Animal Healthcare Market – By Product (Pharmaceuticals {Drugs, Vaccines, Medicated Feed Additives}, Medical Devices, Veterinary Services), Animal Type (Livestock, Companion), Distribution Channel – Global Forecast 2024 – 2032

Animal Healthcare Market Size

Animal Healthcare Market size was valued at USD 186.1 billion in 2023 and is expected to witness growth at CAGR of 6% from 2024 and 2032. One of the primary drivers is the increasing pet ownership rates leading to higher spending on their healthcare. For instance, as per the World Animal Foundation, almost 373 million cats and 471 dogs are owned as pets worldwide.
 

Additionally, the rise in zoonotic diseases and the growing awareness of the importance of animal health are driving the demand for preventive healthcare products and services. Furthermore, the increasing prevalence of chronic diseases in animals, such as obesity, diabetes, and cancer, is boosting the demand for advanced veterinary diagnostics and therapeutics. For instance, as per the American Veterinary Medical Association (AVMA), cancer in pets is a significant concern, with approximately 1 in 4 dogs developing neoplasia at some point in their lives, and almost half of dogs over the age of 10 developing cancer.
 

Moreover, technological advancements in veterinary medicine, such as telemedicine, wearable devices, and advanced imaging techniques, are enhancing the quality of care provided to animals, driving market growth. Lastly, the growing focus on food safety and the increasing adoption of animal-derived products, such as meat, milk, and eggs, are also fueling the demand for animal healthcare products and services to ensure the health and welfare of livestock.
 

Animal healthcare refers to the medical field that focuses on maintaining and promoting animal health, well-being, and welfare. It includes a variety of practices and services that aims in preventing, diagnosing, treating, and managing animal diseases, injuries, and other medical conditions in wide range of animal species, such as companion animals, livestock, and other wild animals. The main objective of animal healthcare is to improve the quality of life for animals, encourage their longevity, prevent the spread of diseases, and protect public health.
 

Animal Healthcare Market Trends

• The growing population of pet animals is a significant driver contributing to the market growth. As more people welcome pets into their families, the demand for veterinary services, including diagnostics, treatments, and preventive care, has surged. This trend is particularly noticeable in urban areas, where lifestyles are conducive to pet ownership.
   
• Additionally, during the COVID-19 lockdown and stringent social distancing measures, many individuals experienced loneliness and anxiety, leading them to seek companionship.
   
• According to the Pet Population Survey conducted by the Canadian Animal Health Institute (CAHI), more than half of Canadian households (around 60%) own at least one dog or cat. Further, the elderly population has been largely adopting small animals for companionship.
   
• Also, the increasing usage of pets in ad campaigns and films has augmented pet adoption among the overall population. The benefits that companion animals offers including the emotional support, companionship, and improvement in physical and mental health are significantly rising the adoption of companion animals and ultimately increasing the demand for animal healthcare.
   

Animal Healthcare Market Analysis

Based on product, the market is segmented into pharmaceuticals, medical devices, and veterinary services. In 2023, veterinary services segment accounted for highest market share of 75.9% in market.
 

• Veterinary services include various healthcare aspects including preventive care, diagnostics, treatments, surgeries, dental care, and emergency services. Apart from healthcare services, it also includes grooming and day-care services. Rising prevalence of zoonotic diseases and the need for preventive healthcare measures in livestock to ensure food safety contribute to the segment's growth.
   
• The advancements in veterinary healthcare technologies and the availability of a wide range of veterinary services, including diagnostics, surgeries, and preventive care, further boost the market share of the veterinary services segment.
   
• Moreover, as the focus on animal welfare and health continues to increase, the veterinary services segment is expected to maintain its high market share in the market.
   

Based on animal type, the animal healthcare market is classified into companion animals and livestock animals. The companion animals segment held the highest revenue of USD 113.2 billion in 2023 and is expected to witness a notable growth during the forecast time. The companion animals’ segment is sub-segmented into dogs, cats, horses, and other companion animals.
 

• This segment's prominence is driven by the growing trend of pet humanization, where pets are increasingly considered as family members, leading to higher spending on their healthcare needs.
   
• Additionally, factors such as increasing pet ownership, rising disposable incomes, and advancements in veterinary healthcare services are contributing to the segment's growth.
   
• The companion animal segment is characterized by a strong demand for preventive healthcare products, pharmaceuticals, and diagnostic services, making it a key focus area for companies operating in the market.
   

Based on distribution channel, the animal healthcare market is bifurcated into veterinary hospital pharmacy, E-commerce, and retail pharmacy. In 2023, the veterinary hospital pharmacies segment dominated the market and is expected to grow at CAGR of 5.9% from 2024 to 2032.
 

• These pharmacies play a crucial role in providing specialized medications and pharmaceutical products tailored to the needs of veterinary patients. They offer a wide range of medications, including antibiotics, vaccines, and prescription drugs, as well as veterinary-specific formulations that may not be readily available in other retail settings.
   
• Additionally, veterinary hospital pharmacies often provide personalized services, such as dosage adjustments and medication compounding, to meet the unique requirements of individual animals.
   
• Their close association with veterinary clinics and hospitals also contributes to their high market share, as they are often the primary source of medications for veterinary professionals managing the health and wellness of animals.
   

North America held the largest market share of 38.9% in 2023, and it is anticipated to expand at a 5.5% CAGR over the forecast period.
 

• The region's strong market share can be attributed to its well-established veterinary healthcare infrastructure, increasing pet adoption rates, high population of livestock, and a growing focus on animal health and wellness.
   
• Additionally, a rise in disposable income levels has led to increased spending on pet healthcare products and services, further driving market growth. The presence of key market players and ongoing technological advancements in veterinary diagnostics and therapeutics also contribute to North America's high market share in the animal healthcare industry.
   

The U.S. animal healthcare market in 2023 was valued at USD 67.2 billion and is anticipated to reach USD 108.9 billion by 2032 with 5.3% CAGR.

• High market share can be attributed to high pet ownership rates, with a substantial portion of households owning at least one pet. For instance, as per the American Veterinary Medical Association (AVMA), In the U.S., 44.6% of households own dogs, 26% own cats, 2.5% own birds, and 0.2% own horses.
   
• This large pet population necessitates regular veterinary care, including preventive treatments, diagnostics, and surgeries, boosting the demand for animal healthcare products and services.
   

China animal healthcare holds immense potential for growth in the animal healthcare market due to several key factors.
 

• One of the primary drivers is the country’s rapidly expanding population, leading to increased demand for animal protein products such as meat, milk, and eggs. This growth in demand for animal protein is driving the need for better animal health management practices, including the use of veterinary medicines and vaccines. Additionally, rising disposable incomes in China are enabling pet owners to spend more on their pets' healthcare, further boosting the market.
   

India is anticipated to grow in global animal healthcare market.
 

• Government initiatives and investments in the animal healthcare sector are also contributing to the India’s growth potential. The country is focusing on improving animal health to enhance food security and safety, as well as to comply with international standards and regulations. These efforts are expected to drive the adoption of advanced veterinary medicines and technologies, further fueling market growth.
   

Animal Healthcare Market Share

The animal healthcare industry is highly competitive and consists of several major players, including Zoetis Inc., Elanco Animal Health, Merck & Co., Inc., IDEXX Laboratories Inc. and Boehringer Ingelheim International GmbH, to name a few. These companies provide a wide range of products and services for both companion animals and livestock including medications, vaccinations, diagnostics, and feed additives.
 

Animal Healthcare Market Companies

Prominent players operating in the animal healthcare industry include:

• B. Braun Vet Care (B Braun Melsungen AG)
• Boehringer Ingelheim International GmbH
• Ceva Sante Animale
• Dechra Pharmaceuticals
• Elanco Animal Health
• Endovac Animal Health
• HIPRA
• IDEXX Laboratories, Inc.
• Medtronic plc
• Merck & Co, Inc.
• Neogen Corporation
• Sklar Surgical Instruments
• Symrise
• Vetoquinol SA
• Virbac SA
• Zoetis, Inc.
   

Animal Healthcare Industry News:

• In December 2023, Neogen Corporation partnered with the Cat Fanciers' Association (CFA), a renowned authority in feline advocacy. This collaboration focuses on enhancing genomic products for CFA members, promoting My CatScan DNA testing services through marketing, education, and promotion, driving innovation and awareness in feline genetics.
   
• In November 2023, Merck Animal Health obtained approval from the European Commission for BOVILIS CRYPTIUM, marking the first EU-licensed vaccine designed to safeguard cattle against Cryptosporidium parvum (C. parvum) infection. This significant approval featured the Merck's continual focus on advancing animal health and welfare while addressing critical industry needs.
   

The animal healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 – 2032 for the following segments:

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Market, By Product

• Pharmaceuticals
  • Drugs
    • Antiparasitic
    • Anti-inflammatory
    • Anti-infectives
    • Other drugs
  • Vaccines
    • Modified live vaccines (MLV)
    • Killed inactivated vaccines
    • Other vaccines
  • Medicated feed additives
    • Antibiotics
    • Vitamins
    • Amino acids
    • Enzymes
    • Antioxidants
    • Prebiotics and probiotics
    • Minerals
    • Other medicated feed additives
• Medical devices
  • Veterinary diagnostic equipment
  • Veterinary anesthesia equipment
  • Veterinary patient monitoring equipment
  • Veterinary surgical equipment
  • Veterinary consumables
  • Other medical devices
• Veterinary services

Market, By Animal Type

• Companion animals
  • Dogs
  • Cats
  • Horses
  • Other companion animals
• Livestock animals
  • Poultry
  • Swine
  • Cattle
  • Fish
  • Other livestock animals

Market, By Distribution Channel

• Veterinary hospital pharmacy
• E-commerce
• Retail pharmacy

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • GCC Countries
  • Israel
  • Rest of Middle East and Africa