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Animal Healthcare Market Trends

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

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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.

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.