Animal Health Market Analysis and Competitive Landscape: Insights for Business Expansion

As per the report published by The Brainy Insights, the global animal health market is expected to grow from USD 35.42 billion in 2022 to USD 60.31 billion by 2030, at a CAGR of 6.88% during the forecast period 2022-2030. The North American region emerged as the largest market for the global animal health market, with a 33.91% market revenue share in 2022. A significant proportion of the region's population is non-vegetarian. Meat consumption is a staple in the regional diet of the North American market. The commercial breeding of animals to cater to the massive meat-eating population calls for stringent regulatory rules and guidelines that assure quality animal health, thereby protecting the interests of the consumers. The presence of strict government regulations, along with several institutions dedicated to the welfare of animals and their health, have contributed to the growth of the North American market. The increasing prevalence of zoonotic diseases requires heightened vigilance to avoid catastrophic damages, as demonstrated by the COVID-19 pandemic. The rising zoonotic diseases will encourage the fiscal authorities to promote animal health by supporting and funding favourable industry policies.

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Animal Health Market Size by Animal Type (Production Animals and Companion Animals), Product Type (Vaccines, Medical Feed Additives, Equipment & Disposables, Pharmaceuticals, Diagnostics, and Others), End User, Distribution Channel, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Boehringer Ingelheim International GmbH, Covetrus, Elanco, Heska Corporation, Intervet International BV, Merck Animal Health, Novartis AG, Vetoquinol SA, Virbac, and Zoetis, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The animal type segment is divided into production animals and companion animals. The production animal segment dominated the market with a revenue share of around 57% in 2022. The product type segment is divided into vaccines, medical feed additives, equipment & disposables, pharmaceuticals, diagnostics, and others. The pharmaceuticals segment dominated the market with a market share of around 38% in 2022. The end-user segment is divided into reference laboratories, veterinary hospitals & clinics, point-of-care testing and others. The veterinary hospitals & clinics segment dominated the market with a market share of around 58% in 2022. The distribution channel is divided into veterinary hospitals & clinics, retail, E-commerce, and others. The retail segment dominated the market with a market share of around 48% in 2022. Licensed retail stores offer several products from different brands and have qualified personnel to assist the buyers when required.

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The rising pace of climate change is being witnessed across the globe with the increasing instance of extreme weather changes like flash floods, frequent storms and heatwaves. The rise in average global temperature is deeply impacting animals, given their increased vulnerability in the events of extreme weather changes. The slow process of evolution leads to the majority of the animals not adapting to the new changes and dying due to these changes. The loss of habitat and re-emergence of pathogens leading to an increased risk of zoonotic diseases leaves the animals at a high risk of dying. Climate change impacting animals will directly impact the global food industry. The grave consequences of not prioritising animal health by developing vital vaccinations and medications to protect them will create a global food crisis. the imbalance caused by temperature rise will change land use patterns and affect food crops. Therefore, it is critical to address animal health with heightened urgency.

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