Report ID: PMRREP2882
Number of Pages: 158
Format: PPT*, PDF, EXCEL
Industry: Healthcare
Published Date: June-2024
The market is estimated to reach a valuation of US$60.3 Bn by the year 2033, at a CAGR of 3.9%, during the forecast period 2024 to 2033.
Key Highlights of the Market
|
Attributes |
Key Insights |
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Market Value (2023) |
US$39.5 Bn |
|
Market Size (2033) |
US$60.3 Bn |
|
Forecast Growth Rate (CAGR 2024 to 2033) |
3.9% |
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Historical Growth Rate (CAGR 2019 to 2023) |
4.5% |
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Ensuring the wellbeing of animals and preventing the spread of diseases are of utmost importance for both the economics, and the safety of a nation's food supply. Robust animal production has a crucial role in ensuring a reliable food supply and maintaining consistent consumer pricing.
The focus on animal health guarantees that healthcare researchers and practitioners in all disciplines work together to prevent the occurrence of disease epidemics among different species and tackle the root cause of their transmission.
This has led to the effective control of lethal illnesses like avian flu and is currently being employed to eliminate additional diseases in the future.
The global market has witnessed a notable increase in the mergers and acquisitions among the major competitors of the market in the past decade. Additionally, there has been a growing need for food and feed, as well as the breeding of animals specifically for meat and dairy production.
The significant portion of investment in pet insurance in developed economies is fuelling the expansion of the market being examined. Nevertheless, this expenditure is allocated towards financing advancements in animal health for the global population of 24 billion chickens, 1 billion cattle and sheep, 750 million pigs and goats, 500 million dogs, and 400 million cats.
Currently, the market is witnessing significant advantages due to initiatives led by governments and animal welfare organizations worldwide.
Further, the global animal healthcare market share is being propelled by technological improvements in animal healthcare, which are anticipated to offer future growth prospects.
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Get a Customized VersionThe animal healthcare market recorded a historic CAGR of 4.5% in the last 10 years from 2012 to 2022.
Manufacturers of animal health products are biopharmaceutical firms that spend money on R&D to develop innovative drugs for pets and livestock. To protect the wellbeing and security of animals, people, and the food supply, the animal health industry works in collaboration with ranchers and farmers, government organisations, veterinary professionals, and other groups.
It is impossible to separate the health of all animals from that of people and the environment. Animals in better health require less natural resources, which enables them to produce more food, labour, fertiliser, companionship, and aid with less feed, drink, and land.
Stronger immunity, improved preventive measures, earlier and more accurate diagnosis, and more precise and efficient treatment are some of the innovations in animal health that are on the horizon that can reduce the threat of diseases.
The implementation of these improvements will result in lower emissions, a more efficient use of natural resources, and fewer animal deaths. Despite the promise of expanding veterinarian knowledge and skill, animal health companies are finding it more and more difficult and expensive to introduce new products to the market.
Early disease identification and individually tailored therapies can have a positive impact on both animal health and sustainable development. This includes lowering the costs associated with treating sick animals and promoting agricultural productivity all over the world.
This enhances the diagnostic and treatment precision to cut down on the need for antibiotics and safeguard public health, and reducing the spread of zoonotic diseases that affect both humans and animals.
Additionally, enhancing animal health through precise nutrition, feed additives, and bio parasiticides has numerous advantages for animal health and wellbeing in addition to promoting higher sustainability.
Research and development for new products can be made safer and more animal welfare-friendly by implementing measures of evaluating novel therapies or treatments, which use fewer animals.
Increased Demand for Animal Care Products
The key driving elements for the animal healthcare market are the growing demand for the animal healthcare products due to the increasing incidence of animal diseases.
Furthermore, the global increase in meat and milk consumption, the increased occurrence of foodborne and zoonotic diseases, the rising trend of pet adoption worldwide, and the rapid expansion of the veterinary healthcare market.
In recent decades, there has been a substantial increase in expenditure on animals due to the rising rates of pet adoption, more awareness about animal health maintenance, and a growing demand for animal medications to boost their immune systems.
As a result of this, the demand for animal healthcare goods such as pharmaceuticals, animal feeds, and vaccinations is expected to increase significantly during the forecast period 2023 to 2033.
Complex Regulatory Approval Process
Over fifty different animal species require the administration of veterinary medicines and health products for disease prevention, diagnosis, and treatment.
It is difficult to develop innovations that operate in this diversified context, and it is therefore crucial that the policy and regulatory framework consider the industry's specific attributes.
It can take between five and fifteen years after a novel drug or product is discovered before it can be used to treat animals, and since 2015, this period has gotten longer in Europe.
In the meanwhile, the chance to return this investment is time-limited unless a product is patent-protected, especially in the case of livestock. Companies in Europe have ten years of data protection following the approval of a new product for sale.
In the US, data protection is only in place for five years, most of which can be covered by the process for setting international standards. For instance, before a product can be employed by manufacturers who want to export, Maximum Residue Levels (MRLs) for trade must be established.
This means that before the innovator can see a return on their investment, a product may already have lost its exclusivity protection by the time it can be broadly utilized and be up against generic competition.
In addition, after a product is approved for sale, the animal health industry frequently adopts Good Manufacturing Practices (GMP) that are designed for human health. Without modified GMP, an animal health product would be subject to pointless regulations that might make its production unprofitable.
Despite efforts to unify rules by groups like the Veterinary International Conference on Harmonization, many regions still have seemingly heterogeneous regulatory standards.
For instance, different markets may demand different numbers of animals be included in trials to prove safety and efficacy, and manufacturers must meet these standards.
Smaller markets may not be able to recover their investments once a product is granted approval due to these regulatory expenditures, which makes it unlikely that a business will ever submit it for evaluation. As a result, veterinarians, farmers, and pet owners have fewer tools at their disposal.
All these factors restrain the growth of the overall market and continue to do so over the forecast period 2023 to 2033.
Increasing Prevalence of Zoonotic Diseases
Certain communicable diseases, such as avian influenza and tuberculosis, can be transmitted to humans either directly or indirectly from vertebrate animals.
Consumers can contract anisakiasis, a zoonotic illness caused by specific types of nematodes, if they ingest undercooked or raw fish that is infected with worms.
Zoonotic diseases in animals are transmitted through the ingestion of food or water that is contaminated with pathogenic bacteria, including campylobacter, brucellosis, listeria, anisakiasis, and salmonella.
Brucellosis, a bacterial illness that leads to stillbirths or miscarriages in animals, is experiencing a rise in prevalence in the United States and other nations. This bacterial infection primarily impacts goats and livestock, including cows and sheep.
Farm owners and pet owners are increasingly concerned about the rising prevalence of these diseases, which poses a threat to animal health. Hence, animal medications are extensively utilized across the globe to manage animals, indicating a growing demand for animal healthcare items.
Owing to the increasing animal population and the growing prevalence of diseases among them, hence there is a wide range of animal medicines being created globally.
Various diseases, including Nipah virus (NiV) infection, melioidosis, bluetongue virus, porcine reproductive and respiratory syndrome, and several others, can be transmitted from animals to humans.
Therefore, pharmaceutical companies have profitable prospects for creating medications that mitigate the transmission of diseases from animals to humans.
Healthcare businesses are investing significant resources in research and development to identify the causes of diseases and create medications to eliminate these germs.
The Pharmaceutical Segment Leads with 43% Market Share
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Market Segment by Product |
Market Value Share |
|
Pharmaceuticals |
43% |
Based on product type, the market is further segmented into pharmaceutical and biologics, where the pharmaceutical segment dominates the major market share.
With the ongoing research and developments in veterinary pharmaceuticals, it is projected that it will maintain its dominant position during the projection period.
Pharmaceuticals mainly consist of anti-inflammatory medications, parasiticides, antibiotics resistance market, and other substances.
Animal lovers and care takers, pet owners, and farmers are becoming more aware and concerned about animal health and welfare.
The increased consciousness, together with the advancement of products by major corporations, stimulates the need for pharmaceuticals that target a wide range of health concerns, ranging from simple infections to long-term illnesses.
Veterinary Hospitals Account for 65% Market Share
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Market Segment by End Use |
Market Value Share |
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Veterinary Hospitals |
65% |
Based on end use segmentation, the animal healthcare market is further divided into veterinary hospitals and point of care testing centers, where the veterinary hospitals segment dominates the market.
In 2023, the veterinary hospitals and clinics segment held the highest proportion of the market's revenue, owing to the proliferation of numerous hospitals and clinics worldwide, as well as the significant influx of pet owners seeking care at these medical facilities.
The facilities offer a diverse array of therapeutic and diagnostic choices, which significantly influences this sector. Specific vaccines are exclusively accessible in accredited veterinary hospitals and clinics, hence contributing to the growth of market share.
North America Stands the Tallest
North America has the highest share of about 32% of the total animal healthcare market share in 2023.
The region dominance is owing to the stringent policies, and the effective measures adopted and implemented by the government authorities, and animal welfare organizations constantly working for the improvement of animal health and welfare.
Further, the primary reason for the growth of the North American region in the global market is also attributed to the large animal population in the region.
Simultaneously, the increasing occurrence of diseases among different species and the strong demand for foods rich in protein is said to contribute to growth of the market size increase.
Furthermore, the rising prevalence of pet ownership is also a major contributing element to the market in North America.
Currently, major market participants are engaging in collaboration to enhance their research and development capabilities and ensure the maintenance of high-quality standards. Additionally, an increase in the prevalence of animal diseases would stimulate demand in North America.
November 2023 –
Bimeda, a leading competitor of the industry announced its business expansion by inaugurated a new sterile injections and parasite-control products manufacturing facility in China.
June 2023 –
Mars Inc., a leading company in advanced veterinary diagnostics signed an acquisition deal with Heska Corporation to expand its business on a global note.
October 2023 –
Zoetis launched its new product called anti-NGF monoclonal antibody treatment in the United States.
The major competitors in the animal healthcare market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented, the company's position in the global market scenario and its geographical reach.
Apart from this, the key competitors studied have also been accessed through the SWOT analysis to understand their strengths, weaknesses, opportunities and threats.
The key competitors in the industry employ crucial strategies like partnership deals, mergers and acquisitions, and business expansion deals to strengthen their hold on a particular region or a particular service offering.
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Attributes |
Details |
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Forecast Period |
2024 - 2033 |
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Historical Data Available for |
2019 - 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Countries Covered |
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Key Companies Profiled |
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Pricing |
Available upon request |
By Product Type
By End Use
By Region
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The market has been projected to witness a CAGR of 3.9% during the next decade.
Pharmaceutical products dominate the global market share.
North America holds a major market share globally.
In 2033, the animal healthcare market valuation will be worth around S$60.3 billion.
The growing incidence of animal diseases is the major market driving factor.
