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

Drivers

Rising Zoonotic Concerns and Pet Ownership Fueling Growth in Animal Health Market 

• The animal health market is likely to be driven by the growth of zoonotic diseases. The increasing trend of adopting pets as companions is contributing to the spread of animal-borne diseases, which are the most contagious diseases worldwide. This increased risk underscores the importance of raising awareness of prevention strategies. At the same time, increasing therapeutic options are expected to drive the demand for veterinary care products in the near future. Zoonotic diseases, which can be transmitted between animals and humans, pose significant public health concerns, underscoring the need for proactive measures to reduce their spread. 

Emergence of Novel Disease Conditions 

• Many new diseases are affecting animals in recent times. For instance, bovine respiratory disease complex (BRDC), white nose syndrome in dogs, EHD (Epizootic Hemorrhagic Disease) in dogs and cattle, and many of these diseases can make an animal seriously ill or fatal. Therefore, pet owners need necessary medicines to treat their pets. Moreover, the emergence of such diseases has created a need to keep animals closer to ranches or farms. This is also the major factors driving the growth of Global Animal Health market during the years 2024 to 2031. 

Restraint 

Navigating Regulatory Hurdles 

• Stringent government regulations regarding drug approvals may restrain the growth of the market. All veterinary drugs sold in the United States must be approved by the Food and Drug Administration. For instance, the Animal Health Organization estimates that developing a new veterinary drug could take a decade and cost more than US$100 million. Developing a new vaccine takes three to five years and costs about US$ 80 million before approval. Manufacturers of animal health products contribute to the FDA approval process by charging a user fee under the Animal Drug Use Act (ADUF) and Animal Drug Use Act (ADUF) and above those authorized by the Veterinary Drug Use Fee Act. These regulations will hamper the global animal health market during the forecast period. 

High-Cost Concerns could hamper the growth of Animal Health Market 

• High veterinary costs are a major obstacle to the animal health market. Based on several reports, the Animal Health Organization estimates that developing a new veterinary drug could take a decade and cost more than US$100 million. This makes it an expensive treat and therapy for pet owners. For instance, a simple test can come from US$50 to US$ 250, and a full treatment can cost up to US$ 250 to US$ 1,500. These costs can force pet owners to forgo preventive or medical care for their companions.