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Artificial Intelligence (AI) In Animal Health Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players
Artificial Intelligence (AI) In Animal Health Market
According to The Business Research Company's, The artificial intelligence (AI) in animal health market size has grown exponentially in recent years. It will grow from $1.21 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to increasing applications of AI, availability of ai-based solutions, initiatives by key companies, growing expenditure on animals, integration of ai in veterinary diagnostics.
The artificial intelligence (AI) in animal health market size is expected to see rapid growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to precision management of livestock and veterinary healthcare, data-informed insights and innovative solutions, remote monitoring and diagnosis, early disease detection and anomaly identification, proactive healthcare and personalized medicine. Major trends in the forecast period include advancements in veterinary diagnostics, increased adoption of ai technologies, enhanced disease detection and monitoring, growing emphasis on animal welfare and conservation.
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Market Drivers and Trends:
The increasing expenditure on animal health is expected to propel the growth of artificial intelligence (AI) in animal health market going forward. Expenditure on animal health refers to the total amount of money spent on maintaining and improving the health and well-being of animals. Expenditure on animal health is rising due to increased awareness, a growing trend of pet humanization, and the demand for advanced veterinary care services, including innovative technologies such as artificial intelligence. Pet owners with higher spending capacity can afford AI-powered telehealth services and remote monitoring solutions, allowing for continuous monitoring of their pets' health and virtual consultations with veterinarians. For instance, in June 2023, according to the American Pet Products Association, a US-based trade association representing the pet industry, Americans spent $136.8 billion on pet health in 2022, which is an increase of 10.68% from the previous year ($123.6 billion). Moreover, Vet Care services accounted for $35.9 billion. Therefore, increasing expenditure on animal health is driving the growth of artificial intelligence (AI) in animal health market.
Major companies operating in the artificial intelligence (AI) animal health market are developing advanced technologies, such as AI solutions for cattle feed recommendations, to improve livestock nutrition and farm management practices. This technology aims to enhance the efficiency of livestock farming by tailoring feed plans to the specific needs of individual animals or groups, considering factors such as their age, weight, health status, and nutritional requirements. For instance, in January 2024, Precision Livestock Technologies, a US-based provider of software and hardware solutions for livestock feeding and health, introduced the first system that uses artificial intelligence to predict cattle feed intake and make feeding recommendations. This system generates daily quantitative feeding predictions based on hundreds of data points gathered from PLT's machine vision bunk management system and external data sources. It takes into account feeding rates, feeding times, feeding cycles, cattle behavior, ration type, weather, and other factors.
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Major Key Players of the Market:
Microsoft Corporation, International Business Machines Corporation, Zoetis Inc., VCA Animal Hospitals Inc., IVC Evidensia, IDEXX Laboratories Inc., Merck Animal Health, Heska Corporation, Agria Pet Insurance, PrecisionHawk, SignalPET, ImpriMed Inc., PetPace Ltd., VetNOW, Shenzhen Mindray Animal Medical Technology Co. Ltd., EIO Diagnostics Inc., Connecterra, GuardianVets, Halter USA Inc., Petriage Inc., Moichor Inc., OneCup Al, AgGenetics Inc., IMV Technologies, Felcana, Vet-Al, Alpha Phenomics Inc.
Artificial Intelligence (AI) In Animal Health Market 2024 Key Insights:
• The Artificial Intelligence (AI) In Animal Health Market is expected to grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%.
• Surge Of Animal Health Expenditure And Its Impact On The AI Animal Health Market
• Advancements In AI-Driven Livestock Health Management
• North America was the largest region in the artificial intelligence (AI) in animal health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in animal health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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