Press release
Animal Health Market Growth Accelerates: Strategic Forecast Predicts $81.86 Billion by 2029
Animal Health
What Will the Animal Health Industry Market Size Be by 2025?
In recent years, the size of the animal health market has witnessed a significant increase. It is projected to rise from $55.26 billion in 2024 to $59.77 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. Factors contributing to the growth during the historical period include the globalization of food supply chains, the intensification of livestock farming, a rise in zoonotic diseases, regulatory compliance and standards, and an emphasis on preventive healthcare.
What's the Long-Term Growth Forecast for the Animal Health Market Size Through 2029?
In the coming years, a robust expansion is forecasted in the animal health market. It is predicted to reach a value of $81.86 billion by 2029, expanding at a Compound Annual Growth Rate (CAGR) of 8.2%. The anticipated growth over the forecast period is linked to factors such as increased attention on aquaculture health, a holistic health approach, international activities around disease surveillance, the proliferation of pet insurance, crisis readiness in animal agriculture, and the global reach of animal health products. Significant tendencies projected for this period encompass the incorporation of technology in diagnostics, the influence of biotechnology and genomics, the embracement of telehealth solutions, the digitization of the supply chain and distribution process, and collaborative investigation drives.
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What Are the Key Growth Drivers Fueling the Animal Health Market Expansion?
The rise in zoonotic diseases is anticipated to stimulate the animal health market's expansion. Zoonotic diseases are communicable diseases that can spread from varied animal species to humans or vice versa. Initiating various measures to monitor and safeguard animal health aids in zoonosis control and also plays a crucial role in preserving public health. For example, the National Library of Medicine in the US reported in June 2023 that zoonotic diseases account for about 2.5 billion human occurrences worldwide and roughly 2.7 million annual fatalities. Consequently, the growing frequency of zoonotic diseases is expected to act as a catalyst to the growth of the animal health market.
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What Are the Key Trends Driving Animal Health Market Growth?
Innovations in technology are emerging as important trends in the animal health market. Key players in the market are focused on developing and implementing new technologies to solidify their market presence. For instance, in April 2022, Elanco Animal Health Incorporated, an American animal health company, partnered with Ginkgo Bioworks, a biotechnology company also based in the US to introduce advanced solutions. Furthermore, in October 2022, Merck Animal Health, a company in the US that produces, creates, and promotes a wide variety of veterinary medicines and services, launched Animo GPS, an activity and behavior tracking device for dogs with GPS tracking abilities. This product provides real-time tracking, with position updates being sent every five seconds when in 'Lost Dog Mode'. Additionally, it can alert owners within 20 seconds if their dog leaves its designated 'Safe Zone'. To track the animal's individual activity levels and behavior, Animo GPS utilizes smart technology through a user-friendly mobile app. The gadget logs data on the dog's barking, scratching, shaking, and the amount of time it sleeps. If significant changes in these behaviors are spotted, an adaptive algorithm is used to study these details and generate an alert through the mobile app.
How Is the Animal Health Market Segmented?
The animal health market covered in this report is segmented -
1) By Product: Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics , Equipment And Disposables, Other Products
2) By Animal Type: Commercial, Companion
3) By Route Of Administration: Oral, Parenteral, Topical
4) By End-User: Veterinary Hospitals And Clinics, Animal Care And Rehabilitation Centers, Diagnostic Centers
Subsegments:
1) By Vaccines: Live Attenuated Vaccines, Inactivated Vaccines, Recombinant Vaccines, DNA Vaccines
2) By Pharmaceuticals: Anti-Infective Agents, Anti-Inflammatory Drugs, Parasiticides, Pain Management Medications
3) By Medicinal Feed Additives: Probiotics, Prebiotics, Antimicrobials, Enzymes
4) By Diagnostics: Laboratory Diagnostic Tests, Point-Of-Care Testing Devices, Imaging Equipment
5) By Equipment And Disposables: Surgical Instruments, Monitoring Devices, Disposable Syringes And Needles
6) By Other Products: Nutraceuticals, Supplements, Herbal Medicines
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Which Companies Are Leading the Charge in Animal Health Market Innovation?
Major companies operating in the animal health market include Elanco Animal Health Incorporated, Merck Animal Health, Boehringer Ingelheim International GmbH, Heska Corporation, Vetoquinol SA, Virbac, Bayer AG, Novartis AG, Biogenesis Bago, Intervet International BV, IDEXX Laboratories Inc., Hester Biosciences Ltd., Intas Pharmaceutucals Ltd., Dechra Pharmaceuticals, Kindred Biosciences, Phibro Animal Health Corporation, Neogen Corporation, Norbrook Laboratories, Huvepharma EOOD, Abaxis Inc., ECO Animal Health Group, Hipra, Zoetis Inc., Kemin Industries, DeLaval, Troy Laboratories, Parnell Pharmaceuticals, Ceva Sante Animale, Bimeda Inc., Animalcare Group, PetIQ, AdvaVet Inc.
Which Regions Are Leading the Global Animal Health Market in Revenue?
North America was the largest region in the animal health market in 2024. The regions covered in the animal health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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