USD 54.01 billion
Report ID: SQMIG35D2005 | Region: Global | Published Date: April, 2023 | Pages: 157
Animal Health Market size was valued at USD 54.01 billion in 2021 and is poised to grow from USD 58.66 billion in 2022 to USD 112.36 billion by 2030, growing at a CAGR of 8.8% in the forecast period (2023-2030).
Animal healthcare involves treating medical conditions in animals with the appropriate use of drugs, vaccines, medicated animal feeds, and diagnostic products. Animals are extremely important in human life. They provide humans with food, protection, and companionship. Furthermore, animals are used as models in biological research fields such as genetics and drug testing. Growing awareness of animal diseases, stricter regulations, and a greater emphasis on disease prevention from animal epidemics are expected to drive demand for animal healthcare products. As a result of these factors, the veterinary healthcare Animal Health Market is expanding rapidly across all regions.
US Animal Health Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 54.01 billion
Largest Segment
Drugs
Fastest Growth
Drugs
Growth Rate
8.8% CAGR
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The Global Animal Health Market is segmented on the basis of Product, Animal, End-User and Region. Based on Product, the market is segmented into Drugs, Vaccines, Feed, and Diagnostics. Based on Animal, the Animal Health Market is segmented into: Livestock Animals and Companion Animals. Based on End User, the market is segmented into Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, Others. Based on Region, the Animal Health Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Animal Health Market Analysis by Product
In the year 2021, the drugs segment held the largest Animal Health Market share. The segment is expected to maintain its dominance over the forecast period. This is due to the increasing prevalence of various diseases in animals, as well as the increasing number of prescriptions for their treatment. The drugs are needed for disease prevention, control, and eradication in animals. Animal diseases continue to be a concern, primarily due to the economic losses they cause and the possibility of transmission of the causative agents present in their bodies to humans. The diagnostics segment is expected to grow at a significantly high rate during the forecast period, owing to the market's introduction of a large number of new products and techniques.
Animal Health Market Analysis by End User
In 2021, the veterinary hospitals and clinics segment held the largest Animal Health Market share. The segment's growth was aided by an increase in the number of pet hospitals and clinics, as well as increased awareness about the spread of zoonotic diseases. The diagnostic centers segment is expected to grow rapidly during the forecast period as pet owners become more aware of the importance of preventive care for their pets. Furthermore, the introduction of molecular diagnostic tests such as ELISA and PCR, which now account for a significant portion of the animal healthcare centre, is driving the market.
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In 2021, North America held the largest share of the global animal health market. North America, which is technologically advanced in terms of therapeutic and diagnostic research and development, demonstrates dominant geography. Furthermore, the region is experiencing a significant increase in pet adoption as well as an increase in zoonotic disease incidences. Europe is expected to hold the second position in this market due to consistent growth over the long term. Increased consumption of animal-based foods, as well as strict animal health regulations, are driving Animal Health Market growth. Animal health care products are expected to grow strongly in Asia Pacific. Asia Pacific countries such as China, Japan, and India have diverse economic development, resulting in an increasing number of biopharma companies focusing on animal health to modernize the drug discovery process.
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Animal Health Market Driver
Animal Health Market Restraint
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The Global Animal Health Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve Animal Health Market share and profitability. Some of the major players in the Animal Health Market are Zoetis, Intervet International B.V., Elanco, Ceva, Virbac, Merck & Co., Inc., Novartis AG, Bayer AG among others.
Animal Health Market Top Players Company Profiles
Animal Health Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the Animal Health Market by offerings and verticals.
According to our analysis, the field of animal health is shifting toward the development of smart health monitoring devices that can keep track of health remotely. Because of the Internet of Things (IoT) trend, technology is advancing in every sector, including animal health. Private and public partnerships could make this technology more affordable and animal-friendly.
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Report Metric | Details |
---|---|
Market size value in 2021 | USD 54.01 billion |
Market size value in 2030 | USD 58.66 billion |
Growth Rate | 8.8% |
Base year | 2021 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Animal Health Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Animal Health Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Animal Health Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Animal Health Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWThe Global Animal Health Market size was valued at USD 35.1 Billion in 2021, and it is expected to reach a value of USD 45.42 Billion by 2028, at a CAGR of 3.75% over the forecast period (2022 - 2028).
The Global Animal Health Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve Animal Health Market share and profitability. Some of the major players in the Animal Health Market are Zoetis, Intervet International B.V., Elanco, Ceva, Virbac, Merck & Co., Inc., Novartis AG, Bayer AG among others. 'Zoetis (US)','Intervet International B.V. (Netherlands)','Elanco (US)','Ceva (France)','Virbac (France)','Merck & Co., Inc. (US)','Novartis AG (Switzerland)','Emergent BioSolutions, Inc. (US)','CSL Limited (Australia)','IDEXX Laboratories, Inc. (US)','Bayer AG (Germany)','Boehringer Ingelheim International GmbH (Germany)'
The animal health market is likely to be driven by an increase in the incidence of zoonotic diseases. The increased adoption of pets for companionship is resulting in increased contact with disease-spreading animal-borne diseases around the world. Increased awareness of preventive measures and the increasing availability of treatment options are expected to drive demand for animal care products during the forecast period.
Pet adoption is a significant Animal Health Market trend. People primarily adopt pets for companionship, and there has been a significant shift in the trend from pet owners to pet parentages. According to the American Pet Products Association (APPA) 2019, 67% of households in the United States own a pet. As a result, the growing pet owner population is propelling the animal health market forward.
In 2021, North America held the largest share of the global animal health market. North America, which is technologically advanced in terms of therapeutic and diagnostic research and development, demonstrates dominant geography. Furthermore, the region is experiencing a significant increase in pet adoption as well as an increase in zoonotic disease incidences. Europe is expected to hold the second position in this market due to consistent growth over the long term. Increased consumption of animal-based foods, as well as strict animal health regulations, are driving Animal Health Market growth. Animal health care products are expected to grow strongly in Asia Pacific. Asia Pacific countries such as China, Japan, and India have diverse economic development, resulting in an increasing number of biopharma companies focusing on animal health to modernize the drug discovery process.
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Product ID: SQMIG35D2005