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Animal Healthcare Market Size

Report ID: GMI735
Published Date: Aug 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Animal Healthcare Market Size in 2023:	USD 186.1 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	6%
2024 – 2032 Value Projection:	USD 321.9 Billion
Historical Data for:	2018 – 2023
No. of Pages:	235
Tables, Charts & Figures:	641
Segments covered:	Product, Animal Type, Distribution Channel, and Region.
Growth Drivers:	Increasing pet adoption for companionship Increasing support offered by government and public organizations for animal care Growing demand for online veterinary pharmacies Increase in animal healthcare expenditure
Pitfalls & Challenges:	High cost associated with animal healthcare drugs Low out of pocket expenditure on pet healthcare in developing countries

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The animal healthcare industry was valued at USD 186.1 billion in 2023 and is expected to witness a CAGR of 6% through 2032, due to the increasing pet ownership rates leading to higher spending on their healthcare.

In 2023, veterinary services segment accounted for highest share of 75.9% in market, backed by the focus on animal welfare and health, and advancements in veterinary healthcare technologies.

North America held the largest market share of 38.9% in 2023 and is anticipated to expand at a 5.5% CAGR through 2032, attributed to well-established veterinary healthcare infrastructure, increasing pet adoption rates, and high population of livestock.

Elanco Animal Health, Endovac Animal Health, HIPRA, IDEXX Laboratories, Inc., Medtronic plc, Merck & Co, Inc., Neogen Corporation, and Sklar Surgical Instruments among others.