Dublin, May 30, 2024 (GLOBE NEWSWIRE) -- The "Global Artificial Intelligence In Animal Health Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence (AI) in animal health market accounted for USD 1.18 billion in 2023 and is expected to reach at USD 8.07 billion by 2034 with a CAGR of 19.10% during the forecast period 2024-2034.
Increasing utilization of AI in animal healthcare, rise in AI-driven solutions, greater spending on animal welfare, growing demand to enhance health outcomes for animals, increased digitalization in the veterinary sector, surge in adoption of technological innovations, rising collaborations among industry players, growing research & development activities into new AI applications in veterinary care, and surge in introduction of innovative AI platforms tailored for animal health are some of the key factors boosting the market growth.
The use of advanced computational techniques such as machine learning and data analysis in animal health is known as the artificial intelligence in animal health market. These methods enhance the diagnosis, treatment, and monitoring of animal well-being, leading to better results, cost savings, and environmentally friendly agricultural practices. This market is rapidly advancing due to increased demand for data-driven insights and innovative solutions in both the veterinary and agricultural fields. For instance, in March 2023, Zoetis enhanced its AI-powered Vetscan Imagyst diagnostics platform by introducing new features including an AI dermatology application and AI analysis for equine Fecal Egg Count (FEC).
By animal type, companion animal was the highest revenue-grossing segment in the global artificial intelligence (AI) in animal health market in 2023 owing to the rising accessibility of AI-powered pet health solutions, increasing expenditure on pets, and growing trend of humanizing pets. Additionally, production animal is predicted to grow at the fastest CAGR during the forecast period owing to the rising desire for animal protein, including meat & dairy products driven by population growth & evolving dietary preferences, growing recognition & adoption of precision livestock farming solutions, and rising launch of innovative platforms. For instance, in May 2023, MYANIML has integrated geolocation technology into its AI-driven predictive health platform, with the objective of improving the security of the beef and dairy supply chain.
By solution, hardware was the highest revenue-grossing segment in the global artificial intelligence (AI) in animal health market in 2023 owing to the increasing advancements in hardware technologies such as imaging devices & wearables, growing demand for durable, dependable, & seamlessly integrated hardware solutions, and rising collaborations among market players. Additionally, software & services is predicted to grow at the fastest CAGR during the forecast period owing to the progress in software technologies such as sensors, computer vision, & deep learning is on the rise, and increasing introduction of advanced solutions. For instance, in January 2022, OneCup AI provides BETSY, an automated precision ranching solution designed for cattle, horses, and sheep, utilizing Artificial Intelligence and Computer Vision technologies.
By application, diagnostics was the highest revenue-grossing segment in the global artificial intelligence (AI) in animal health market in 2023 owing to the rising integration of AI into veterinary diagnostics, growing necessity to enhance diagnostic capabilities in animal health, and increasing number of AI-powered diagnostic solutions being introduced. For instance, in January 2024, SignalPET, a veterinary radiology firm, has introduced SignalSTAT, a novel product that combines state-of-the-art AI technology with human expertise to provide pets with prompt and comprehensive care. Additionally, others is predicted to grow at the fastest CAGR during the forecast period owing to the expanding utilization of AI in animal health spans across various domains such as drug discovery, precision medicine, & more. This broad category encompasses diverse applications such as genetic analysis, monitoring reproductive health, & predicting behavior, among others. These flexible AI solutions address a multitude of requirements within the animal health sector, rendering them highly adaptable to different situations.
North America is anticipated for the highest revenue share during the forecast period owing to the increasing focus on animal welfare, rising incorporation of AI in veterinary diagnostics, surge in the development of advanced veterinary healthcare facilities, and growing introduction of diagnostic testing solutions. For instance, in April 2022, Zoetis improved its Vetscan Imagyst services by introducing artificial intelligence (AI) blood smear testing, assisting veterinarians in accurately diagnosing pets with hematologic abnormalities. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rise in the animal population, growing inclination towards adopting state-of-the-art technologies, and increasing partnerships among industry leaders to introduce novel services. For instance, in January 2024, SK Telecom Co. of South Korea has partnered with the US veterinary diagnostic radiology company Vetology to introduce its AI pet diagnostic assistant service, X Caliber, in the United States. X Caliber, initially introduced in South Korea in September 2022, employs AI to support veterinarians in diagnosing diseases by analyzing X-ray images of pets.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Animal Type, Solution, and Application
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of Top 10+ Major Market Players
Key Topics Covered
1. Research Methodology
2. Introduction
2.1. Market Definition
2.2. Global Artificial Intelligence (AI) In Animal Health Market Overview
3. Executive Summary
4. Market Environment Analysis
4.1. Porter's 5 Forces Analysis
4.2. PESTEL Analysis
4.3. SWOT Analysis
5. Market Dynamics
5.1. Drivers Analysis
5.2. Restraints Analysis
5.3. Opportunities Analysis
5.4. Threats Analysis
5.5. Trend Analysis
6. COVID-19 Impact Analysis
7. Artificial Intelligence (AI) In Animal Health Market: Animal Type Estimates & Trend Analysis
7.1. Animal Type Segment Opportunity Analysis
7.2. Production Animals
7.3. Companion Animals
8. Artificial Intelligence (AI) In Animal Health Market: Solution Estimates & Trend Analysis
8.1. Solution Segment Opportunity Analysis
8.2. Software & Services
8.3. Hardware
9. Artificial Intelligence (AI) In Animal Health Market: Application Estimates & Trend Analysis
9.1. Application Segment Opportunity Analysis
9.2. Identification, Tracking, & Monitoring
9.3. Diagnostics
9.4. Others
10. Regional Market Analysis
10.1. Regional Market Opportunity Analysis
11. North America Artificial Intelligence (AI) In Animal Health Market
12. Europe Global Artificial Intelligence (AI) In Animal Health Market
13. Asia Pacific Global Artificial Intelligence (AI) In Animal Health Market
14. Latin America Global Artificial Intelligence (AI) In Animal Health Market
15. MEA Global Artificial Intelligence (AI) In Animal Health Market
16. Competitor Analysis
16.1. Company Market Share Analysis, 2023
16.2. Major Recent Developments
17. Company Profiles
17.1. Antelliq Corporation
17.2. SignalPET
17.3. Zoetis Services LLC
17.4. VCA Animal Hospitals
17.5. Merck & Co. Inc.
17.6. IDEXX Laboratories, Inc.
17.7. AniCura
17.8. Vetology LLC
17.9. Mindray
17.10. Heska Corporation
17.11. Evidensia
17.12. OneCup AI
17.13. Agria Pet Insurance
17.14. ImpriMed, Inc.
17.15. PetPace
17.16. Petriage
17.17. VioVet
17.18. VetCT
17.19. Other Prominent Players
18. Conclusion
19. Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/w05wdz
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