What is the global market size of Animal Health Market?

Animal Health Market size was valued at USD 54.01 billion in 2021 and is poised to grow from USD 58.66 billion in 2022 to USD 112.36 billion by 2030, growing at a CAGR of 8.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Animal Health Market?

The Global Animal Health Market is highly competitive, with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve Animal Health Market share and profitability. Some of the major players in the Animal Health Market are Zoetis, Intervet International B.V., Elanco, Ceva, Virbac, Merck & Co., Inc., Novartis AG, Bayer AG among others. 'In May 2022, Apiam Animal Health, a group of veterinary offices in Australia, is buying the assets of Victorian Equine Group (VEG) and Romsey Veterinary Surgery for a total of A$13.75 million (US$9.89 million), split A$9.8 million in cash and A$4.0 million in shares.', 'In May 2022, MSD Animal Health, a division of Merck & Co., Inc., announced the launch of the DNA TRACEBACK Fisheries platform, a new DNA-based analytical tool that assists governments and fishery agencies in determining the sustainable yield of wild fish stocks and the total allowable catch for fishermen in their region.'

What is the key driver of Global Animal Health Market?

The animal health market is likely to be driven by an increase in the incidence of zoonotic diseases. The increased adoption of pets for companionship is resulting in increased contact with disease-spreading animal-borne diseases around the world. Increased awareness of preventive measures and the increasing availability of treatment options are expected to drive demand for animal care products during the forecast period.

Which region accounted for the largest share in Global Animal Health Market?

In 2021, North America held the largest share of the global animal health market. North America, which is technologically advanced in terms of therapeutic and diagnostic research and development, demonstrates dominant geography. Furthermore, the region is experiencing a significant increase in pet adoption as well as an increase in zoonotic disease incidences. Europe is expected to hold the second position in this market due to consistent growth over the long term. Increased consumption of animal-based foods, as well as strict animal health regulations, are driving Animal Health Market growth. Animal health care products are expected to grow strongly in Asia Pacific. Asia Pacific countries such as China, Japan, and India have diverse economic development, resulting in an increasing number of biopharma companies focusing on animal health to modernize the drug discovery process.

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

Report ID: SQMIG35D2005 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 91 | Figures: 79

Animal Health Market Insights

Global Animal Health Market size was valued at USD 58.28 billion in 2022 and is poised to grow from USD 63 billion in 2023 to USD 117.48 billion by 2031, at a CAGR of 8.1% over the forecast period (2024- 2031).

The animal health market represents manufacturers and producers of animal health products, including vaccines, diagnostics, vaccines, antibiotics, digital technology, and other equipment. It has been observed that worldwide, livestock production has increased. Animals provide food, security and companionship. Furthermore, animal health needs to be monitored as experts estimate that at least 60% of all human diseases can be transmitted from humans to animals and vice versa of course new human diseases emerging in three decades of the past 75% are of animal or zoonotic origin. The animal health industry researches, develops and distributes licenses and vaccines for companion animals (pet) and food animals is a dynamic and innovative industry delivering high quality, safe and effective products for.

Furthermore, animals are used as models in areas of biological research such as genetics and drug testing. Increasing awareness of animal diseases, stringent regulations and greater emphasis on prevention of diseases from animal epidemics are expected to fuel the demand for animal health products These factors lead to the expansion of the animal health products market rapidly in all areas.

US Animal Health Market is poised to grow at a sustainable CAGR for the next forecast year.

Animal Health Market Report Snapshots

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Global Animal Health market is highly competitive, with many leading companies vying for dominance in both domestic and international sectors. To strengthen their market presence and increase profitability, business leaders are increasingly turning to strategic collaboration. Major players such as Zoetis, Intervet International B.V., Elanco, Seva, Wirbach, Merck & Co, Inc., Novartis AG and Bayer AG are among the top players. These companies invest heavily in research and development to develop new products and expand their businesses. Focusing on leveraging alliances and expanding their geographic reach that these companies are poised to maintain their stronghold in the dynamic animal health market. 'Zoetis Inc. ', 'Merck Animal Health ', 'Elanco Animal Health ', 'Boehringer Ingelheim Animal Health ', 'Bayer Animal Health ', 'Virbac ', 'Ceva Santé Animale ', 'IDEXX Laboratories, Inc. ', 'Vetoquinol S.A. ', 'Dechra Pharmaceuticals PLC ', 'Neogen Corporation ', 'Phibro Animal Health Corporation ', 'Kindred Biosciences, Inc. ', 'Norbrook Holdings Limited ', 'Heska Corporation ', 'Nutreco N.V. ', 'AniCura AB ', 'PetIQ, Inc. ', 'Idexx Laboratories ', 'Petmed Express, Inc.'

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.

Tech-Driven Transformation is Revolutionizing the Animal Health Industry: Technological advances are transforming the animal health industry, driving unprecedented growth and innovation. The emergence of sophisticated tools such as gene editing, precision medicine and digital health monitoring are bringing about a paradigm shift in this sector According to our analysis, the animal health market is expected to reach US$ 12.6 billion by 2025, at a rate of 8.8%. From wearable devices that track vital signs to AI-powered diagnostic tools, these technologies are advancing disease prevention, recovery and treatment, ultimately improving animal welfare and crops production at both farm and household levels.

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.

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What is the global market size of Animal Health Market?

Who are the key vendors in the Animal Health Market?

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Which region accounted for the largest share in Animal Health Market?

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