Animal Health Market size is estimated to garner a significant revenue by the end of 2033, growing at a CAGR of 12% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of animal health was over USD 39 Billion.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.
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 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~12% |
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Base Year Market Size (2022) |
~USD 39 Billion |
Product (Pharmaceuticals, Medicinal Feed Additives, Diagnostics)
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.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Animal Type |
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By End-User |
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By Distribution Channel |
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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.
Author Credits: Radhika Gupta, Shivam Bhutani
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