USD 58.28 billion
Animal Health Market Size, Share, Growth Analysis, By Animal Type(Production Animals, Companion Animals), Product(Biologics, Pharmaceuticals, Medicinal Feed Additives, Diagnostics, Others), Distribution Channel, End Use, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2005 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
91
|Figures:
79
Animal Health Market Insights
Global Animal Health Market size was valued at USD 58.28 billion in 2022 and is poised to grow from USD 63 billion in 2023 to USD 117.48 billion by 2031, at a CAGR of 8.1% over the forecast period (2024- 2031).
The animal health market represents manufacturers and producers of animal health products, including vaccines, diagnostics, vaccines, antibiotics, digital technology, and other equipment. It has been observed that worldwide, livestock production has increased. Animals provide food, security and companionship. Furthermore, animal health needs to be monitored as experts estimate that at least 60% of all human diseases can be transmitted from humans to animals and vice versa of course new human diseases emerging in three decades of the past 75% are of animal or zoonotic origin. The animal health industry researches, develops and distributes licenses and vaccines for companion animals (pet) and food animals is a dynamic and innovative industry delivering high quality, safe and effective products for.
Furthermore, animals are used as models in areas of biological research such as genetics and drug testing. Increasing awareness of animal diseases, stringent regulations and greater emphasis on prevention of diseases from animal epidemics are expected to fuel the demand for animal health products These factors lead to the expansion of the animal health products market rapidly in all areas.
US Animal Health Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024- 2031
Global Market Size
Largest Segment
Drugs
Fastest Growth
Diagnostics
Growth Rate
8.1% CAGR
Global Animal Health Market ($ Bn)
Country Share for North America Region (%)
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Animal Health Market Segmental Analysis
Global Animal Health Market is segmented By Animal Type, By Product, By Distribution Channel, By End Use and By Region. Based on Animal Type, the market can be segmented in Production Animals (Poultry, Swine, Cattle, Sheep & Goats, Fish), Companion Animal (Dog, Cat, Horse, Others). Based on Product, the market can be segmented in to Biologics (Vaccines [Modified/ Attenuated Live, Inactivated(Killed), Other Vaccines], Other Biologics), Pharmaceuticals (Parasiticides, Anti-Infectives, Anti -Inflammatory, Analgesics, other), Medicinal Feed Additives, Diagnostics (Consumables, Reagents and Kits, Instruments and Devices), Equipment & Disposables (Critical care Consumables, Anesthesia equipment, Temperature Management Equipment, Rescue & Resuscitation Equipment, Research Equipment, Patient Monitoring Equipment), Others (Veterinary Telehealth, Veterinary Software, Livestock Monitoring. Based on Distribution Channel, the market can be segmented in to Retail, E-Commerce, Hospital/Clinic Pharmacy. Based on End Use, the market can be segmented Veterinary Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics and Others . Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
In the year 2023, the pharmaceutical segment had the largest market share. The segment is expected to remain dominant over the forecast period. The occurrence of animal diseases imposes significant economic and social costs due to the increasing diversity of diseases in livestock and the increasing number of treatments, procedures, and stimulates capital investment and public support in animal health. For instance, the 2019 African swine flu outbreak cost $112.5 billion, and cattle foot and mouth disease cost about $21 billion annually. Thus, drugs are needed to prevent, control and eradicate diseases from animals.
However, the diagnostic segment is the fastest growing segment with the highest growth rate during the forecast period, as the market introduces many new products and new processes The product type accounts for 21.5% of the global market share. Animal research is a rapidly growing market. The rise of 'welfare-monitoring' especially in pets is increasingly followed by screening to identify an animal's health patterns and identify hidden problems before they become serious later. To identify disease diagnosis as a key preventive tool for prevention, not just the diagnosis of serious issues, but will provide better overall health for animals.
Analysis by Animal
In 2023, the livestock animal segment is the dominant segment and is expected to grow during the forecast period. For instance, based on our in-depth analysis the majority of livestock farming comes from cattles which contributes 25% of overall livestock animal health market, follwed by pig with 18% and poultry with 11%. As livestock production modernizes to meet global human food demand, market participants will increasingly adopt precision animal husbandry techniques, biosecurity programs, annual vaccination, etc. It is anticipated that this will help the segment remain dominant over the forecast period.
However, the companion animal segment is expected to be the fastest growing during the forecast period. This segment contributes about 40% in sales of animal health market. This is due to the rise in pet insurance, pet socialization, pet costs, and increased medical rates. The trend toward humanizing companion animals as primarily family members has led to increased spending on their health care. Added to this trend is the willingness of pet owners to invest in advanced veterinary medicine and treatment.
Global Animal Health Market By Product (%)
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Animal Health Market Regional Insights
In 2023, North America will hold the largest share of the Animal Health market with around 35%. Technologically advanced North America presents a geography of great potential in medical and diagnostic research and development. The livestock industry is important in North America, including cattle, poultry, hogs, and more. The need to look after the health and welfare of these animals drives the demand for veterinary products and services. The area is experiencing a sharp increase in adoption of pets and disease-carrying animals. In addition, North American companies invest heavily in R&D to develop new products and improve existing ones. This continuous innovation helps maintain the industry’s dominance in the global animal health market.
However, Europe is expected to occupy the second position in this market due to its consistent growth over the long term. Increasing consumption of animal products, and stringent animal health regulations are the main driving factors in the market growth. Moreover, the characteristics of European pet owners, characterized by increased affinity for companion animals and increased expenditure on their healthcare contribute to the market expansion especially the peak demand period of veterinary survey witnesses with pet owners prioritizing preventative care and early detection of disease for their beloved pets.
Global Animal Health Market By Geography
- Largest
- Fastest
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Animal Health Market Dynamics
Drivers
Rising Zoonotic Concerns and Pet Ownership Fueling Growth in Animal Health Market
- The animal health market is likely to be driven by the growth of zoonotic diseases. The increasing trend of adopting pets as companions is contributing to the spread of animal-borne diseases, which are the most contagious diseases worldwide. This increased risk underscores the importance of raising awareness of prevention strategies. At the same time, increasing therapeutic options are expected to drive the demand for veterinary care products in the near future. Zoonotic diseases, which can be transmitted between animals and humans, pose significant public health concerns, underscoring the need for proactive measures to reduce their spread.
Emergence of Novel Disease Conditions
- Many new diseases are affecting animals in recent times. For instance, bovine respiratory disease complex (BRDC), white nose syndrome in dogs, EHD (Epizootic Hemorrhagic Disease) in dogs and cattle, and many of these diseases can make an animal seriously ill or fatal. Therefore, pet owners need necessary medicines to treat their pets. Moreover, the emergence of such diseases has created a need to keep animals closer to ranches or farms. This is also the major factors driving the growth of Global Animal Health market during the years 2024 to 2031.
Restraint
Navigating Regulatory Hurdles
- Stringent government regulations regarding drug approvals may restrain the growth of the market. All veterinary drugs sold in the United States must be approved by the Food and Drug Administration. For instance, the Animal Health Organization estimates that developing a new veterinary drug could take a decade and cost more than US$100 million. Developing a new vaccine takes three to five years and costs about US$ 80 million before approval. Manufacturers of animal health products contribute to the FDA approval process by charging a user fee under the Animal Drug Use Act (ADUF) and Animal Drug Use Act (ADUF) and above those authorized by the Veterinary Drug Use Fee Act. These regulations will hamper the global animal health market during the forecast period.
High-Cost Concerns could hamper the growth of Animal Health Market
- High veterinary costs are a major obstacle to the animal health market. Based on several reports, the Animal Health Organization estimates that developing a new veterinary drug could take a decade and cost more than US$100 million. This makes it an expensive treat and therapy for pet owners. For instance, a simple test can come from US$50 to US$ 250, and a full treatment can cost up to US$ 250 to US$ 1,500. These costs can force pet owners to forgo preventive or medical care for their companions.
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Animal Health Market Competitive Landscape
Global Animal Health market is highly competitive, with many leading companies vying for dominance in both domestic and international sectors. To strengthen their market presence and increase profitability, business leaders are increasingly turning to strategic collaboration. Major players such as Zoetis, Intervet International B.V., Elanco, Seva, Wirbach, Merck & Co, Inc., Novartis AG and Bayer AG are among the top players. These companies invest heavily in research and development to develop new products and expand their businesses. Focusing on leveraging alliances and expanding their geographic reach that these companies are poised to maintain their stronghold in the dynamic animal health market.
Animal Health Market Top Players Company Profiles
- Zoetis Inc.
- Merck Animal Health
- Elanco Animal Health
- Boehringer Ingelheim Animal Health
- Bayer Animal Health
- Virbac
- Ceva Santé Animale
- IDEXX Laboratories, Inc.
- Vetoquinol S.A.
- Dechra Pharmaceuticals PLC
- Neogen Corporation
- Phibro Animal Health Corporation
- Kindred Biosciences, Inc.
- Norbrook Holdings Limited
- Heska Corporation
- Nutreco N.V.
- AniCura AB
- PetIQ, Inc.
- Idexx Laboratories
- Petmed Express, Inc.
Animal Health Market Recent Developments
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In January 2024, MWI Animal Health, a prominent supplier of advanced technology solutions and services for veterinary practices, and a division of Cencora (formerly known as AmerisourceBergen), has announced a strategic collaboration with Hound, a top-notch veterinary talent platform. This partnership reinforces the aligned vision of MWI Animal Health and Hound, aiming to equip veterinary practices with the essential technology and resources needed to flourish in a rapidly evolving industry.
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In November 2023, Bimeda opened a new manufacturing plant in Hebei, China, dedicated to the production of sterile injections and parasite-control products. This facility adheres to China's strictest regulatory standards and is equipped with a sterile injectable product filling line, a comprehensive laboratory, and an on-site validation team. It has the capacity to fill vials ranging from 10ml to 100ml.
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In October 2023, Zoetis introduced Librela, its anti-nerve growth factor (NGF) monoclonal antibody treatment, for managing pain associated with canine osteoarthritis in the United States.
Animal Health Key Market Trends
- Tech-Driven Transformation is Revolutionizing the Animal Health Industry: Technological advances are transforming the animal health industry, driving unprecedented growth and innovation. The emergence of sophisticated tools such as gene editing, precision medicine and digital health monitoring are bringing about a paradigm shift in this sector According to our analysis, the animal health market is expected to reach US$ 12.6 billion by 2025, at a rate of 8.8%. From wearable devices that track vital signs to AI-powered diagnostic tools, these technologies are advancing disease prevention, recovery and treatment, ultimately improving animal welfare and crops production at both farm and household levels.
- Rising trend of Personalized medicines in Animal Health Market: An emerging trend in the animal health market is an increasing focus on personalized medicines and treatments. As personalized health care gains momentum in human medicine, veterinarians are beginning to treat individual animals based on genetics, lifestyle factors, and specific health needs This trend has led to more detailed research a genetic testing and biomarker testing which are included to identify potential health risks or embedded conditions in animals that can be positive, reduce adverse effects, and improve overall animal care, including animal health.
Animal Health Market SkyQuest Analysis
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.
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 58.28 billion |
| Market size value in 2031 | USD 117.48 billion |
| Growth Rate | 8.1% |
| Base year | 2023 |
| Forecast period | 2024- 2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
Animal Health Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Animal Health Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Animal Health Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Animal Health Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
Animal Health Market Report Snapshots
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