Animal Healthcare Market

Global Animal Healthcare Market

Animal Healthcare Market- By Animal Type, Product, Distribution Channel, End Use, and Region.

Market Synopsis:

The Global Animal Healthcare Market is valued at USD 141.2 Billion in the year 2021 and is anticipated to reach a value of USD 181.7 Billion by the year 2028. The Global Market is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 10.55% over the forecast period.

The Animal Healthcare Market consists primarily of care for domestic and pet animals. During the forecast period, the increasing prevalence of diseases among animals creates lucrative opportunities for the growth of the Global Animal Healthcare Market.

Furthermore, the expansion of online sales channels is driving market demand. The key players in the Global Animal Healthcare Market are constantly striving to expand their market. They are investing in Research and Development (R&D) activities in order to launch new and innovative products in the Animal Healthcare Market. The market is primarily driven by an increase in protein food demand and an increase in the incidence of zoonotic and food-borne diseases worldwide. This unprecedented increase in disease prevalence has prompted companies to develop cutting-edge vaccines and pharmaceuticals.

Due to the high demand, there has been an increase in the number of companies making consistent efforts to control pathogen contamination risks and food-borne diseases, which is contributing to market growth. Furthermore, an increasing number of government initiatives to promote animal health products are expected to drive the overall market. Increased production of animal-based food products will result in significant price reductions, allowing for easy access to food at reasonable prices. The Animal Healthcare Market is also being driven by technological advancements in Animal Healthcare, which is expected to provide future growth opportunities. The development of effective information management systems, mobile technologies for animal owners, and vaccine banks are among these breakthroughs. Growing emphasis on animal health innovation has resulted in certain measures that are improving market growth prospects.

Market Segmentation:

The Animal Healthcare Market is segmented on the basis of Type, Product, Distribution Channel and End-use. On the basis of type, the market is segmented into Production Animal and Companion Animal. On the basis of product, the market is segmented into Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics, Equipment & Disposables and Others. On the basis of distribution channel, the market is segmented into Retail, E-commerce and Veterinary Hospitals & Clinics. On the basis of end-use, the market is segmented into Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics and Others.

Based on Type:

On the basis of type, the market is segmented into Production Animal and Companion Animal. The production animal segment dominated the Animal Healthcare Market. The segments significant market share can be attributed to government healthcare organizations around the worlds high concern for food safety and sustainability. Policymakers in various countries are working to achieve total food security, which drives large-scale food production and increases livestock rearing. The policies are aimed at long-term sustainability, which can be achieved by increasing productivity and paying more attention to livestock veterinary care. The companion animal segment is expected to grow profitably during the forecast period as demand for efficient animal care and the pet-human bond grows due to the associated health benefits.

Based on Product:

The pharmaceutical industry dominated the Animal Healthcare Market. Due to consistent advancements in veterinary drugs, it is expected to maintain its dominant position throughout the forecast period. Anti-inflammatory drugs, parasiticides, antibiotics, and other medications are examples of pharmaceuticals. It is also believed that an increase in companion animal ownership has hastened the adoption of pharmaceuticals to aid in longevity. Mergers and acquisitions are regarded as one of the most important factors in segment growth over the years. Over the forecast period, the veterinary diagnostics segment is expected to grow significantly. Various factors such as rising animal health expenditure, rising zoonotic disease incidence, and an increase in the number of veterinary practitioners and their incomes in developed economies are also driving market growth.

North America Region Dominates the Animal Healthcare Market with the Largest Share

North America is projected to acquire the largest market share with a market share of 38.20%. Due to the vast range of decisive measures implemented by government animal welfare groups that are continually working for overall improvement in animal health, North America led the market for animal health. Furthermore, technological improvements, an increase in the number of pet owners, and the increased frequency of zoonotic diseases are likely to drive market expansion in this country. Several large companies' coordinated efforts to improve their Research and Development (R&D) skills and assure high-quality standards are expected to drive demand even higher in this region. Furthermore, the majority of the share can be linked to the regions high illness burden.

Competitive Landscape:

The key players in the Global Animal Healthcare Market include- Merck Animal Health and others.

Segmentation of the Global Animal Healthcare Market: