Animal Healthcare Market Size, Share, Trends, Growth and Forecast 2028

Animal Healthcare Market: Industry Perspective

The global animal healthcare market size was worth around USD 138.50 billion in 2021 and is predicted to grow to around USD 180.36 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.5% between 2022 and 2028.

The report analyzes the global animal healthcare market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the animal healthcare industry.

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Animal Healthcare Market: Overview

Animal Healthcare is crucial for animals and the management of multiple animal-related diseases, which have grown in instance over the past few years and are continuing this trend to date. Rising demand has led to increased research and increased pharmaceutical production for the animal healthcare market, and this factor is projected to drive the animal healthcare market potential over the forecast period.  

Increasing government initiatives to promote animal healthcare is also expected to boost the animal healthcare market potential in the long run. High research and development activity will also play a crucial role in driving the animal healthcare market growth through 2028.

Stringent regulatory norms and increasingly complex procedures for treatment and diagnosis are expected to hinder animal healthcare market growth in the long run.

The rising prevalence of parasitic and infectious diseases has led to innovations in managing animal healthcare. The distinction between animal health and animal production has changed in recent times due to the increasing prevalence of animal diseases. Modern medicine in association with technology is more focused on improving livestock and animal health production. Other driving factors such as the rising concerns related to zoonotic diseases which impact both humans and animals have a great effect on the economies of countries globally. This has led to a collective focus on improving the safety and quality of food products thus assuring efficacious animal healthcare products to reduce the impact on the economies worldwide.

COVID-19 Impact:

The COVID-19 pandemic did not drag down the animal healthcare market growth as much as it did for most of the markets and the market continued to grow at a decent pace in these adverse unprecedented conditions as well. This helped animal healthcare companies maintain their businesses without many losses and uplift the overall growth curve in adversity.  

Demand and supply chain gaps did affect the market, but the impact was much lower than in other markets. Telemedicine and online sales channels were two prominent aspects of the animal healthcare market growth in the pandemic era.  

The business models of animal healthcare companies are expected to see some major changes in the post-pandemic era, and traditional veterinary practices are anticipated to be replaced by newer ones. Telehealth will be a major trend to look forward to in the forecast period for animal healthcare market growth.  

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Animal Healthcare Market: Growth Drivers

Supportive government Initiatives to Increase focus on Animal Healthcare

As instances of diseases in animals increase, governments across the world are focusing on treating them and managing them effectively in order to maintain healthy livestock, which is highly crucial to any nation’s economic growth and one of the very necessities of human survival.

Animal healthcare is also associated with human public health as these diseases can even contaminate humans and create something much worse like the COVID-19 pandemic, and in order to avoid such scenarios, governments are supporting research and development of novel animal healthcare.

Animal Healthcare Market: Restraints

Strict Regulatory Mandates

Animal Healthcare has to comply with some regulations that are highly strict and this could be a major barrier for multiple companies as this could reduce the efficacy or incur additional costs to comply with these norms.

Approval time for animal healthcare is also a factor that has a constraining effect on the animal healthcare market, as this makes it harder for animal healthcare companies to attain new approvals for animal healthcare procedures and drugs.

Animal Healthcare Market: Report Scope

Global Animal Healthcare Market: Segmentation

The global Animal Healthcare market is segregated based on animal type, product, distribution channel, end-user, and region.

By animal type, the animal healthcare market is segmented into production animals and companion animals. The production animal segment is expected to lead the Animal Healthcare market growth. Rising concern for food safety and increasing consumption of animal-related products are two major factors propelling the dominance of this segment.

By end-user, the animal healthcare market is segmented into reference laboratories and point-of-care testing/in-house testing. The veterinary hospitals and clinics segment is anticipated to hold a dominant market share and is expected to continue this stance through 2028. This segment will be driven by the high preference of pet owners and the increasing availability of treatments and diagnostic procedures in these establishments.

Animal Healthcare Market: Report Scope

Animal Healthcare Market: Regional Analysis

The market for Animal Healthcare in North America will be the most prominent one over the forecast period. Constant efforts to improve animal healthcare by governments and other organizations is a major trend in this region that will propel the animal healthcare market growth through the forecast period. Technological advancements, increasing research and development activity, rising pet ownership, growing prevalence of multiple animal diseases are some other factors that will influence the animal healthcare market potential through 2028. Animal healthcare companies in this region are focusing on collaboration and mergers to increase their research scope and fast-forward product development to ensure maximum profits and business expansion.

Asia Pacific region is expected to rise at the fastest CAGR among all regions and this can be attributed to high investments in research and development activities in this region by multiple animal healthcare companies.

Recent Developments

• In February 2020: Vetoquinol SA a company known for veterinary pharmaceuticals announced the acquisition of Profender and Drontal product portfolios from Elanco Animal Health through which it got some intellectual rights and registrations as well.

Animal Healthcare Market: Competitive Landscape

Some of the main competitors dominating the global Animal Healthcare market include -

• Zoetis
• Ceva Santé Animale
• Merck Animal Health
• Vetiquinol S.A.
• Boehringer Ingelheim GmbH
• Bayer AG
• Virbac
• Heska
• Nutreco N.V.

Global Animal Healthcare market is segmented as follows:

By Animal Type 

• Production Animal
• Companion Animal

By Product

• Vaccines
• Pharmaceuticals
• Medicinal Feed Additives
• Diagnostics
• Equipment & Disposables
• Others

By Distribution Channel

• Retail
• E-commerce
• Veterinary Hospitals & Clinics

By End-use

• Reference Laboratories
• Point-of-care Testing/In-house Testing

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa