Number of pages: 100 | Report Format: PDF | Published date: October 07, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study conducted by Growth Plus Reports, the global animal health market was pegged at US$ 38.94 billion in 2021 and is expected to register a revenue CAGR of 9.8% to reach US$ 90.33 billion by 2030.
Animal health includes procedures and practices for proper maintenance of the health of the animals with drugs, animal feeds, diagnostics, and vaccines. Animals also suffer from various diseases just like humans, thus, require proper treatment from veterinarians. Improving the health and well-being of animals is a primary objective of the animal health market. This market includes products and services to enhance animal health and livestock productivity. These products and services include medicated drugs, vaccines, feeds, nutritional supplements, and many more.
The global animal health market revenue is expanding rapidly on a global scale. This revenue growth can be attributed to animal and foodborne diseases' increasing prevalence. Growing interaction with illnesses because of an increase in pet adoption for companionship is dispersing animal-borne diseases over the globe, thus, increasing the demand for animal health. In addition, growing numbers of companion animals, a rise in the need for pet insurance, and rising income levels in industrialized nations are all contributing factors. Furthermore, increasing technological advancement for the diagnostics purpose of zoonotic diseases, growing approvals for novel products and drugs, and advancements in vaccines are also contributing to the market revenue growth. Additionally, increasing government initiatives, growing company acquisitions, mergers, and rising animal health expenditure further help upsurge the market revenue expansion. Challenges in the global animal health market are the lack of information accessible about the diseases that affect livestock or companion animals and the lack of research into the conditions that animals may contract.
The global animal health market is analyzed from four perspectives: product, animal type, end-user, and region.
Animal Health Market by Product
Based on product, the global animal health market is segmented into diagnostics, drugs, feed, and vaccines.
The drug segment accounts for the largest revenue share in the market. The revenue growth of this segment can be attributed to the prevailing diseases in animals, the increasing consumption of drugs for treatment purposes, and the growing adoption of pharmaceuticals due to the increase in the ownership of companion animals. Furthermore, rising acquisition and collaboration can be considered a significant factor contributing to this segment's overall revenue growth.
The diagnostics segment is expected to grow significantly in terms of revenue share owing to the rising prevalence of animal diseases and increasing animal health expenditure. Additionally, continuous approval of novel products, technological advancements, and increasing requirements for point-of-care diagnostics (such as pregnancy kits, blood glucose monitors, etc.) further contribute to the revenue growth of this segment.
Animal Health Market by Animal Type
Based on the animal type, the global animal health market is segmented into companion and farm animals.
Farm animals dominate the market in terms of revenue share. This revenue growth is attributed to preserving the animals' health for food production, safeguarding public health, and maintaining the food supply; farmers use medications. This benefits the different economies and provides consumers with wholesome, inexpensive food, raising the demand for healthy animals for consumption.
The companion animal segment is also rising in terms of revenue share due to increasing demand for pet nurturing and pet-human bonds.
Animal Health Market by End-user
Based on end-user, the animal health market is segmented into animal care and rehabilitation centers, diagnostic centers, veterinary hospitals and clinics, and others.
The veterinary hospital and clinics lead the segment with the largest revenue share. This attributes to the increasing prevalence of zoonotic diseases and the growing number of pet hospitals. Additionally, this segment provides a wide variety of diagnostic and therapeutic options, a high-impact revenue growth driver for this market.
On the other hand, diagnostic centers are expected to account for the second largest revenue share of the market due to the growing cases of animal diseases. Moreover, the market is also being driven by the development of molecular diagnostic tests (such as ELISA and PCR), which currently make up a sizable portion of the animal healthcare industry.
Animal Health Market by Region
Based on region, the animal health market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the market with the largest revenue share. The revenue growth of the animal health market in this region can be attributed to various factors, including technological advancements, an increase in zoonotic diseases, and an increase in the number of pet owners in the nation. These factors have also allowed government animal welfare organizations to adopt various effective measures.
With constant revenue growth expected over the long term, Europe accounts for the second position in this market. The market is expanding in terms of revenue due to rising animal-based food consumption and stringent animal health laws.
The prominent players operating in the global animal health market are:
The global animal health market was valued at US$ 38.94 billion in 2021.
The drugs segment accounts for the largest revenue share of the global animal health market.
The estimated market size of the global animal health market in 2030 is US$ 90.33 billion.
The lack of information accessible about the diseases that affect livestock or companion animals and the lack of research into the conditions that animals may contract are some of the hurdles in the market.
Some prominent players operating in the global animal health market are Intervet International B.V., Boehringer Ingelheim International GmbH, Emergent BioSolutions Inc., Elanco Animal Health Incorporated, and Virbac, Emergent BioSolutions Inc.
*Insights on financial performance is subject to availability of information in public domain