Animal Healthcare Market size is set to grow by USD 10.33 billion from 2024-2028, Increase in animal ownership to boost the market growth, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global animal healthcare market size is estimated to grow by USD 10.33 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.48% during the forecast period. 

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Key Market Trends Fueling Growth

The animal healthcare market is experiencing growth due to heightened awareness regarding preventive care for pets. This includes regular veterinary check-ups for vaccinations, nutrition, and risk factor assessments. Boehringer Ingelheim's investment in Cowtribe, a Ghanaian last-mile veterinary delivery company, is a significant step towards addressing the financing gap for social businesses in vulnerable communities.

Technology integration in Cowtribe's operations will facilitate efficient vaccine and animal health product deliveries to rural areas. Pet owners are increasingly opting for pet insurance, enabling them to afford costly treatments and enhancing overall animal care. This trend is anticipated to fuel the expansion of the animal healthcare market. 

The animal healthcare market is experiencing significant growth, driven by the increasing demand for better animal health solutions. Cats, dogs, horses, and other animals require proper care and diagnosis, leading to the use of various products and services. These include diagnostics, treatments, and preventive care.

Digitization is a key trend in animal healthcare, with technologies like telemedicine and mobile applications enabling remote consultations and monitoring. Additionally, the focus on animal welfare and ethical treatment is driving innovation in the market. Producers and distributors must stay updated on these trends to remain competitive.

Market Challenges

• The consumption of foods derived from eggs, meat, and dairy sources poses health risks due to potential contaminants like hormones, bacteria, and dioxins. These substances can lead to food poisoning and long-term health issues such as disrupted development and cancer. Approximately 23% of annual food poisoning cases in the US are caused by contaminated animal flesh.
• Dioxins, primarily absorbed through fish, meat, and dairy products, are hormone-disrupting chemicals that can cause various health problems. This health concern may decrease the demand for animal-source foods, potentially impacting the market growth by reducing the need for animal feed additives.
• The animal healthcare market faces several challenges in providing optimal care for various species. These include the need for expanded adoption of advanced technologies like expander "Veterinary technologies", "Hospitals", and "Clinics". Additionally, there is a growing demand for "Animal nutrition" and "Treatments" that cater to specific animal needs. "Digitalization" and "Automation" in animal healthcare are also essential to improve efficiency and accuracy.
• However, the high cost of these technologies and treatments can be a significant barrier for many animal owners. Furthermore, ensuring "Compliance" with regulations and ethical standards is crucial for the industry's reputation and sustainability. Overall, addressing these challenges requires a collaborative effort from all stakeholders to provide affordable, effective, and ethical animal healthcare solutions.

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Segment Overview

1. Product
• 1.1 Pharmaceutical
• 1.2 Feed additive
• 1.3 Biologicals
2. Animal Type
• 2.1 Livestock
• 2.2 Companion animals
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Pharmaceutical- The animal healthcare market encompasses various pharmaceutical products, including ectoparasiticides, endoparasiticides, and anti-inflammatories. These drugs come in different forms and help treat diseases, reducing economic losses and maintaining animal health. Ectoparasiticides target external parasites, with Virbac offering solutions like EFFIPRO spray and PREVENTIC.

Endoparasiticides combat internal parasites, such as IPRAZ Tablet from Virbac. Anti-inflammatories, like Zoetis' MEDROL, alleviate inflammation. Despite regulatory challenges and species differences, the increasing threat from zoonoses drives market growth, with food-borne diseases like salmonellosis continuing to impact human health.

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Research Analysis

The Animal Healthcare Market encompasses various sectors, including Veterinary Hospitals, pet insurance, and telemedicine. With the rising trend of pet humanization and increasing pet ownership rates, the demand for companion animal vaccines, preventive care, and nutritional products has surged. Animal welfare organizations emphasize the importance of veterinary care, which includes the use of drugs, vaccines, medicated animal feeds, and biological research in genetics and disease prevention.

The market also caters to livestock animals, addressing zoonotic diseases and ensuring animal epidemics are contained. Wildlife conservation efforts contribute to the market as well, focusing on disease prevention and nutrition for endangered species. The human-animal bond remains a significant factor, with pet owners seeking to provide the best care for their companions. Animal protein production is another area where animal healthcare plays a crucial role, ensuring the health and well-being of livestock.

Market Research Overview

The Animal Healthcare Market encompasses a range of products and services designed to prevent, diagnose, and treat various health conditions in animals. This market caters to a diverse range of species, including livestock, pets, and zoo animals. Key components of this market include veterinary drugs, vaccines, animal feed additives, diagnostic equipment, and veterinary services.

The market is driven by several factors, including increasing animal population, rising awareness for animal health and welfare, and advancements in veterinary technology. Additionally, the growing trend of pet humanization and the increasing demand for organic and natural animal food products are also contributing to the growth of the Animal Healthcare Market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Pharmaceutical
• Feed Additive
• Biologicals
• Animal Type
• Livestock
• Companion Animals
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio