Animal Health Market to Reach Valuation of USD 239 Bn at CAGR of 4.9% by 2032 – Report by Market.us
According to Market.us, The Animal Health market is encouraged to reach usd 239 billion by 2032, revenue to index 4.9% compound annual growth rate over the next 10 years (between 2023 and 2032).
New York, March 27, 2023 (GLOBE NEWSWIRE) — The global animal health market size accounted for USD 150 billion in 2022 and is estimated to reach USD 239 Bn by 2032, witnessing a CAGR of 4.9% from 2021 to 2031. The market growth is mainly driven by the substantial rise in demand for protein foods and also due to the increase in foodborne and zoonotic diseases across the globe.
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Key Takeaway:
- By product, the pharmaceuticals segment accounted for the largest market share and dominated the market in 2022.
- By distribution channel, the hospital pharmacies segment dominated the global market with the largest revenue share of 52% and is expected to grow more during the forecast period of 2023 to 2032.
- By end-user, the veterinary hospitals and clinics segment dominated the animal health market by holding the highest revenue share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 33.6%.
- Asia-Pacific will likely grow at a CAGR of 12.7% from 2023-2032.
This unpredictable disease growth encouraged the companies to develop improved drugs and vaccines. The increase in demand has also led to an expansion in the number of companies consistently trying to alleviate the risk of foodborne diseases and pathogenic contaminations, which is likely to fuel the growth of the global animal health market.
Factors affecting the growth of the Animal Health Market
Several factors can affect the growth of the animal health market. Some of these factors include:
- Increasing zoonotic and foodborne diseases: The market growth is mainly influenced by the rise in zoonotic and foodborne diseases, requiring animals to be admitted to veterinary hospitals and clinics.
- Rising investments: The companies are investing heavily to expand their production facilities, which is anticipated to impact the animal health market positively.
- Adoption of companion animals: Companion animals are being increasingly adopted due to the multiple health benefits and well-being it offers, as they are known to provide psychological stability, lower blood pressure, reduce the frequency of heart arrhythmias, and lowers anxiety attacks.
- Rising disposable income: The exponential rise in the animal health market is due to the rising disposable income, growing demand for pet nutrition as well as supply awareness.
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Top Trends in Global Animal Health Market
The increasing adoption of pets for companionship is a noteworthy trend in the animal health market. People are largely adopting pets for companionship, as well as there has been a significant shift in the trend from pet holders to pet parentages. Moreover, public-private partnerships are expected to strengthen the demand for animal care products due to increasing availability and awareness.
Market Growth
Increasing initiatives by governments of several regions to promote sales of veterinary products, rising adoption of companion animals, increasing awareness, and advanced diagnostics tests are expected to drive the market growth of animal health market positively.
Regional Analysis
North America dominated the market for animal health and accounted for the greatest revenue share of 33.6% in 2022. This growth is mainly influenced by the wide range of actions by governmental animal welfare groups that continuously work to improve animal health. Additionally, the market in this region is expected to rise due to technological developments and an increase in zoonotic diseases. It is predicted that numerous cooperative initiatives by significant corporations to improve their research & development capabilities and to guarantee high-quality standards will likely fuel the growth in this region. Moreover, the high disease burden in this region might also be the major driver for this overwhelming share.
On the other hand, the Asia Pacific market is expected to expand at the fastest CAGR. This is largely due to the major player in the field of animal health are constantly investing in research & development activities and are working to commercialize both generic and branded treatments at an affordable cost. In addition, the growing pet nutrition, as well as supply awareness, and rising disposable incomes are the key drivers of this exponential rise.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 150 Billion |
| Market Size (2032) | USD 239 Billion |
| CAGR (from 2023 to 2032) | 4.9% |
| North America Revenue Share | 33.6% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing production of animal feed has led to a notable decline in prices, which promotes the availability of food at an affordable price. The animal health market expansion is also fuelled by technological advancements in the veterinary industry and is anticipated to offer numerous growth opportunities in the near future. These advances include mobile technology for pet owners, the emergence of efficient information management systems, and vaccine banks. The major drivers for the animal health market are the increased consumption of milk and meat worldwide. Additionally, the adoption of pets and an increase in foodborne and zoonotic diseases are positively driving the growth of the animal health market.
Market Restraints
Pet adoption is frequently rising worldwide, and the demand for companions is increasing significantly. As a result, the need for veterinary care is rising, and the cost of veterinary services and testing is increasing. For example, (APPA) the American Pet Products Association revealed in its annual State of the industry report that United States spending on pets was $103.6 billion in 2020, a higher of 6.7 % from the previous year. Owing to this rising cost of veterinary services and testing, the market may slow down in the coming years.
Market Opportunities
The market growth can be attributed to the increased life expectancy of pets. Pets are living longer than they lived ever before. In addition, greater veterinary care is offering better opportunities to create a strong “foundation” for the early wellness of pets while the advances like immunotherapy, pain management, diagnostics, and better “elder care” for aging animals. The result is that pets share healthier and longer lives with their owners.
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Report Segmentation of the Animal Health Market
Animal Type Insight
The production animal segment held the largest revenue share of more than 60% in 2022 and dominated the global animal health market. This significant share is mainly the impact of global concern of national health organizations regarding food safety and sustainability. The policymakers in different countries try to achieve total food security, encouraging large-scale food production and increasing animal husbandry. This policy focuses on long-term sustainability, which can be achieved by extensive productivity and paying more attention to livestock health.
The companion animal segment is anticipated to experience profitable growth over the forecast period owing to the increasing pet-to-human ratio associated with numerous health benefits, such as providing psychological stability, lowering anxiety attacks, lowering blood pressure, and reducing the frequency of heart arrhythmias.
Product Insight
The pharmaceuticals segment dominated the animal health market with the largest market share in 2022. Owing to the development of veterinary drugs consistently, it is anticipated to remain dominant over the forecast period. The medicines mainly include parasiticides, antibiotics, anti-inflammatory drugs, etc. Additionally, the significant increase in pet ownership has also fuelled the adoption of longevity-enhancing drugs. On the other hand, the diagnostic segment is expected to grow significantly during the forecast period due to increased demand for pet care diagnostics, such as blood glucose meters, pregnancy kits and urine analysis strips. Furthermore, segment growth impacts various factors, such as increasing costs of animal health care services, increasing zoonotic cases, and increasing income of veterinarians in developed economies.
Distribution Channel Insight
The hospital pharmacies segment accounted for over 52% of the revenue share in 2022. This significant share is achieved due to the rising number of hospital pharmacies coupled with a high intervention of frequent admissions of pets for treatment. On the other hand, the e-commerce segment is anticipated to expand significantly in the upcoming period. This growth is likely to be influenced by the numerous advantages, such as greater convenience for patients who don’t want to buy drugs from retail stores or hospital pharmacies. In addition, they also enable the constant supply of medicines, as medicines can be ordered in advance. Owing to such benefits, the demand for e-commerce will likely increase more during the forecast period.
End-User Insight
The veterinary hospitals and clinics segment dominated the animal health market by holding the largest revenue share in 2022. This growth is largely the effect of the availability of a wide range of treatment and diagnostic options in veterinary hospitals and clinics. Moreover, the different applications, such as toxicology testing and clinical pathology, as well as the increasing incidence of zoonotic diseases owing to climate change and globalization, are anticipated to increase the demand for diagnostic procedures. In addition, the increasing awareness of the value of preventive pet care is the major driver propelling the growth of the segments.
For more insights on the historical and Forecast Animal Health Market data from 2016 to 2032 – download a sample report at https://market.us/report/animal-health-market/request-sample/
Market Segmentation
By Animal Type
- Production
- Companion
By Product
- Feed Additives
- Vaccines
- Pharmaceuticals
By Distribution Channel
- Retail Pharmacies
- Hospital Pharmacies
- E-commerce
- Others
By End-User
- Veterinary Hospitals and Clinics
- Animal Care and Rehabilitation Centres
- Diagnostic Centres
- Other End-Users
By Geography
- North America
- The US
- Canada
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Mexico
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include
- Merck Animal Health
- Ceva Santé Animale
- Vetoquinol
- Zoetis
- Boehringer Ingelheim GmbH
- IDEXX
- Elanco
- Heska Corporation
- Virbac
- B.Braun Vet Care
- Covetrus
- DRE Veterinary
- Televet
- Mars Inc.
- Phibro Animal Health Corporation
- Dechra Pharmaceuticals PLC
- Bimeda, Inc.
- Midmark Corporation
- Thermo Fisher Scientific, Inc.
- IDVet
- Intas Pharmaceuticals Ltd.
- Other Key Players
Recent Development of the Animal Health Market
- Elanco Animal Health Incorporated announced its financial results for the third quarter in November 2021, which included Bayer Animal Health (secured in August 2020). According to the company, the business demonstrated strong fundamentals and outstanding momentum following the purchase of Bayer Animal Health. Top-line growth expectations were exceeded for the fourth consecutive quarter.
- In April 2021, Hester Biosciences introduced a range of herbal veterinary products.
- In February 2021, Merck Animal Health bought Poultry Sense Limited, boosting its product range.
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