Animal Health Market Size, Share, Growth Analysis, By Animal Type(Production Animals (Poultry, Swine, Cattle, Sheep & Goats), By Product(Biologics (Vaccines [Modified/ Attenuated Live, Inactivated(Killed), Other Vaccines], Other Biologics)), By Distribution Channel(Retail, E-Commerce, Hospital/Clinic Pharmacy), By End Use(Veterinary Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics and Others), By Region - Industry Forecast 2024-2031

In 2023, North America will hold the largest share of the Animal Health market with around 35%. Technologically advanced North America presents a geography of great potential in medical and diagnostic research and development. The livestock industry is important in North America, including cattle, poultry, hogs, and more. The need to look after the health and welfare of these animals drives the demand for veterinary products and services. The area is experiencing a sharp increase in adoption of pets and disease-carrying animals. In addition, North American companies invest heavily in R&D to develop new products and improve existing ones. This continuous innovation helps maintain the industry’s dominance in the global animal health market.  

However, Europe is expected to occupy the second position in this market due to its consistent growth over the long term. Increasing consumption of animal products, and stringent animal health regulations are the main driving factors in the market growth. Moreover, the characteristics of European pet owners, characterized by increased affinity for companion animals and increased expenditure on their healthcare contribute to the market expansion especially the peak demand period of veterinary survey witnesses with pet owners prioritizing preventative care and early detection of disease for their beloved pets.