The global animal health market was valued at USD 41.50 billion in 2018 and is expected to reach USD 97.54 billion by 2032, growing at a CAGR of 6.3% during the forecast period. In 2018, North America held the largest market share at 34.02%.
Animal healthcare encompasses the use of pharmaceuticals, vaccines, medicated feeds, and diagnostic tools to manage medical conditions in animals. Animals play a vital role in human life by providing food, protection, companionship, and serving as models in biological research, including genetics and drug testing.
The demand for animal healthcare products is increasing due to heightened awareness of animal diseases, stricter regulations, and a growing emphasis on preventing animal-borne epidemics. Key factors driving the growth of the veterinary healthcare market include a significant rise in pet adoption, an increase in zoonotic and food-borne diseases, and the global demand for protein-rich foods. Additionally, technological advancements and the development of information systems are further propelling the expansion of the animal health market.
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Animal Health Market Trends:
The increasing trend of pet adoption is significantly contributing to the expansion of the veterinary healthcare market. A substantial number of households now include pets, leading to heightened demand for animal health products and services.
In addition, collaborations between public and private sectors in the veterinary field are enhancing the quality and accessibility of veterinary services. These partnerships facilitate the pooling of resources and expertise, resulting in more effective animal health initiatives and bolstering the overall growth of the animal healthcare market.
List Of Key Companies Profiled in Animal Health Market:
· Zoetis
· Intervet International B.V.
· Elanco
· Ceva
· Virbac
· Merck & Co., Inc.
· Novartis AG
· Emergent BioSolutions, Inc.
· CSL Limited
· IDEXX Laboratories, Inc.
· Bayer AG
· Boehringer Ingelheim International GmbH
· Other Prominent Players
Animal Health Market Segmentation:
By Product Analysis
In 2018, the pharmaceuticals segment held the largest share of the animal health market and is anticipated to maintain its leading position throughout the forecast period. This dominance is primarily due to the increasing prevalence of animal diseases and the subsequent rise in prescriptions for their treatment. Pharmaceuticals play a crucial role in the prevention, control, and eradication of various animal health issues. Additionally, the diagnostics segment is projected to experience significant growth, driven by the introduction of innovative products and advanced techniques.
By Animal Analysis
The companion animal segment accounted for the largest market share in 2018 and is expected to witness rapid growth by 2026. This expansion is largely attributed to the increasing adoption of pets, particularly for assisting the elderly and individuals with physical challenges. Furthermore, there is a notable shift towards pet nurturing, emphasizing the emotional and psychological benefits of pet companionship, which further fuels this segment's growth.
By End-User Analysis
Veterinary hospitals and clinics dominated the animal health market in 2018, a trend driven by the proliferation of pet hospitals and heightened awareness of zoonotic diseases. The diagnostic centers segment is also expected to grow rapidly during the forecast period. This growth is propelled by increased awareness of pet care and the adoption of molecular diagnostic tests, such as Enzyme-Linked Immunosorbent Assay (ELISA) and Polymerase Chain Reaction (PCR), which are becoming integral components of animal healthcare services.
Animal Health Market Drivers:
Rising Zoonotic Diseases and Increased R&D Fueling Market Growth
The increasing incidence of zoonotic diseases, driven by closer contact between humans and pets, is expected to boost demand for veterinary healthcare products. Rising awareness of preventive measures and treatment options will further propel market growth. According to the CDC, thousands of Americans fall ill each year due to animal-borne diseases. Additionally, growing research and development in veterinary medicine presents lucrative opportunities. Animals are crucial in drug testing, surgical technique development, and disease research, supporting advancements in healthcare products and contributing to market expansion.
Animal Health Market Restraint:
Stringent Government Regulations Impacting Market Growth
Strict government regulations on the approval of animal drugs may slow market growth. In the U.S., all animal drugs require FDA approval, which can take up to 10 years and cost over USD 100 million. Similarly, developing a new vaccine takes 3 to 5 years and costs around USD 80 million. To support the FDA approval process, animal health product manufacturers contribute through user fees under the Animal Drug User Fees Act (ADUFA) and the Animal Generic Drug User Fee Act.
Animal Health Market Regional Analysis:
North America is expected to hold the largest share of the global animal health market during the forecast period, driven by advanced research and development in therapeutics and diagnostics, as well as rising pet adoption and zoonotic diseases. Europe is projected to maintain steady growth, supported by higher consumption of animal-based food and strong animal health regulations. Asia Pacific, particularly countries like China, Japan, and India, is set for healthy growth due to increasing biopharma focus on animal health and modernization of drug discovery. Latin America and the Middle East & Africa are also expected to see growth, driven by rising demand for advanced technologies.
Key Industry Players:
November 2019 – Zoetis, a key player in the veterinary industry, announced the acquisition of ZNLab, a full-service veterinary clinical reference laboratory. This acquisition is expected to enhance Zoetis' product portfolio in the diagnostics segment.