WASHINGTON, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to a report published by Vantage Market Research, the Global Animal Healthcare Market was valued at USD 141.2 Billion in 2021 and is projected to reach USD 181.7 Billion by 2028. Animal Healthcare Industry is expected to increase significantly compared to the forecast period's market, with a CAGR of 4.3%.
Market Overview:
We forecast that veterinary hospital & clinics category is projected to grow rapidly, owing to the various applications such as toxicology tests, clinical pathology, and therapy. Availability of a wide range of treatment and diagnostic options in veterinary hospitals and clinics is a significant growth for this segment. Increased incidence of zoonotic diseases due to globalization and climate change will increase the demand for diagnostic procedures, which is expected to drive the point-of-care testing/in-house testing segment in the coming years.
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Animal Healthcare Market Sample Report Includes
- Executive Summary: This section provides a brief overview of the market size, growth rate, and key trends.
- Market Overview: This section gives a comprehensive overview of the animal healthcare market, including the definition, classification, and segmentation of the market.
- Market Dynamics: This section analyzes the drivers, restraints, opportunities, and challenges of the animal healthcare market.
- Market Segmentation: This section provides a detailed analysis of the animal healthcare market based on various segments, such as product, animal type, and geography.
- Regional Analysis: This section provides an analysis of the animal healthcare market by region, including North America, Europe, Asia-Pacific, and the Rest of the World.
- Competitive Landscape: This section provides an overview of the key players operating in the animal healthcare market and their market share, product offerings, and business strategies.
- Company Profiles: This section provides an in-depth analysis of the key players operating in the animal healthcare market, including their company overview, financial performance, product portfolio, and business strategies.
- Market Forecast: This section provides a forecast of the animal healthcare market, including the estimated market size and growth rate, based on various segments and regions.
- Conclusion: This section summarizes the key findings of the report and provides recommendations for the market participants.
What is Animal Healthcare?
Animal healthcare refers to the medical care and attention given to animals in order to maintain their health and well-being. This can include routine preventive measures such as vaccinations and regular check-ups, as well as the treatment of illnesses and injuries. Animal healthcare also encompasses various aspects of animal care, including nutrition, grooming, and housing. The goal of animal healthcare is to promote the physical and emotional health of animals, whether they are pets, farm animals, wildlife, or animals used in research or other industries. The field of animal healthcare is interdisciplinary, involving veterinarians, veterinary technicians, animal caretakers, and researchers, among others.
Top Players in the Global Animal Healthcare Market
- Merck Animal Health
- Vetoquinol S.A.
- Ceva Sante Animale
- Zoetis
- Elanco
- Boehringer Ingelheim GmbH
- IDEXX
- Covetrus
- Heska Corporation
- Mars Inc.
- DRE Veterinary
- Televet
- Virbac
- B.Braun Vet Care
- Phibro Animal Health Corporation
For Additional Information on Animal Healthcare Market Players and Detail List, Download a Report PDF Brochure
Animal Healthcare Market Dynamics
- Increasing pet ownership: The growing trend of pet ownership, especially in urban areas, has led to an increase in demand for animal healthcare products and services.
- Rising demand for animal-derived food products: The growing demand for animal-derived food products, such as meat, dairy, and eggs, has led to an increase in demand for animal healthcare products and services in the agriculture industry.
- Growing awareness about animal health: Increasing awareness about the importance of animal health has led to an increase in demand for animal healthcare products and services.
- Technological advancements: The development of new technologies, such as telemedicine and telehealth, has led to the growth of the animal healthcare market by making it easier for pet owners and farmers to access veterinary care.
- Government regulations and initiatives: Government regulations and initiatives aimed at promoting animal health and welfare have led to an increase in demand for animal healthcare products and services.
On the other hand, factors such as the high cost of animal healthcare products and services, the lack of awareness about animal healthcare in developing countries, and the shortage of trained veterinarians in some regions may hinder the growth of the animal healthcare market.
Animal Healthcare Market Restraints
- High cost of animal healthcare products and services: The high cost of animal healthcare products and services, such as veterinary drugs, vaccines, and diagnostic tests, is a major challenge for pet owners and farmers.
- Lack of awareness about animal healthcare in developing countries: In developing countries, the lack of awareness about animal healthcare and the low disposable income of pet owners and farmers are major challenges for the growth of the animal healthcare market.
- Shortage of trained veterinarians: In some regions, there is a shortage of trained veterinarians, which makes it difficult for pet owners and farmers to access veterinary care.
- Limited availability of animal healthcare products in remote areas: In remote areas, the limited availability of animal healthcare products and services is a major challenge for pet owners and farmers.
- Stringent government regulations: The stringent regulations and approval processes for animal healthcare products, such as vaccines and drugs, can slow down the development and approval of new products, which can be a challenge for the growth of the animal healthcare market.
- Competition from counterfeit products: The animal healthcare market faces competition from counterfeit products, which can negatively impact the market by affecting the quality of care provided to animals and compromising their health.
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Animal Healthcare Market Recommendations
- Focus on developing and marketing cost-effective animal healthcare products and services: Companies should focus on developing and marketing cost-effective animal healthcare products and services to meet the needs of pet owners and farmers, especially in developing countries.
- Increase investment in research and development: Companies should increase their investment in research and development to develop new and innovative animal healthcare products and services.
- Expand their reach in developing countries: Companies should focus on expanding their reach in developing countries, where there is a growing demand for animal healthcare products and services.
- Collaborate with local partners: Companies should collaborate with local partners, such as veterinarians, animal welfare organizations, and government agencies, to increase awareness about animal healthcare and to improve access to veterinary care.
- Foster partnerships with academic institutions: Companies should foster partnerships with academic institutions to advance the development of animal healthcare products and services and to attract new talent to the industry.
- Implement quality control measures: Companies should implement strict quality control measures to ensure the quality of their animal healthcare products and services and to combat the proliferation of counterfeit products.
Animal Healthcare Market Future Trends
- Rising demand for preventive care: There will be a growing demand for preventive care, such as vaccinations and routine check-ups, as pet owners and farmers become more aware of the importance of preventive care in maintaining the health and well-being of their animals.
- Increasing adoption of telemedicine and telehealth: The adoption of telemedicine and telehealth is expected to increase, as pet owners and farmers seek convenient and accessible veterinary care.
- Growth of the veterinary pharmaceuticals market: The veterinary pharmaceuticals market is expected to grow, driven by the increasing demand for animal-derived food products and the growing awareness about animal health.
- Expansion of the animal healthcare market in developing countries: The animal healthcare market is expected to expand in developing countries, as pet ownership and demand for animal-derived food products increase and awareness about animal health grows.
- Growing demand for animal-specific products: There will be a growing demand for animal-specific products, such as specialized diets, supplements, and grooming products, as pet owners and farmers become more conscious of the health and well-being of their animals.
- Expansion of the veterinary services market: The veterinary services market is expected to expand, driven by the increasing demand for preventive care and the growth of the telemedicine and telehealth market.
- Increasing investment in research and development: Companies operating in the animal healthcare market are expected to increase their investment in research and development to develop new and innovative animal healthcare products and services.
Browse Market Data Tables and Figures spread through 145+ Pages and in-depth TOC on Animal Healthcare Market Forecast Report (2022-2028).
Future of Animal Healthcare Market by Vantage Market Research
The future of animal healthcare is expected to be positive, with a growing demand for animal healthcare products and services. The growing trend of pet ownership, especially in urban areas, is expected to drive the demand for animal healthcare products and services. The growing demand for animal-derived food products, such as meat, dairy, and eggs, is expected to drive the demand for animal healthcare products and services in the agriculture industry.
In the future, the animal healthcare market is expected to be driven by new and innovative animal healthcare products and services, and the increasing demand for cost-effective and high-quality animal healthcare solutions. The market is expected to grow at a moderate rate, with increasing investment in research and development, expanding reach in developing countries, and fostering partnerships with academic institutions being key trends in the market.
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Top 3 Companies in Animal Healthcare Market Profiles
1. Merck Animal Health is a subsidiary of Merck & Co., Inc., a global pharmaceutical company. Merck Animal Health is focused on providing innovative and high-quality animal healthcare solutions to veterinarians, farmers, and pet owners. The company offers a wide range of products, including pharmaceuticals, vaccines, parasiticides, and other animal health products.
Merck Animal Health operates globally and has a strong presence in North America, Europe, and Asia. The company is committed to improving animal health and welfare, and has a long history of investing in research and development to create new and innovative animal healthcare solutions.
Some of the key areas of focus for Merck Animal Health include cattle health, poultry health, swine health, and pet health. The company's portfolio of products and services includes solutions for the treatment and prevention of diseases, as well as products for enhancing animal performance and productivity.
Merck Animal Health is dedicated to improving the lives of animals, and is committed to providing high-quality animal healthcare products and services to its customers. The company's goal is to be a trusted partner in animal health, and to be a leader in the industry by providing innovative and effective animal healthcare solutions.
2. Ceva Santé Animale is a leading animal health company that provides a wide range of veterinary pharmaceuticals, vaccines, and other animal health products. The company was founded in 1999 and is headquartered in Libourne, France.
Ceva Santé Animale has a global presence, with operations in over 100 countries. The company is dedicated to improving the health and well-being of animals, and has a strong commitment to research and development, with a focus on creating innovative and effective animal health solutions.
Ceva Santé Animale offers a broad portfolio of products and services, including solutions for the treatment and prevention of diseases, as well as products for enhancing animal performance and productivity. The company's key areas of focus include poultry health, swine health, companion animal health, and equine health.
Ceva Santé Animale is committed to providing high-quality animal health products and services to its customers, and has a strong reputation for providing effective and innovative animal health solutions. The company's goal is to be a trusted partner in animal health and to be a leader in the industry by providing effective and innovative animal healthcare solutions.
3. Vetoquinol S.A. is a global animal health company that provides a wide range of veterinary pharmaceuticals, vaccines, and other animal health products. The company was founded in 1933 and is headquartered in Lure, France.
Vetoquinol has a strong presence in Europe, North America, and Asia, and is dedicated to improving the health and well-being of animals. The company has a strong commitment to research and development, and is focused on creating innovative and effective animal health solutions.
Vetoquinol offers a wide range of products and services, including solutions for the treatment and prevention of diseases, as well as products for enhancing animal performance and productivity. The company's key areas of focus include companion animal health, livestock health, and equine health.
Vetoquinol is committed to providing high-quality animal health products and services to its customers, and has a strong reputation for providing effective and innovative animal health solutions. The company's goal is to be a trusted partner in animal health, and to be a leader in the industry by providing effective and innovative animal healthcare solutions.
Animal Healthcare Market Recent Development
- February 2021: Merck Animal Health completed the acquisition of Poultry Sense Ltd. to expand its vertical in the poultry business and technology in health and environmental monitoring solutions.
- August 2021: Elanco Closes Acquisition of Kindred Biosciences With this acquisition, Elanco strengthens and accelerates its Innovation, Portfolio and Productivity (IPP) strategy and positions itself to bring solutions to veterinarians and animal owners in areas where medical treatment is lacking or underserved.
Animal Healthcare Market Regional Analysis
North America is expected to dominate the global animal healthcare market, due to the presence of a large number of pet owners and the growing demand for animal-derived food products in the region. The presence of a large number of animal healthcare companies and research institutions in the region is also expected to drive the growth of the animal healthcare market in North America.
Europe is also expected to be a significant market for animal healthcare, with a growing demand for animal healthcare products and services driven by increasing pet ownership and awareness about animal health in the region. The presence of a large number of animal healthcare companies and research institutions in Europe is also expected to drive the growth of the animal healthcare market in the region.
The Asia-Pacific region is expected to be a rapidly growing market for animal healthcare, driven by the increasing demand for animal-derived food products and the growing trend of pet ownership in the region. The presence of a large number of animal healthcare companies and research institutions in the region is also expected to drive the growth of the animal healthcare market in Asia-Pacific.
The Rest of the World region is expected to be a growing market for animal healthcare, driven by the increasing demand for animal-derived food products and the growing trend of pet ownership in the region. The presence of a large number of animal healthcare companies and research institutions in the region is also expected to drive the growth of the animal healthcare market in the Rest of the World.
In conclusion, the global animal healthcare market is expected to grow at a moderate rate, driven by the increasing demand for animal healthcare products and services in regions such as North America, Europe, and Asia-Pacific. The presence of a large number of animal healthcare companies and research institutions in these regions is expected to drive the growth of the animal healthcare market in the future.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 141.2 Billion |
| Revenue Forecast by 2028 | USD 181.7 Billion |
| CAGR | 4.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Merck Animal Health, Zoetis, Boehringer Ingelheim GmbH, Ceva Sante Animale, Vetoquinol S.A., Elanco, IDEXX, Covetrus, Heska Corporation, DRE Veterinary, Mars Inc. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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