Animal healthcare refers to the medical care and welfare of non-human animal species. It involves preventive and clinical care for companion animals such as dogs and cats, farm animals, zoo animals, laboratory animals, exotic animals, and wildlife. Key products in this market include vaccines, pharmaceuticals, feed additives, and diagnostic tools. Vaccines help prevent infectious diseases in livestock and pets. Pharmaceuticals such as antibiotics, anti-parasitics, and anti-inflammatory drugs are used to treat illnesses and ensure the well-being of animals. Feed additives are provided to enhance animal growth and productivity. Diagnostic tools aid in disease screening and detection.
The global animal healthcare market is estimated to be valued at US$53.22 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising pet ownership around the world has been a key driver propelling the animal healthcare market growth. According to the American Pet Products Association, around 90 million cats and 90 million dogs are kept as pets in the US alone. Growing humanization of pets and rising spending on pet care has increased the demand for animal vaccines, medicines, and supplements. Moreover, the threat of zoonotic diseases has heightened the need for livestock monitoring and disease management. However, factors such as higher costs associated with veterinary care compared to human healthcare, lack of trained veterinarians in developing nations, and animal welfare concerns regarding intensive livestock production systems continue to impede the market expansion to some extent.
SWOT Analysis
Strength: The animal healthcare market has grown significantly over the years. Rising pet ownership and increasing animal healthcare expenditure have bolstered the demand for drugs, vaccines, medical devices and feed additives in this market. Growth in companion animal adoption along with rising awareness about animal welfare has also augmented the market strength.
Weakness: Limited healthcare facilities in developing regions pose challenges to the sustainable growth of this market. High costs associated with veterinary care and services restrict the affordability of animal healthcare products. Lack of trained veterinarians and veterinary practitioners in underdeveloped areas affect timely diagnostic and treatment services.
Opportunity: Untapped rural areas in emerging nations offer lucrative opportunities for major players. Rising trend of pet humanization across countries will drive the demand for advanced animal healthcare solutions. Growing adoption of digital technologies like teleconsultation facilitates improved accessibility of veterinary care. Increasing incidence of zoonotic diseases warrants enhanced preventive healthcare measures for livestock.
Threats: Stray animal population management remains a challenge. Loss of protective measures amid health emergencies like pandemic poses threats to maintaining animal welfare standards. Stringent regulatory frameworks for veterinary drugs and food safety add compliance burdens. Emergence of new infectious diseases threatens animal as well as public health.
Key Takeaways
The global animal healthcare market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to increase from $53.22 billion in 2024 to $87.64 billion by 2031, exhibiting a CAGR of 5.5%.
Regional analysis: North America currently dominates the global animal healthcare market owing to rising pet adoption, growing pet insurance purchase and increasing per capita animal healthcare expenditure in countries like the US and Canada. Europe holds the second largest market share due to stringent animal welfare laws and rising pet humanization trend across countries. Asia Pacific is expected to be the fastest growing region due to growing livestock population, rising meat consumption and increasing awareness about animal health in India and China.
Key players: Key players operating in the animal healthcare market are Merck Animal Health, Zoetis, Elanco Animal Health, Boehringer Ingelheim, Ceva Sante Animale, Vetoquinol SA., Virbac, and IDEXX Laboratories. Merck Animal Health and Zoetis capture the largest market shares due to their extensive product portfolios and global sales network. Significant investment in R&D and focus on development of advanced therapeutic solutions have helped these players strengthen their leadership positions.
