Growing prevalence of zoonotic and other infectious diseases in animals have increased the demand for periodic vaccination and therapeutics to curb infections. Animal owners are increasingly spending more on healthcare and treatment of their companion animals.
The global animal healthcare market is estimated to be valued at US$ 45.7 billion in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period of 2020–2024.
Key Takeaways
Key players operating in the animal healthcare market are Zoetis, Merck, Elanco, Boehringer Ingelheim, and Ceva Sante Animale.
Key players related content comprises key players related content (Key players operating in the animal healthcare are Zoetis, Merck, Elanco, Boehringer Ingelheim, and Ceva Sante Animale).
Some of the key opportunities in the Animal Healthcare Market Demand include development of novel therapies for zoonotic and other infectious diseases prevalent among animals. Growing awareness regarding animal health and increasing adoption of companion animals will further aid the market growth. Moreover, expansion of veterinary services in developing regions with rising per capita animal healthcare expenditure provides new opportunities to key players in the animal healthcare industry.
The global animal healthcare market is also driven by rising expenditure on animal health globally. Increasing disposable income and growing animal adoption rates in emerging economies are prompting higher spending on animal care and veterinary services. Moreover, technological advancements in animal diagnostics, vaccinations, and therapeutics have made treatment more effective and affordable.
Market Drivers: Rising livestock production to meet the increasing global demand for animal protein also drives the need for preventive animal care. Livestock population surveillance and management through vaccinations and therapeutic products enables early disease detection and control. This assists in ensuring adequate meat and milk supply globally.
PEST Analysis
Political: Regulations around animal testing and welfare have a strong influence on the type of products available in this market. Recent policies aim to increase accessibility to affordable veterinary services.
Economic: The overall health of the economy and consumer spending impacts the discretionary spending on animal healthcare. Economic growth typically means more resources available for animal health.
Social: People are treating their pets more like family members today. This leads to higher spending on nutrition and medications for animal health. Rising awareness about zoonotic diseases also drives the market.
Technological: Adoption of new methods of diagnostic technologies allow for faster and more accurate disease detection. Telehealth solutions are gaining popularity and help increase access to veterinary consultation during the pandemic.
Geographical regions with high market value:
North America dominates the Animal Healthcare Market Size and Trends in terms of value owing to rising pet adoption, growing pet population, and higher spending on animal health. The United States accounts for the largest share regionally. Europe is another major regional market led by countries like Germany, France and the UK.
Fastest growing region:
Asia Pacific region is expected to grow at the fastest pace during the forecast period. Factors such as increasing disposable incomes, changing pet ownership trends, and growing awareness about animal health will support market growth. China stands to benefit due to its large population and growing pet care industry. Improvements in veterinary research and infrastructure also contribute to growth.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
