Animal Healthcare Market is predicted to reach a market value of US$ 56.2 Bn by 2031
The global Animal Healthcare Market is expected to reach US$ 56.2 Bn by the year 2031 at a CAGR of 4%. Healthcare systems have been emphasizing affordability as well as the quality of medical services. However, now, digitization has come through, which would drive a revolution in the same healthcare vertical. 3D bioprinting technology is one such innovation, which is bound to simplify medications. This would be the way the healthcare vertical would go in the next 10 years.
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Major factor boosting demand for animal healthcare is industrialization of the dairy and meat industry across the world. Moreover, rising zoonotic and foodborne diseases and increasing trend of pet adoption are additionally complementing market expansion.
According to a revised report published by Persistence Market Research, the global animal healthcare market was valued at US$ 36.1 Bn in 2020, and is predicted to expand at a CAGR of more than 4% over the forecast period (2022-2031).
Boehringer Ingelheim GmbH
Hester Biosciences Ltd.
Intas Pharmaceuticals Ltd.
Merck Animal Health
Elanco (Eli Lilly and Company)
Something Animal Health
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Key Takeaways from Market Study
Parasiticides are expected to contribute around 27% revenue share in the market by 2031, owing to increasing preference for animal care and hygiene.
Farm animals are expected to account for more than half of the global market share.
Industrialization of the dairy and meat industry has led to increasing demand for animal-based products, adding to the market development.
Oral route of administration in animal healthcare is expected to contribute around 45% revenue share in the market by 2031, as it gives the highest level of drug stability and accurate measurements.
Among all the distribution channels, veterinary hospitals accounted for more than 35% of the market share in 2020. Different applications such as clinical toxicology tests, therapy, and clinical pathology will boost market expansion.
North America holds the highest share in the global market for animal healthcare, owing to the presence of big market players, high healthcare expenditure, and growing research & development efforts in the country.
Key players are focused on strengthening their clinical pipelines with discoveries of novel abuse-deterrent formulations and also through various acquisitions.
The market in the U.S. holds a big portion of global revenue at 30%, and accounts for more than 85% share in the North American market.
"Increase in incidence of infectious disease transmission in animals, growth in animal inhabitants, and rising adoption of companion animals are factors driving market growth," says an analyst at Persistence Market Research.
Increased Funding & Support from International Organizations
International agencies such as U.K. Science have made major contributions toward global eradication of rinderpest diseases, and this has a major impact on controlling FMD and Peste des Petits in ruminants.
Other funding programs are often supported by the WHO, country-specific governments, and private humanitarian agencies. Stakeholders identify the need to prevent economic losses arising due to lack of effective vaccinations and instead take a proactive preventive dimension for animal healthcare.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the animal healthcare market in its latest study, presenting a historical demand assessment of 2016 - 2020 and projections for 2021 - 2031. The research study is based on drug (anti-infective agents, anti-inflammatory & analgesic agents, parasiticides, vaccines, hormones & substitutes, nutritional products, and others), animal (companion animals and farm animals), route of administration (oral, parenteral, topical, and others) and distribution channel (veterinary hospital, veterinary clinics, pharmacies and drug stores, and others), across seven key regions of the world.
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Key Questions Answered in the Animal Healthcare Market Report
How is the Animal Healthcare Market expected to grow over the projected period?
What direction is the Animal Healthcare Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Animal Healthcare Market in future?
What are the key market drivers in the Animal Healthcare Market?
What are significant opportunities and improvement areas for Animal Healthcare Market manufacturers?
What are the key developments and trends taking over the Animal Healthcare Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Animal Healthcare Market?
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