The animal healthcare market size is projected to be valued at US$ 40.9 billion in 2023 and is expected to rise to US$ 62.3 billion by 2033. Sales of animal healthcare are expected to register a significant CAGR of 4.3% during the forecast period.
One of the key factors positively influencing the market is the rising prevalence of zoonotic diseases such as animal flu, tick infestation, and Lyme disease.
Adopting pets for companionship is causing the spread of animal-borne diseases, which is increasing the demand for proper animal health. Furthermore, rising public awareness of the benefits of early diagnosis and preventive measures, as well as the easy availability of animal healthcare products and services, is propelling the market growth.
Aside from that, rising health consciousness among individuals is fuelling demand for protein-rich foods like chicken, fish, beef, and meat. Furthermore, the global expansion of veterinary hospitals and online and offline distribution channels is providing a positive market outlook.
Besides that, the creation of innovative technological systems that allow vital data generated in veterinary clinics to be uploaded to the internet and shared with clinicians is assisting market growth. Moreover, rising R&D activities in the healthcare industry to test the efficacy of drugs and medical devices are propelling the market.
The increasing use of animals in drug development to perform research on several genetic and chronic human diseases is driving market growth.
Manufacturers are focusing on public awareness as their effective market strategy
To gain a competitive advantage, major corporations have implemented a variety of business strategies, including regional expansion strategies, mergers and acquisitions, and collaborative research initiatives. Several programs and initiatives are underway to raise public awareness and education about animal health and well-being. Among the world's leading animal healthcare companies are Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic.
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Animal Healthcare Market Segmentation
Product Type:
- Feed Additives
- Pharmaceuticals
- Vaccines
Animal Type:
- Production Animals
- Companion Animals
