According to the latest report by IMARC Group, titled “Animal Health Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global animal health market size reached US$ 36.6 Billion in 2022. Animal health encompasses the overall physical, mental, and social well-being of animals and has significant implications for human health and well-being. In addition to preventing disease and illness, it also promotes general health and guards against health problems. Achieving optimal animal health involves preventing illness and disease, providing appropriate shelter, nutrition, and timely veterinary care. Ensuring proper animal healthcare results in animals that are more productive and able to produce higher-quality animal products, which is vital to the agriculture and food production industries. Additionally, by limiting the spread of disease among animals, the risk of zoonotic diseases is significantly reduced, which can adversely affect human health. Therefore, ensuring proper animal health is a practical necessity for protecting animal welfare, safeguarding public health, and increasing productivity.
Global Animal Health Market Trends:
The global market is majorly driven by the augmenting demand for animal protein among the masses. This can be attributed to the paradigm shift in the dietary preferences of individuals toward protein-rich foods, such as fish, eggs, and meat. In line with this, the increasing prevalence of zoonotic infections that can be transmitted from animals to humans is resulting in a higher demand for animal health services to control and prevent these diseases. Moreover, continual technological advancements, such as the introduction of biotechnology and genomics-based vaccines and diagnostics for animal diseases, are providing an impetus to the market. Furthermore, the expansion of veterinary hospitals is creating lucrative growth opportunities in the market. The increasing number of pet owners across the globe is resulting in an increasing expenditure on pet healthcare, which, in turn, is driving the demand for animal health products and services for companion animals. The market is further fueled by the augmenting understanding regarding the advantages of timely detection and preventative measures, along with the convenient access to animal healthcare services and products. Some of the other factors contributing to the market include favorable government initiatives to improve animal health and welfare, growing consolidation in the animal health industry in the form of merger and acquisitions (M&As), easy product availability across online and offline organized retail channels, numerous product innovations, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 45.2 Billion by 2028, exhibiting a CAGR of 3.36% during 2023-2028.
- Based on the animal type, the market has been segmented into commercial and companion. Among these, commercial represent the largest market segment.
- On the basis of the product type, the market has been divided into pharmaceuticals, biologicals, medicinal feed additives, and diagnostics. Among these, pharmaceuticals represent the largest market segment.
- On the geographical front, the market has been segregated into North America, Asia-Pacific, Europe, Latin America and Middle East and Africa. At present, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol, and Virbac.
|Base Year of the Analysis
||Animal Type, Product Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Bayer, Elanco, Merck, Merial, Zoetis Inc., Biogenesis Bago, Boehringer Ingelheim, Ceva Sante Animale, Heska, Neogen, Novartis, Thermo Fisher Scientific, Vetoquinol and Virbac
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