Press release
Animal Healthcare Market Set to Hit US$60.3 Bn by 2033, Says Persistence Market Research
Key growth drivers include the rising demand for high-quality animal products, increased pet ownership, and the growing emphasis on preventive healthcare for animals. North America currently leads the market, accounting for about 32% of the global share, owing to its robust veterinary infrastructure, stringent regulations, and high expenditure on animal health .
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Key Highlights from the Report
The global animal healthcare market is projected to reach USD 60.3 billion by 2033.
North America holds the largest market share at 32%.
Pharmaceuticals account for 43% of the market share by product type.
Veterinary hospitals are the leading end-users, comprising 65% of the market.
The market has experienced a historical CAGR of 4.5% from 2012 to 2022.
The Asia-Pacific region is expected to exhibit the fastest growth during the forecast period.
Market Segmentation
By Product Type
The animal healthcare market is primarily segmented into pharmaceuticals and biologics. Pharmaceuticals dominate the market, holding a 43% share. This segment includes anti-inflammatory medications, antibiotics, and parasiticides. The growing demand for effective treatments for various animal diseases and the increasing focus on preventive healthcare are driving the growth of this segment .
By End-Use
Veterinary hospitals are the leading end-users in the animal healthcare market, accounting for 65% of the market share. These facilities offer a wide range of diagnostic and therapeutic services, contributing to their dominance. The increasing number of veterinary hospitals and the rising awareness among pet owners about the importance of regular veterinary care are factors contributing to the growth of this segment .
Regional Insights
North America
North America remains the dominant region in the animal healthcare market, with a 32% share. The region's strong veterinary infrastructure, stringent animal health regulations, and high levels of pet ownership contribute to its leading position. Additionally, the increasing prevalence of animal diseases and the growing demand for animal-derived food products are fueling market growth in this region .
Asia-Pacific
The Asia-Pacific region is anticipated to experience the fastest growth during the forecast period. Factors such as increasing livestock production, rising pet adoption rates, and growing awareness about animal health are driving this growth. Countries like China and India are witnessing significant developments in veterinary healthcare, contributing to the region's expanding market share .
Market Drivers
The primary drivers of the animal healthcare market include:
Increasing Pet Ownership: The rising number of households owning pets, especially in urban areas, is driving demand for veterinary services and products.
Rising Incidence of Zoonotic Diseases: The growing prevalence of diseases transmitted from animals to humans is prompting increased focus on animal health and preventive measures.
Advancements in Veterinary Pharmaceuticals: Continuous research and development in veterinary medicine are leading to the introduction of innovative treatments, enhancing the effectiveness of animal healthcare.
Market Restraints
Despite the growth prospects, the market faces several challenges:
High Cost of Veterinary Services: The cost of veterinary care and medications can be prohibitive, limiting access to quality healthcare for animals in certain regions.
Regulatory Challenges: The complex and stringent regulatory requirements for animal health products can delay product approvals and increase costs for manufacturers.
Limited Awareness in Developing Regions: In some developing countries, lack of awareness about animal health and available treatments hampers market growth.
Market Opportunities
The animal healthcare market presents several opportunities:
Expansion in Emerging Markets: Increasing disposable incomes and awareness in emerging economies are creating new markets for animal healthcare products and services.
Growth in Pet Insurance: The rising adoption of pet insurance is facilitating access to veterinary care, thereby driving demand for animal healthcare services.
Technological Advancements: Innovations such as telemedicine for animals and wearable health monitoring devices are opening new avenues for growth in the market.
Reasons to Buy the Report
✔ Gain comprehensive insights into the current market trends and future forecasts.
✔ Understand the competitive landscape and strategies adopted by key players.
✔ Identify growth opportunities in emerging markets and segments.
✔ Assess the impact of regulatory changes on the animal healthcare industry.
✔ Make informed decisions for investments and strategic planning in the animal healthcare sector.
Company Insights
Key players operating in the animal healthcare market include:
Zoetis Inc.
Merck Animal Health
Elanco
Bayer AG
Boehringer Ingelheim GmbH
Virbac SA
Ceva Santé Animale
Dechra Pharmaceuticals PLC
Vetoquinol S.A.
Hester Biosciences Ltd.
Recent Developments
November 2023: Bimeda expanded its operations by inaugurating a new sterile injections and parasite-control products manufacturing facility in China.
June 2023: Mars Inc. acquired Heska Corporation to enhance its global presence in veterinary diagnostics .
In conclusion, the animal healthcare market is poised for steady growth, driven by increasing awareness about animal health, advancements in veterinary medicine, and rising demand for animal-derived products. Stakeholders in the industry must navigate regulatory challenges and address market restraints to capitalize on emerging opportunities and ensure sustainable growth.
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About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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