The global animal health market size was valued at USD 41.50 billion in 2018 and is projected to reach USD 97.54 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period. North America dominated the global market with a share of 34.02% in 2018.
Continue reading for more details:
https://www.fortunebusinessinsights.com/animal-health-market-102371
The Animal Health Market is experiencing steady growth driven by rising pet ownership, increasing demand for animal-derived food products, and greater awareness of zoonotic diseases. Technological advancements, including digital monitoring and veterinary telehealth, are transforming the market, while emerging economies contribute significantly to its expansion through improved veterinary infrastructure and rising healthcare spending for animals.
Market Segmentation
-
By Product: The Animal Health Market is segmented into drugs, vaccines, feed, and diagnostics. Among these, the drugs segment accounted for the largest share and is expected to maintain dominance in the Animal Health Market. The diagnostics segment is projected to register the fastest growth in the Animal Health Market due to new molecular testing technologies.
-
By Animal: In the Animal Health Market, the major animal-type segments include livestock animals and companion animals. Companion animals are gaining momentum in the Animal Health Market thanks to rising pet adoption and shift from ownership to pet-parenting.
-
By End-User: The Animal Health Market end-user categories include veterinary hospitals & clinics, animal care & rehabilitation centres, diagnostic centres and others. Veterinary hospitals & clinics currently dominate the Animal Health Market, while diagnostic centres are anticipated to expand more rapidly.
LIST OF KEY COMPANIES PROFILED:
- Zoetis
- Intervet International B.V.
- Elanco
- Ceva
- Virbac
- Merck & Co., Inc.
- Novartis AG
- Emergent BioSolutions, Inc.
- CSL Limited
- IDEXX Laboratories, Inc.
- Bayer AG
- Boehringer Ingelheim International GmbH
Market Growth
-
The Animal Health Market saw strong expansion, driven by increasing pet ownership, rising demand for animal-derived protein, and heightened awareness of zoonotic diseases.
-
The Animal Health Market is forecast to grow significantly between the base year and 2032, reflecting sustained investment and technological adoption in animal care.
-
Growth in the Animal Health Market is underpinned by rising expenditure on veterinary drugs, vaccines, diagnostics and feed products.
-
The Animal Health Market’s compound annual growth rate (CAGR) is projected to be robust over the forecast period.
-
The Animal Health Market is benefitting from trends such as digital monitoring, IoT in companion animals, and preventive care for livestock.
Restraining Factors
-
A key restraint in the Animal Health Market is the stringent regulatory environment and lengthy approval processes for animal drugs and vaccines, which can impede new product launches and time-to-market in the Animal Health Market.
-
Cost barriers involved in developing novel animal health products (high R&D cost, long development time) act as a restraint on the Animal Health Market.
-
In the Animal Health Market, regulatory oversight and reimbursement challenges in certain regions may slow uptake of advanced diagnostics and new treatments.
-
The Animal Health Market can be constrained by the variability in livestock owner practices and funding for preventive animal health in emerging markets.
Regional Analysis
-
North America: The Animal Health Market is strongest in North America, owing to advanced veterinary infrastructure, high pet adoption rates and strong R&D capabilities in animal therapeutics.
-
Europe: In Europe, the Animal Health Market benefits from robust regulation for animal welfare, high consumption of animal-derived food and growing companion animal care spending.
-
Asia Pacific: The Animal Health Market in Asia Pacific is expected to witness healthy growth as countries such as China, India and Japan increase livestock healthcare investment, modernise animal health R&D, and expand companion animal markets.
-
Latin America & Middle East & Africa: These regions represent growth opportunities in the Animal Health Market, driven by rising demand for animal-derived protein, modernisation of animal health systems and increasing awareness of veterinary services.