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 involves the use of drugs, vaccines, medicated animal feeds, and diagnostic products to treat medical conditions in animals. Animals are crucial to human life, providing food, protection, and companionship, as well as serving as models in biological research like genetics and drug testing. Increasing awareness of animal diseases, stricter regulations, and a growing focus on preventing epidemics that originate from animals are driving the demand for animal healthcare products. The market is also growing due to a rise in pet adoption, the increasing incidence of zoonotic and food-borne diseases, and the global demand for protein-rich food. Additionally, technological advancements and the development of information systems are further boosting the growth of the animal health market.
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Animal Health Market Trends:
Increasing Pet Adoption and Public-Private Partnerships Driving Market Growth
The growing trend of pet adoption, primarily for companionship, is significantly boosting the veterinary health market. As of 2019, 67% of U.S. households owned a pet, leading to a rise in demand for animal healthcare products. Additionally, public-private partnerships (PPPs) in the veterinary sector, highlighted by the OIE-World Organization of Animal Health survey, are enhancing the availability and quality of veterinary services, contributing to the overall growth of the animal health 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
The drugs segment held the largest share of the animal health market in 2018 and is expected to maintain its dominance throughout the forecast period. This growth is driven by the rising prevalence of animal diseases and the increasing number of prescriptions for their treatment. Drugs are essential for the prevention, control, and eradication of animal diseases. The diagnostics segment is also expected to grow rapidly due to the introduction of new products and techniques.
By Animal Analysis
The companion animal segment held the largest share in 2018 and is projected to grow rapidly by 2026. This growth is attributed to the increasing adoption of pets, especially for assisting the elderly and physically challenged, and a shift towards pet nurturing rather than simply ownership.
By End-User Analysis
Veterinary hospitals and clinics dominated the market in 2018, driven by a rise in pet hospitals and awareness of zoonotic diseases. The diagnostic centers segment is expected to grow quickly during the forecast period, fueled by increased awareness of pet care and the introduction of molecular diagnostic tests such as ELISA and PCR, which are becoming integral to animal healthcare centers.
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.