Animal Healthcare Market to Cross US$ 67.48 Billion at a CAGR of 4.6% by 2034: Fact.MR Report
FACT.MR
6 min read
FACT.MR
Growing Prevalence of Animal Disorders Fueling Demand for Effective Animal Healthcare Solutions
Rockville , Nov. 22, 2023 (GLOBE NEWSWIRE) -- Worldwide revenue from animal healthcare solutions is pegged at US$ 42.87 billion in 2024, as per a newly published study by Fact.MR, a market research and competitive intelligence provider. The Animal Healthcare Market is forecasted to expand at 4.6% CAGR from 2024 to 2034. Increasing prevalence of zoonotic and foodborne diseases is estimated to stimulate demand for animal healthcare solutions.
Rising awareness about the importance of maintaining animal health, coupled with the increasing demand for various animal healthcare products like vaccines, animal feeds, and pharmaceuticals, is expected to open up growth opportunities in the global market.
Key Segments of Animal Healthcare Industry Research Report
By Drug Type
By Animal Type
By Route of Administration
By Distribution Channel
Anti-infective Agents
Antibiotics & Antimicrobials
Parasiticides
Vaccines
Hormones & Substitutes
Nutritional Products
Companion Animals
Farm Animals
Oral
Parenteral
Topical
Veterinary Hospitals
Veterinary Clinics
Pharmacies & Drug Stores
Extensive adoption of digitalization is taking place in both pet health and livestock management. Sound detection tools, wearables, and smart tags along with predictive monitoring technology ensure precision care for animals. Data is compiled through digital diagnostics for the discovery of subtle and new warning signs of diseases. Better productivity, traceability, disease management, and productivity are the advantages associated with effective animal healthcare facilities.
Key Takeaway from Market Study
Sales of animal healthcare solutions are estimated at US$ 42.87 billion in 2024.
The global animal healthcare market is projected to reach US$ 67.48 billion by the end of 2034.
Demand for animal healthcare solutions is predicted to advance at 4.6% CAGR through 2034.
Farm animals are forecasted to account for 60.8% share of global market revenue by 2034.
North America is predicted to hold 33.5% share of the global market revenue in 2024.
The market in Japan is projected to reach US$ 2.70 billion by 2034-end.
Companion animals are estimated to account for 39.9% of global market share in 2024.
“Substantial growth of the veterinary animal healthcare sector and rising inclination toward pet adoption are set to contribute to the growing demand for animal healthcare solutions,” says a Fact.MR analyst.
Favorable Healthcare Policies and Rising Prevalence of Disorders among Animals in United Kingdom
The market in the United Kingdom is set to reach US$ 2.1 billion by the end of 2034. Rising cases of various disorders among livestock animals are predicted to push the demand for effective animal healthcare solutions. Rising investments in animal healthcare are forecasted to open up lucrative opportunities for players. The presence of several animal healthcare providers is also projected to add to market growth opportunities.
Key Market Players
Bayer AG, Virbac SA, Boehringer Ingelheim GmbH, Zoetis, Inc., Intas Pharmaceuticals Ltd., Hester Biosciences Ltd., Merck Animal Health, Ceva Sante Animale, Elanco, Alivira Animal Health Limited, Zydus Animal Health, Vetoquinol S.A., Norbrook Laboratories Limited, Dechra Pharmaceuticals PLC, Phibro Animal Health Corporation, and Norbrook Laboratories, Inc. are leading animal healthcare solution providers.
In 2023, farm animals commanded a 60% share of the worldwide market, underscoring the importance of animal husbandry in human nutrition. The rise of the middle-class population in developing nations, along with evolving consumption patterns, is expected to drive the demand for animal protein. The increased scale of animal production may pose challenges in disease control, emphasizing the significance of effective farm animal management to meet the growing demand for animal-based products.
In 2023, Germany claimed a 19% share of the European market, emphasizing animal health as a crucial concern due to its impact on food safety and public well-being. The German government actively implements protection policies and swift responses against disease epidemics.
Looking ahead, the United States is anticipated to dominate the North American market with a projected 78.12% share in 2034. The nation's emphasis on maintaining healthy livestock aligns with the increased production of dairy and meat products, contributing to a robust economy and providing nutritious and affordable food options for both domestic and international consumers.
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the animal healthcare market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on drug type (anti-infective agents, antibiotics & antimicrobials, parasiticides, vaccines, hormones & substitutes, nutritional products), animal type (companion animals, farm animals), route of administration (oral, parenteral, topical), and distribution channel (veterinary hospitals, veterinary clinics, pharmacies & drug stores), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Animal Drug Compounding Market: The global animal drug compounding market has reached a valuation of US$ 2 billion and is forecasted to expand at a CAGR of 8.2% to end up at US$ 4.42 billion by 2032.
Animal Genetics Market: The global animal genetics market is set to enjoy a valuation of US$ 6.3 Billion in 2022 and further expand at a CAGR of 6.2% to reach US$ 11.5 Billion by the end of 2032.
Animal Vaccines Market: The global animal vaccines market size was valued at US$ 12 billion in 2021 and is expected to reach US$ 29 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.2% from 2022 to 2032.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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