The Animal Healthcare Market size is projected to be valued at USD 40.9 billion in 2023 and is expected to rise to USD 62.3 billion by 2033. The sales of animal healthcare are expected to grow at a significant CAGR of 4.3% during the forecast period. Various factors propelling the demand for animal healthcare are:
Animal health monitoring and disease outbreak prevention are critical to the economy and the safety of the country's food supply. Healthy livestock production contributes to a secure food supply and stable consumer prices.
The emphasis on animal health ensures that healthcare researchers and practitioners in both fields collaborate to prevent disease outbreaks across species and address the underlying cause of their spread.
This has resulted in the successful management of deadly diseases such as avian flu and is now being used to eradicate others in the future.
Recent years have seen significant mergers and acquisitions between major companies' veterinary-related divisions, as well as rising demands for food and feed and the production of animals bred for meat and dairy products.
A vast proportion of investing in pet insurance in developed markets is driving growth in the market under consideration. However, that investment is being used to fund animal health innovations for the world's 24 billion chickens, 1 billion cattle and sheep, 750 million pigs and goats, 500 million dogs, and 400 million cats.
At the moment, the animal healthcare market is benefiting greatly from initiatives spearheaded by governments and animal welfare organizations from around the world.
Technological advancements in animal healthcare are also driving the global market, which is expected to provide future growth opportunities.
Among these breakthroughs is the creation of efficient information management systems, mobile technologies for animal owners, and vaccine banks. The increased emphasis on animal health innovation has resulted in a number of measures that are improving market growth prospects.
| Attributes | Details |
|---|---|
| Animal Healthcare Market CAGR | 4.3% |
| Animal Healthcare Market Valuation (2023) | USD 40.9 billion |
| Animal Healthcare Market Valuation (2033) | USD 62.3 billion |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Growing Demand for Animal Products and Increasing Incidence of Animal Diseases Spurring Market Growth
The primary factors fueling demand in the animal healthcare market are the increasing consumption of meat and milk globally, the rising prevalence of foodborne and zoonotic diseases, the growing trend of pet adoption across the world, and the exponential growth of the veterinary healthcare market.
Over the last few decades, spending on animals has increased significantly on account of rising pet adoption rates, growing awareness about maintaining the proper health of animals, and surging demand for animal pharmaceuticals for enhancing the immunity system of animals. Driven by this, sales of animal healthcare products like pharmaceuticals, animal feeds, and vaccines are projected to rise at a significant pace during the forecast period.
On the other hand, factors hampering the growth of the animal healthcare market are increasing restrictions imposed by regulatory authorities on the usage of antibiotics, lack of awareness across various emerging regions, and rising cost of animal testing.
Over the last few years, veterinary healthcare has rapidly evolved as technology in biotech, genomics, artificial intelligence, cloud computing, and big data has grown exponentially, bringing competition among large animal healthcare companies and collaborations with technologically advanced start-ups.
In addition, significant mergers and acquisitions have occurred in the industry in recent years, such as that between Boehringer Ingelheim Animal Health and Merial. As a result, the veterinary healthcare market has become extremely competitive.
Vaccines have become increasingly important in various parts of the world. Across major consumer spending stores worldwide, a large number of families have chosen pet insurance. In several cases involving food-producing animals, the industry and governments collaborate to develop vaccines against major outbreaks of animal diseases such as foot-and-mouth disease. The lack of vaccines against several livestock vector-borne pathogens, as well as strict regulatory approval processes for gaining market authorization, are two major market challenges. Vaccine bank funding has grown in importance over time. Vaccines' necessity and development are expected to drive the growth of the veterinary healthcare market over the forecast period.
Considering this, FMI expects global animal healthcare to grow at a CAGR of 4.3% through 2033.
The adoption of digital technology in livestock and pet health is increasing at an alarming rate. Smart tags, wearables, and sound detection tools, as well as predictive software and monitoring technology, enable precision care for thousands of animals.
Data from countless animals are being compiled by digital diagnostics in order to discover new, subtle disease warning signs. Better traceability, sustainability, productivity, and disease management on the farm are all advantages, as is improved pet wellness.
Principal Consultant
Animal healthcare is a vital component of the USA economy. It is one of the most innovative industries in the USA, accounting for 2% of the total USA pharmaceutical market. Each year, Mexico and Canada are among the top export markets for USA meat and dairy products. Aside from the economic benefits, the social benefits of animals are extensive and widely recognized by many communities.
According to the American Pet Products Association, overall spending on pets in the United States increased by 4.1% between 2016 and 2017, rising from USD 66.75 billion to USD 69.51 billion. As a result of several factors assisting in the development of a better environment, the North American region plays an important role in the growth of veterinary healthcare.
| Market Size 2033 | USD 15.5 billion |
|---|---|
| Market Absolute Dollar Growth | USD 4.7 billion |
| CAGR (2017 to 2022) | 3.3% |
| CAGR % 2023 to End of Forecast (2033) | 3.7% |
The UK animal healthcare market is expected to witness a revenue share of around USD 2.0 billion, owing to the increasing burden of disease outbreaks among livestock animals. The European Union has launched a number of strategic initiatives to address animal health issues and raise awareness about the importance of animal healthcare. Growing investments in animal healthcare, as well as the presence of major animal health companies, will undoubtedly add to the regional outlook.
| Market Size 2033 | USD 2.0 billion |
|---|---|
| Market Absolute Dollar Growth | USD 509.6 million |
| CAGR (2017 to 2022) | 3.6% |
| CAGR % 2023 to End of Forecast (2033) | 3.1% |
The UK witnessed a growth of USD 15.9 million over the last decade and a CAGR of 9.4%. In the United Kingdom, radial access is used for more than 75% of percutaneous coronary intervention (PCI, formerly known as angioplasty with stent). The parallel rise in radial artery occlusion may be contributing to the growing demands for radial compression. Experts also noted a desire to embrace procedures and started trying innovative devices that contribute to better patient experiences, lower medical costs, and shorter hospital stays.
| Market Size 2033 | USD 26.7 million |
|---|---|
| Market Absolute Dollar Growth | USD 15.9 million |
| CAGR (2017 to 2022) | 8.6% |
| CAGR % 2023 to End of Forecast (2033) | 9.4% |
In 2021, the Asia Pacific held the largest share of the Indian animal healthcare market. From 2023 to 2033, the Asia Pacific animal healthcare market is expected to register a revenue share of USD 2.4 billion. India’s large market share can be attributed to an increase in the number of polyclinics, veterinary hospitals, and institutions, as well as innovative technologies. Increased collaboration with animal healthcare funding trusts and organizations, as well as the positive impact of state government regulations, are expected to propel the market.
| Market Size 2033 | USD 2.4 billion |
|---|---|
| Market Absolute Dollar Growth | USD 1.1 billion |
| CAGR (2017 to 2022) | 7.3% |
| CAGR % 2023 to End of Forecast (2033) | 6.2% |
Vaccines and parasiticides have increased from 56.7% to 62.6% of the product portfolio since 2013, while antimicrobials have decreased from 20.9% to 15.2% (a 28% relative decrease), demonstrating a continued push for disease prevention as the foundation for animal health and well-being.
The parasiticides segment is driven by the increasing importance of animal healthcare, which is accompanied by governmental protocols. The increased number of animal livestock in emerging markets, developments in parasiticide products, an upcoming new offering by the key players, and the execution of welfare acts in developing and developed regions worldwide are some of the growth drivers of the segment.
| Drug Type | Parasiticides |
|---|---|
| CAGR % (2017 to 2022) | 4.0% |
| CAGR % (2023 to 2033) | 3.2% |
The animal healthcare market will be greatly benefitted from the farm animal segment. The segment's major market share can be attributed to the deep concern for food safety and sustainability among government healthcare organizations worldwide. Various countries' policymakers are working to achieve maximum food security, which moves large-scale food production and livestock rearing. Long-term sustainability is the goal of the policies, which can be gained by increasing productivity and focusing more attention on livestock animal care.
| Animal Type | Farm Animals |
|---|---|
| CAGR % 2017 to 2022 | 5.1% |
| CAGR % 2023 to End of Forecast (2033) | 4.3% |
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
To gain a competitive advantage, major corporations have implemented a variety of business strategies, including regional expansion strategies, mergers and acquisitions, and collaborative research initiatives. Several programs and initiatives are underway to raise public awareness and education about animal health and well-being. Among the world's leading animal healthcare companies are Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Animal Type, Region |
| Key Companies Profiled | Neogen; Zoetis; Merck; Boehringer Ingelheim; Elanco; Dechra Pharmaceuticals; IDEXX Laboratories; B. Braun Vet Care; and Medtronic |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
In 2023, the overall market is estimated to generate a revenue of USD 40.9 billion.
The vaccines and parasiticides category generates almost 62.6% of the total market.
The country is predicted to witness a y-o-y increment of 9.4% over the next ten years.
The United States market is estimated to have a growth opportunity of USD 4.7 billion by 2033.
India, with a huge animal farming sector, is poised to witness a CAGR of 6.2% through 2033.
1. Executive Summary 2. Market Overview 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Drug Type 5.1. Anti-Infective Agents 5.1.1. Antibiotics & Antimicrobials 5.1.2. Anti-Fungal 5.1.3. Anti-Viral 5.2. Anti-Inflammatory & Analgesic Agents 5.3. Parasiticides 5.3.1. Endo-Parasiticides 5.3.2. Ecto-Parasiticides 5.3.3. Endectocides 5.4. Vaccines 5.5. Hormones & Substitutes 5.6. Nutritional Products 5.7. Others 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Animal Type 6.1. Companion Animals 6.1.1. Cats 6.1.2. Dogs 6.1.3. Horse 6.2. Farm Animals 6.2.1. Ruminants 6.2.2. Swine 6.2.3. Poultry 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Route of Administration 7.1. Oral 7.1.1. Tablets/Capsules 7.1.2. Liquids 7.1.3. Powders/Premix 7.1.4. Others 7.2. Parenteral 7.2.1. Liquids 7.2.2. Powder for Injection 7.3. Topical 7.3.1. Solutions 7.3.2. Creams & Ointments 7.3.3. Intramammary Preparations 7.3.4. Others 7.4. Others 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Distribution Channel 8.1. Veterinary Hospitals 8.2. Veterinary Clinics 8.3. Pharmacies & Drug Stores 8.4. Others 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East & Africa (MEA) 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Bayer AG 17.2. Cargill, Inc. 17.3. Eli Lilly and Company 17.4. Boehringer Ingelheim GmbH 17.5. Ceva Sante Animale 17.6. Zoetis Inc. 17.7. Merc & Co., Inc. 17.8. Virbac S.A. 17.9. SeQuent Scientific Ltd. 17.10. Midmark Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Healthcare Insights
View Reports
Animal Healthcare Market
