The global demand for Animal Healthcare market was valued at over USD 45.62 Billion in 2021 and is expected to reach above USD 81.07 Billion in 2028, growing at a CAGR of above 9.7% between 2022 and 2028..
Animal Healthcare Market: Overview
Animal health entails taking care of animals with right use of medicated animal feeds, drugs, pills, vaccines, and diagnostic products to treat the medical situation related to them. Animals keep extremely good importance in human beings lifestyles. Animals are like humans beings and they also suffer from disease and accordingly require full-proper care from veterinarians and pet owners. Improving the health and well-being of companion and farmer animals and treating them is the most objective of the animal health industry. The animal health industry consist of all products and services, excluding livestock feed and pet food that promotes livestock productivity and animal health.
Increasing incidence of parasitic and infection has led to innovations in managing animal healthcare. Distinction among animal health and animal production has been changed in the recent times on account of the growing incidence of animal diseases. Modern medicine in association with technology is more focused on improving livestock and animal health production. Other factors such as the rising concerns related to zoonotic diseases which affect both humans and animals have a great impact on the economies of countries globally. This has led to collective focus on improving the safety and quality of food products thus assuring efficacious animal healthcare products in order to reduce the impact on the economies worldwide. The animal healthcare market has become more important due to greater incidences of disease outbreaks along with large-scale farming which requires animal feed additives of high quality, vaccines with hygiene management products. Since pet owner are willing to pay for the veterinary care, there has been an upsurge in demand for food supplements and other treatments for companion animals.
Report Scope of the Animal Healthcare Market
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Attribute
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Details
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Market Size in 2021
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USD 45.62 Billion
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Estimated Market Size in 2028
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USD 81.07 Billion
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CAGR Growth Rate
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9.7% CAGR
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Historical Year
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2016 to 2021
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Forecast Years
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2022-2028
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By Drug Type
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Anti-Infective Agents, Anti-Inflammatory Agents, Parasiticides, Vaccines, Hormones & Substitutes, Others
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By Animal Type
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Companion Animals, Farm Animals
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By Route of Administration
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Oral, Injectable, Topica, Others
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Distribution Channel
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Veterinary Hospitals & Clinics, Pharmacies & Drug Store, Online Pharmacies
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Major Regions Covered
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North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Key Market Players
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Boehringer Ingelheim GmbH, Virbac SA, Zoetis, Inc., Bayer AG, Intas Pharmaceuticals, Ltd., Elanco (Eli Lilly and Company), Zydus Animal Health, Dechra Pharmaceuticals, Ceva Sante Animale, Merck Animal Health,
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Report coverage
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Revenue forecast, company share, competitive landscape, growth factors and trends
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Free customization scope (equivalent to 5 analyst working days)
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If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization
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Animal Healthcare Market Dynamics
Widespread implementation of animal vaccination programs
Animal healthcare market has become a important due to greater incidences of disease outbreaks along with large-scale farming which requires animal feed additives of high quality, vaccines as well as hygiene management products. The rising consumer concerns as to from how and where the feed for animals is produced is giving rise to a tougher scrutiny of rearing and feeding practices of animals in the market. The burden of infectious diseases in livestock and other animals is a major constraint to sustained agricultural development and food security. Governments are taking incentives to increase the adoption of animal health services by increasing awareness among the general population regarding animal diseases and privatization of animal healthcare services. Livestock insurance is one of such schemes in Europe, which is implemented to increase the efficiency and effectiveness of animal healthcare systems. Thus modern medicine in association with technology is more focused on improving livestock and animal health production further focusing on widespread implementation of animal vaccination programs.
Regulations of antibiotics
Of all the antibiotics sold in the U.S., approximately 80% are sold for use in animal agriculture. Antibiotics are administered to animals in feed to marginally improve growth rates and to prevent infections, a practice projected to increase dramatically worldwide over the next 15 years. There is growing evidence that antibiotic resistance in humans is promoted by the widespread use of non therapeutic antibiotics in animals. Resistant bacteria are transmitted to humans through direct contact with animals, by exposure to animal manure, through consumption of undercooked meat, and through contact with uncooked meat or surfaces meat. The World Health Organization recently has called antimicrobial resistance an increasingly serious threat to global public health that requires action across all government sectors and society.
Health care providers can also encourage their individual patients to purchase meat that is sustainably raised without the overuse of antibiotics.
Increasing Demand for Pet Insurance
The current economic downturn has resulted in many cost-conscious consumers being forced to tighten their money belts to make ends meet. However, while they've curbed their spending when it comes to purchases and services for themselves, pampering and caring for their beloved pets is still a top priority thus increasing popularity of pet health insurance and veterinary discount plans. There is a clear opportunity for pet insurers to create greater awareness within consumer and agent stakeholder groups of the pet insurance product.
Animal Healthcare Market Segmentation
The global Animal Healthcare Market is segmented on the basis of drug type, animal type, route of administration, distribution channel and region. By drug type, the market is segmented into anti-infective agents, anti-inflammatory agents, parasiticides, vaccines, hormones & substitutes, others. The parasiticides segment is expected to led the market and its accounted for 33.78% of the global revenue share in 2021. The anti-infective agents segment is accepted to increase at a CAGR of XX% over the forecast period.
On the basis of animal type, the market is segmented into Companion animals, farm animals. The farm animals segment dominated the market in 2021 with revenue share of 64.34%. The companion animal segment is fastest growing segment of the animal healthcare market in 2021.
By route of administration, the Animal Healthcare market is segmented into Oral, Injectable, Topical, Others segment. In 2021, the Injectable segment was the largest revenue generator, and is predictable to grow at a CAGR of 5.1% during the forecast period. The Topica is the second leading segment in this market and its accounted for 23.30% of the global revenue share in 2021.
On the basis of distribution channel, the market is segmented into Veterinary Hospitals & Clinics, Pharmacies & Drug Store, Online Pharmacies. The Veterinary Hospitals & Clinics segment dominated the global industry in 2021 and accounted for the highest revenue share of more than 68.17% of the overall revenue. Online Pharmacies segment is probable to grow at highest CAGR during the forecasted period.
Regional Insights
North America is predictable to the leading market for animal healthcare market and accounted for the maximum share of more than 34.29%. As the pet humanization is increasing, the animal healthcare market players are taking greatest care of the services which is rising up greater vet payments for the pet owners. Also the testing procedures and stringent regulations North America have prompted the growth of animal healthcare market in this region. Europe is estimated to be the second leading market in the animal healthcare market accounting for almost 31.84% revenue share in the forecast period. The industry participants in this region are significantly spending on research and development activities in order to grow better solutions for animal healthcare. Asia Pacific region is likely to grow at highest growth rate owing to extensive animal husbandry practices in the developing countries like China and India. China is estimated to grow at fastest CAGR over the forecast years. Increasing awareness about animal health is boosting the demand for animal healthcare products in this region. Many leading players are venturing this market with the objective to exploit lucrative growth opportunities. Latin America held least position in the animal healthcare market in comparison to other regions.
Competitive Landscape
Some of the major competitors dominating the global Animal Healthcare market include Boehringer Ingelheim GmbH, Virbac SA, Zoetis, Inc., Bayer AG, Intas Pharmaceuticals, Ltd., Elanco (Eli Lilly and Company), Zydus Animal Health, Dechra Pharmaceuticals, Ceva Sante Animale, Merck Animal Health among others.
Global Animal Healthcare Market Segment as follows:
By Drug Type
- Anti-Infective Agents
- Anti-Inflammatory Agents
- Parasiticides
- Vaccines
- Hormones & Substitutes
- Others
By Animal Type
- Companion Animals
- Farm Animals
By Route of Administration
- Oral
- Injectable
- Topical
- Others
By Distribution Channel
- Veterinary Hospitals
- Veterinary Clinics
- Pharmacies and Drug Store
- Online Pharmacies
By Region:
