Animal Healthcare Market Growth Accelerated by Increasing Pet Ownership

 


Animal healthcare products such as veterinary medicines, vaccines, and feed additives play a pivotal role in protecting livestock and companion animals from various infectious and non-infectious diseases. These products help improve the overall health, safety, and wellbeing of animals. Increase in pet ownership over the years along with growing awareness about animal welfare have heightened the demand for animal healthcare products globally. The global Animal Healthcare Market is estimated to be valued at US$ 53.22 billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
Increasing pet ownership is one of the major trends accelerating the growth of the global animal healthcare market. According to the American Pet Products Association, in 2022, approximately 70.6 million American households own a pet, indicating a rise of more than 3 million pet-owning households in the last two years alone. The growing humanization of pets and widespread perception of pets as companions rather than merely animals are boosting pet adoption. As owners are becoming more aware of pet wellness and preventive care to reduce veterinary costs, the demand for animal healthcare and feed additives is growing for companion animals segment especially dogs and cats. This increasing pet ownership coupled with higher spending on pet healthcare is expected to drive the animal healthcare market over the forecast period.

Segment Analysis
The global animal healthcare market is segmented based on product, animal type, end-use and region. Based on product, the market is segregated into pharmaceuticals, vaccines, feed additives, medical devices. Among these, the pharmaceuticals segment holds the largest share in the market owing to its wide application in preventing and treating various animal diseases. Based on animal type, the market is classified into production animals and companion animals. The production animals segment dominates the market due to the increasing demand for animal-derived food products. Based on end-use, the market is categorized into reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and others. Veterinary hospitals & clinics are widely preferred by pet owners due to the advanced care provided at these facilities.

Key Takeaways
The global animal healthcare market is expected to witness high growth over the forecast period owing to rising population of companion animals and increasing demand for livestock-derived food products across the world.

Regional analysis: North America dominates the global animal healthcare market and is expected to continue its dominance during the forecast period. This is attributed to high pet care expenditures and advanced animal healthcare facilities in the region. Asia Pacific is projected to be the fastest growing market owing to growing expenditure on animal healthcare, rising awareness about zoonotic diseases, and increasing adoption of pets in countries like China and India.

Key players: Key players operating in the animal healthcare market are Zoetis, Merck, Elanco, Bayer, Boehringer Ingelheim, Ceva Santé Animale, Vetoquinol, Virbac, Intas Pharmaceuticals, and Dechra Pharmaceuticals. Zoetis leads the market owing to its wide portfolio of vaccines, medicines and diagnostics for pets, livestock and horses. Elanco focuses on protein pet foods and antibiotics for livestock.

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