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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Rising Pet Ownership and Greater Demand for Animal Welfare to Augment the Market
The global market for animal health is expected to be driven by increasing pet ownership and demand for animal healthcare commodities, especially nutrition, vaccines, and medicines. The global companion animal healthcare market size is projected to grow owing to the increasingly strengthening owner and companion animal bond which escalates the demand for companion animal care products. Companion animals, such as cats, dogs, and horses form an important part of life for several people, offering companionship, feeling of responsibility, and affection. Animal-assisted therapy has been recognised and widely accepted due to its benefits.
The human and companion animal bond is increasing, strengthening the market for related products such as animal food and medicine. The animal health market is also likely to be driven by increasing pet ownership in developing nations, rising spending on pets, and increasing demand for novel premium treatments and medicines. Key therapeutic sectors for companion animals such as dogs and cats include endocrinology, dermatology, analgesia and anaesthesia, antibiotics, cardiovascular, and critical care. One of the primary objectives of animal health market research is to identify growth opportunities within the sector.
Drivers of the commercial animals segment in the market for animal health include rise in demand for high quality animal protein and dairy products. The growing focus on commercial animal welfare, increasing demand for more healthy and productive animals, and greater vaccine use, are further catalysing animal health market growth. Key therapeutic sectors for commercial animals such as swine, poultry, and cattle include water soluble antibiotics, vaccines, and locomotion (lameness) and pain management.
Animal Health Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for animal health attained a value of approximately USD 59.24 billion.
The market is estimated to grow at a CAGR of 6.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 103.56 billion by 2032.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the increasing pet ownership, rising animal healthcare expenditure, and increasing disposable incomes of pet owners.
The key animal health market trends include technological advancements, expansion of veterinary networks, and rising investments in the research and development activities.
The significant animal types in the market for animal health are commercial animals and companion animals. Among these, commercial animals are further divided based on type into poultry, swine, cattle, and sheep and goat, among others. Meanwhile, companion animals are further divided based on type into dogs, and cats, among others.
The different product types of animal health in the market are vaccines, pharmaceuticals, feed additives, and diagnostics, among others.
The various end uses in the market for animal health include veterinary hospitals and clinics, animal care and rehabilitation centres, and diagnostics centres, among others.
The major players in the market, according to the report, are Elanco Animal Health Incorporated, Merck Animal Health, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim International GmbH, Ceva Sante Animale, Heska Corporation, IDEXX Laboratories, Inc., Virbac S.A., and Vetoquinol SA, among others.
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