Animal Healthcare Market Size to Worth US$ 76.82 Billion by 2030

The global animal healthcare market size is expected to be worth around US$ 76.82 billion by 2030 from valued at US$ 53.15 billion in 2021, growing at a CAGR of 4.2% from 2022 to 2030.

The growth of global animal healthcare market is being driven by the growing product approvals. For example, the U.S. FDA approved Felix Pharmaceuticals Pvt. Ltd’s ‘Enrofloxacin Flavored Tablets’ to treat bacteria related diseases in May 2020. In addition, the growing initiatives by government is also boosting the growth of global animal healthcare market. Such initiatives and activities include awareness campaigns. For instance, the African Swine Fever Campaign was launched by the World Customs Organization in January 2020, with the goal of raising awareness about the disorder’s risk and the need to control it. Also, in July 2020, Zoetis started its second ‘Itchy Pet Awareness Month Campaign’ with the goal of raising awareness among doctors and pet owners about the seriousness of allergies related to skin and how treating them more quickly can enhance pets’ lives dramatically.

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Report Highlights

• On the basis of product, pharmaceutical segment holds the largest market share in the global animal healthcare market. The growing developments in veterinary drugs and medications is driving the growth of the segment.

• On the basis of animal type, production animal segment holds the largest market share in the global animal healthcare market. The growth of the segment is attributed to the growing stringent and favorable government regulations.

• On the basis of distribution channel, hospital pharmacies segment holds the largest market share in the global animal healthcare market. The segment’s growth has been aided by the growing number of hospital pharmacies as well as high operational volume as a result of widespread hospitalization of pets for the treatment.

• On the basis of end use, veterinary hospitals and clinics segment holds the largest market share in the global animal healthcare market. In veterinary hospitals and clinics, the provision of wide range of therapeutic and diagnosis solutions is a elevated economic growth factor for the animal healthcare market.

Regional Snapshot

North America is the largest segment for animal healthcare market in terms of region.The U.S. is dominating the animal healthcare market in the North America region.According to the Society for the Prevention of Cruelty to Animals in Los Angeles, the adoption rate doubled in June 2020, with roughly 10 to 13 adoptions each day. Thus, the growing adoption of pet animals is driving the growth of North America animal healthcare market.

Asia-Pacific region is the fastest growing region in the animal healthcare market.India, Japan, and Chinahold the highest market share in the Asia-Pacificanimal healthcare market. Due to the growth in the animal feed additives industry, increased pet adoption, and integration of new veterinary health care market players in emerging nations, the market for animal healthcare in the Asia-Pacific region is growing at a rapid pace.

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Market Dynamics

Drivers

Surge in adoption of pets

The American Pet Products Association estimates that 67% of American households own a pet in 2019. The adoption of pets is a growing trend in the industry. Pet adoption is mostly for companionship, and there has been a significant shift in the trend from pet ownership to pet parenthood. Thus, this factor is driving the growth of global animal healthcare market.

Restraints

High-cost related animal healthcare drugs and services

The animals need utmost care by owners. The animals are more prone to certain kind of diseases and need vaccination during certain time intervals. In addition, the drugs and vaccinations of animals are quite expensive. As a result, this factor is hindering the growth of global animal healthcare market.

Opportunities

Growing incidence of zoonotic disorders

Thousands of Americans become ill every year as a result of disease transmission from animals, as per the Center for Disease Control. Thus, growing incidence of zoonotic disorders is supporting the growth and development of global animal healthcare market over the projected period.

Challenges

Stringent government regulations

For sale in the U.S., all animal drugs and medications must first have FDA approval. As per the Animal Health Institute, developing a novel animal medication can taken up to ten years and cost more than $100 million. As a result, stringent government regulations are the biggest challenge for the animal healthcare market growth.

Recent Developments

• Elanco completed the purchase of Kindred Biosciences in August 2021. Elanco’s innovation, portfolio, and productivity strategy was enhanced and increased with this acquisition, positioning the company to provide solutions for veterinarians and animal owners in neglected or unfulfilled medical requirements.
• Zydus Animal Health and Investments, an entirely major subsidiary of Cadila Healthcare, sold its animal healthcare business to a group led by Multiples Alternate Asset Management for over $392.8 million in May 2021.
• Hester Biosciences developed a line of herbal veterinary medications in April 2021. Merck Animal Health, meantime, increased its animal vaccine manufacture capacity with a $100 million funding in its Kansas manufacturing facility in July 2020.

Some of the key players in the market include:

• Elanco
• Bayer
• Dechra Pharmaceuticals
• Neogen
• Boehringer Ingelheim
• Merck & Co, Inc.
• Zoetis
• Nutreco N.V.
• Virbac
• Vetquinol S.A.

Market Segmentations:

By Animal Type

• Production Animal
  • Poultry
  • Swine
  • Cattle
  • Fish
  • Others
• Companion Animal
  • Dogs
  • Cats
  • Horses
  • Others

By Product

• Vaccines
  • Live Attenuated Vaccines
  • DNA Vaccines
  • Recombinant Vaccines
  • Inactivated Vaccines
  • Others
• Pharmaceuticals
  • Parasiticides
  • Anti-infective
  • Anti-inflammatory
  • Analgesics
  • Others
• Feed Additives
• Diagnostics
  • Instruments
  • Consumables
• Equipment and Disposables
  • Critical Care Consumables
  • Anesthesia Equipment
  • Fluid Management Equipment
  • Temperature Management Equipment
  • Rescue & Resuscitation Equipment
  • Research Equipment
  • Patient Monitoring Equipment
• Others
  • Veterinary Telehealth
  • Veterinary Software
  • Livestock Monitoring

By Distribution Channel

• Retail Pharmacy
• E-commerce
• Hospital Pharmacy

By End Use

• Reference Laboratories
• Point of care testing/ in-house testing
• Veterinary Hospitals & Clinics
• Others

By Treatments

• Allergies
• Arthritis
• Difficult Dermatology Cases
• Gastrointestinal Disease
• Others

Regional Segmentations:

• North America (U.S. and Canada)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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