Animal Health Market Size

Animal Health Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The animal health market is expected to reach $ 67.64 billion by 2024 and $ 129.05 billion by 2032. The CAGR for this period is a strong 8.13%. The rising demand for animal protein, coupled with the growing popularity of pets and the increasing concern for animal health and welfare, are the main drivers for this market. Moreover, technological advances in veterinary medicine, such as telemedicine and new drugs, are improving the quality of care and treatment available for animals. The main players in the animal health industry, such as Zoetis, Merck Animal Health and Elanco, are investing heavily in R & D in order to develop new products and solutions that meet the needs of the market. In addition, strategic alliances, mergers and acquisitions are common as companies try to expand their product portfolio and increase their market share. Recent collaborations to develop vaccines and diagnostics for emerging animal diseases, for example, demonstrate the industry's commitment to innovation and responsiveness to the market. In short, the animal health market is on a long-term growth path, driven by a combination of trends, technological advances and strategic actions.

Regional Market Size

Regional Deep Dive

Animal Health Market is expected to experience a high growth across the globe, owing to the increasing pet ownership, the rising demand for livestock products, and the advancement in veterinary science. North America is characterized by a strong emphasis on preventive care and innovation in treatments, while Europe is characterized by a strong regulatory framework that promotes animal welfare. The Asia-Pacific region is characterized by rapid growth, owing to the increasing per capita income and changing dietary preferences, while the Middle East and Africa are characterized by the unique challenges related to livestock diseases and regulatory frameworks. Latin America is also emerging as a key player, owing to its focus on improving livestock productivity and health management.

North America

• In recent years, the Food and Drug Administration has set up new rules for the approval of veterinary drugs. These rules have simplified the approval process and have encouraged innovation in the animal health sector.
• Zoetis and Merck Animal Health are investing heavily in research and development, concentrating on biological and digital health solutions to improve animal care.
• The growing trend of humanizing pets is causing the spending on pet care products and services to increase significantly, and is affecting the market dynamics.

Europe

• The European Medicines Agency (EMEA) has imposed new restrictions on the use of veterinary antimicrobials and is promoting the development of vaccines and alternative therapies.
• It is not the first time that the veterinary profession is experimenting with telemedicine. The tele-consultation service VetCT offers remote veterinary consultations, which are intended to improve animal health management.
• In Europe, attitudes towards animal welfare are driving demand for organic and sustainable animal health products, and these are being reflected in the market.

Asia-Pacific

• In countries such as China and India, the increasing zoonoses have prompted the governments to increase their surveillance of animal health, and thus increase the veterinary services.
• In the midst of this, new businesses are arising to provide a service to the farmer: they are bringing in technology such as artificial intelligence and big data to develop and sell tools that can help the farmer in his work.
• The rising middle classes in Asia-Pacific are causing an increasing demand for high-quality animal products, and this has led to an increased investment in animal health products and services.

MEA

• The African Union’s Inter-African Bureau for Animal Resources (AU-IBAR) is actively engaged in the struggle against animal diseases, which are a prerequisite for the improvement of food security in the region.
• The government and private sector in the Middle East are collaborating to increase the availability of veterinary services and products.
• Among the factors that influence the use of modern animal health products in China are the traditional farming practices and cultural background.

Latin America

• Brazil's Ministry of Agriculture is launching programmes to improve biosecurity in the production of livestock, which should improve animal health and productivity.
• A RURAL MARKET is in the offing, owing to the increase in the occurrence of foot-and-mouth disease and avian influenza.
• The development of the local industry is based on the provision of animal health care at a reasonable price, and the demand for this is growing.

Did You Know?

“In the same way, about 70% of new infectious diseases in humans are zoonotic, that is, they come from animals, and this shows how important animal health is.” — World Health Organization (WHO)

Segmental Market Size

Vaccines are essential to the health and productivity of livestock and pets. The awareness of zoonoses and the need to prevent disease in animals is growing. There are many reasons for this, including the increasing public concern about food safety and animal welfare, and the imposition of compulsory vaccination of livestock in certain countries.

At the moment, the vaccine industry is at a mature stage. The leading vaccine companies are Zoetis and Merck Animal Health. Vaccines are mainly used for the prevention of livestock diseases, poultry diseases and pet diseases. The most important vaccines are those used against avian influenza in poultry farms. The COVID-X pandemic has increased the interest in animal health, highlighting the close interconnection of animal and human diseases. The development of biotechnology, especially mRNA vaccines, is determining the future of the animal health industry and enabling more effective and faster responses to emerging animal health threats.

Future Outlook

The Animal Health Market is set to show strong growth between 2024 and 2032, when it is expected to rise from a value of $63.44 billion to $128.02 billion, at a CAGR of 8.13%. This growth will be driven by rising pet ownership, growing livestock production and a growing awareness of animal health and welfare. The rising demand for high-quality animal products will increase the demand for preventive care and diagnostics, which will lead to higher penetration and greater usage rates.

The animal health market is expected to be reshaped by technological developments, such as the integration of digital health solutions and telemedicine into veterinary practices. The development of new diagnostic tools and the growing use of omics and biotechnology will help to develop more effective treatments and vaccines for chronic and emerging diseases. Government initiatives to improve food safety and animal welfare will also help to drive market growth. Organic and natural products in animal feed will also play a key role in determining the dynamics of the market.