rate of animal protein production are leading reasons for the growing CAGR in North America.

Europe is projected to act as a significant contributor to the global market owing to the growing rate of pet adoption and high spending by animal owners on the well-being of pets under their care. High disposable income allows the population to undertake high-in-cost medical treatments for animals when required. Asia-Pacific is expected to emerge as the fastest-growing market due to the growing demand for animal protein and increasing diseases in different species of animals.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 40.21 Billion

Projected Market Size in 2030

USD 84.98 Billion

CAGR Growth Rate

9.81% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Dechra Pharmaceuticals, Elanco, Vetoquinol S.A., Boehringer Ingelheim, Neogen, Zoetis, Virbac, Bayer, Nutreco N.V., Merck & Co. Inc., DCC (Dogs Cats & Companions), Heska Corporation, C.H.Boehringer Sohn AG & Co, KG, Ceva Sante Animale, and others.

Key Segment

By Animal Type, Product, Distribution Channel, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Analysis:

The global animal healthcare market is led by players like Dechra Pharmaceuticals, Elanco, Vetoquinol S.A., Boehringer Ingelheim, Neogen, Zoetis, Virbac, Bayer, Nutreco N.V., Merck & Co, Inc., DCC (Dogs Cats & Companions), Heska Corporation, C.H.Boehringer Sohn AG & Co, KG, Ceva Sante Animale, and others.

Recent Developments:

  • In June 2022, the Union Ministry of Agriculture & Farmers’ Welfare, India, announced the launch of a diagnostic tool and vaccine for animals which was developed by the ICAR-National Research Centre on Equine
  • In September 2022, CEPI announced the beginning of the second phase of investment directed at innovating vaccine programs for Rift Valley Fever. The project is expected to receive USD 50 million in funding

The global animal healthcare market is segmented as follows:

By Animal Type

  • Companion
  • Farm

By Product

  • Vaccine
  • Feed
  • Veterinary Equipment
  • Pharmaceuticals
  • Others

By Distribution

  • Veterinary Hospitals & Clinics
  • E-commerce
  • Retail
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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