Animal Health Market Size & Share, by Product (Pharmaceuticals, Medicinal Feed Additives, Diagnostics); Animal Type (Livestock Animals, Companion Animals); End-user (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostics Centers); Distribution Channel (Veterinary Hospital Pharmacy, Retail Channels, E-Commerce Platforms) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Animal Health Market Highlights Over 2023 - 2033

The global animal health market is estimated to garner a significant revenue by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 39 Billion in the year 2022. The growth of the market is primarily attributed to the rising pet ownership and growing demand for animal health care products. For instance, pet ownership is expected to account for approximately 17.5 million households in 2022.

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Animal health includes preserving and protecting animals from various diseases as well as providing required veterinarian treatments. It also entails regular animal monitoring in order to prevent spread of disease through the use of appropriate medications and diagnostic products. It ensures food safety and protects the public from animal-borne diseases. The increasing count of government initiatives to support and spread more awareness about animal health is boosting up the growth of animal health market. For instance, for monitoring good health of animals, the government of India launched National Animal Disease Control Program (NADCP) in 2019. This program has launched to monitor Foot and Mouth Disease and Brucellosis by vaccinating 100% of the cattle, buffalo, sheep, goat, and pig populations for FMD and 100% of the female cattle calves aged 4-8 months.

Global Animal Health Market: Growth Drivers and Challenges

Growth Drivers

• Upsurge in Zoonotic Diseases - Zoonotic diseases, or zoonoses, are spurred by germs that transfer from animals to humans. These diseases are carried out by pathogenic micro-organisms such as bacteria, fungi, parasites, and viruses. These organisms cause a wide range of ailments in humans and animals, from minor ailments to severe illness and even death. Thus, zoonotic diseases are leading the growth of animal health market. According to the World Economic Forum, zoonotic diseases are expected to cause 60% of acknowledged communicable diseases and up to 75% of recently found or emerging infectious diseases.
• Escalating Number of Livestock - For instance, in Europe, there were around 143 million pigs, 74 million cattle, 62 million sheep, and 10 million goats as of December 2021.
• Growing Prevalence of Diabetes in Pets – It is observed in a research, the prevalence of diabetes in pets is on the rise, growing by almost 81% in dogs and 17% in cats over a ten-year span.
• Growing Threat of Canine Parvovirus-2 (CPV-2) – For instance, in adult and young dogs, CPV-2 induces 100% morbidity and a 12% and 90% risk of mortality, accordingly.
• Rise in Per Capita Income - As per the World Bank statistics, global annual per capita income increased by 4.8% in 2021 contrasted to 2019, while it only increased by 1.5% in that year.

Challenges

• Stringent Government Policies on Approval of Animal Drugs
• Price Hike in Animal Health Products
• Escalating Cost of Animal Testing

The global animal health market is segmented and analyzed for demand and supply by product into pharmaceuticals, medicinal feed additives, and diagnostics. Out of these, the pharmaceuticals segment is estimated to garner the largest market share over the forecast period owing to the noticeable count of companion animals ownerships, growing number of veterinary practitioners, and surge in various zoonotic diseases across the globe. For instance, it estimated that, foot and mouth disease (FMD) affects nearly 76% of the world's cattle, primarily in Africa, the Middle East, and Asia, as well as a small portion of South America.

Major Macro-Economic Indicators Impacting the Market Growth

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Animal Health Market Regional Synopsis

Regionally, the global animal health market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the increasing technological advancement, rise in research and development of more advanced therapeutics, growing number of pet adoption, and surge in zoonotic diseases in the region. It has been noted that each year in the United States, approximately 3.4 million animals get adopted.

The global animal health market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global animal health market includes the following segments:

Top Featured Companies Dominating the Global Animal Health Market

• Zoetis Inc.
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Heska Corporation
• Merck & Co., Inc.
• Ceva Santé Animale
• Virbac S.A.
• Midmark Corporation
• Biogenesis Bago SA
• Boehringer Ingelheim International GmbH
• Phibro Animal Health Corporation
• VETOQUINOL SA