PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397125
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397125
Animal Health Market size was valued at USD 56,210 Million in 2022, expanding at a CAGR of 8.5% from 2023 to 2030.
The well-being and appropriate operation of animals, both domestic and wild, are referred to as animal health. It emphasizes the general health and quality of life of animals by including their behavioral, mental, and physical characteristics. A variety of steps must be taken to ensure the health of animals, including preventative care, prompt vaccines, proper diet, and routine veterinarian treatment.
Preventive healthcare measures for livestock and companion animals are becoming increasingly important in the animal health business. Both animal husbandry and pet owners understand the value of early diagnosis and proactive management of health problems to enhance overall animal wellbeing and lower the risk of disease. Vaccinations, individualized health management programs, and routine veterinarian examinations are becoming standard. The goal of improving animal welfare and reducing the financial damage caused by disease outbreaks in livestock production is driving this movement. Vaccines, parasiticides, and nutritional supplements are among the preventative animal health products that are in greater demand as a result.
The Global Animal Health Market is segmented based on Animal Type, Product, Distribution Channel, End User and Region.
Based on the animal type, the global Animal Health market is divided into Production Animals and Companion Animals. The Companion Animals segment is expected to dominate the market during the forecast period. The animal health industry has expanded as a result of the worldwide trend of rising pet ownership, which is being fueled by variables including urbanization, shifting lifestyles, and a greater understanding of the health advantages of having a companion animal.
Based on the product, the market is segmented into Pharmaceuticals, Vaccines, Diagnostics and Feed Additives. The Pharmaceutical segment is expected to grow at a rapid rate over the forecast period. Pharmaceuticals for animal health comprise therapeutic drugs that are used to treat a range of ailments and diseases in animals. These drugs may be used to treat parasite infestations, infections, metabolic problems, and other medical conditions. Thus, the growing chronic disease in animals drives the pharmaceutical segment.
Based on the distribution channel, the industry is bifurcated into Veterinary Hospitals & Clinics, Retail and E-commerce. The E-commerce segment is expected to grow at the highest CAGR during the forecast period. Animal health-focused e-commerce sites provide a broad range of goods, such as prescription drugs, pet food, nutritional supplements, grooming items, and veterinary equipment. For both veterinarians and pet owners, these systems provide a handy one-stop shop.
Based on the end user, the global market is categorized into Veterinary Hospitals & Clinics, Reference Laboratories, Point-of-care Testing/In-house Testing and Others. The Point-of-care Testing/In-house Testing segment is expected to lead the market during the forecast period. Veterinarians may swiftly get diagnostic data from point-of-care testing, facilitating prompt evaluation and rapid treatment decisions. This is especially critical in emergency scenarios or when an expedient diagnosis is essential to the animal's survival.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the projected period. This is explained by the extensive array of decisive actions taken by the government and animal welfare groups, which continuously strive to improve the general state of animal health. Additionally, the market is anticipated to rise as a result of advances in animal diagnostic technology, an increase in zoonotic illness cases, and growing pet owner awareness. It is expected that several joint initiatives by large corporations to improve their R&D capacities and guarantee high standards would further stimulate demand in this area. Furthermore, the high rate of illness in the area is another factor contributing to North America's leading market share.
To maintain competitiveness, the market participants engage in strategic alliances, geographical expansions, and the introduction of new products. To get a competitive advantage, well-established businesses and major corporations are investing in the purchase of other market participants. Furthermore, the growing product approval provided a potential opportunity for the market participants.
In January 2022, the U.S. Food and Drug Administration (FDA) approved a new label indication for SimparicaTrio (chewable tablets containing sarolaner, moxidectin, and pyrantel) that aims to prevent Borrelia burgdorferi infections by directly eliminating Ixodes scapularis vector ticks, also known as black-legged or deer ticks. This announcement was made by Zoetis. Dogs eight weeks of age and older are permitted to use SimparicaTrio.