Global Study on Animal Health Market Size & Share Projected to Reach USD 149.02 Billion By 2032, with 10.5% CAGR growth: Polaris Market Research

New York, NY, Feb. 13, 2024 (GLOBE NEWSWIRE) — The latest research report [115+] pages with 360-degree visibility, titled “Animal Health Market Share, Size, Trends, Industry Analysis Report, By Animal Type (Production Animals, Companion Animals); By Product; By Distribution Channel; By End-Use; By Region; Segment Forecast, 2024- 2023″ published by Polaris Market Research in its research repository.

The global animal health market size and share is currently valued at USD 60.72 billion in 2023. It is anticipated to generate an estimated revenue of USD 149.02 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 10.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.

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Market Definition

  • What is Animal Health? How Big is Animal Health Market Size & Share?

Animal diseases have growingly become an issue, specifically those that have the probability to expand covering frontiers or from animals to humans. Not only do they terminate the animals and intimidate public health, but they also possess a grave domino impact by restricting the trade of the animal or food from animal genesis and of the genetic animal substance and by circumventing their breeding. This head-on impacts food security, particularly in rural means. The rapidly rising demand for animal health market can be attributed to the advancement and acquisition of nuclear-dependent techniques for maximizing animal health management applications that assist augment animal production and maximize the usage of natural resources.

Animal health market growth can be attributed to it being a condition of comfort and maximal performance of animals in case they are subjugated or wild. It encloses the physical, mental, and discernible proportions of animals, highlighting the holistic health and standard of life. Protecting animal health needs the execution of multiple estimates involving inhibitory healthcare, timely vaccinations, appropriate nutrition, and congruous veterinary observation. Constructive management of animal health is important for the discrete comfort of animals and for warding off and handling the conveyance of illnesses that can impact both the animal and human factions.

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Animal Health Market’s Key Companies

  • Boehringer Ingelheim Gmbh
  • Ceva Santé Animale
  • Dechra Pharmaceuticals Plc
  • Elanco
  • Idexx Laboratories, Inc.
  • Mars Inc.
  • Merck & Co., Inc.
  • Vetoquinol S.A.
  • Virbac
  • Zoetis

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Key Highlights

  • Constructive management of animal health is important for the discrete comfort of animals and for warding off and handling the conveyance of illnesses that can impact both the animal and human faction, which is pushing the market expansion.
  • The animal health market segmentation is primarily based on animal type, product, distribution channel, end-use, and region.
  • North America dominated the market in 2023

Market Developments

  • Growth Drivers:

Increase in zoonotic illnesses: The upswing in zoonotic illnesses is expected ‘to push the veterinary healthcare market. The animal health market size is expanding due to the growing movement of acquiring pets for togetherness is causing an escalated subjection to illnesses conveyed by animals globally. The enhanced consciousness of deterrent estimates and the dilating array of obtainable treatment alternatives are anticipated to push the demand for animal care commodities in the forecast period.

Animals as test subjects: As stated by the Centre for Disease Control (CDC), innumerable Americans become sick each year because of the diseases disseminated by animals. Animals play an important part in progressing healthcare commodity advancement by assisting with test concerns for drug and medical gadget testing. The animal health market sales are soaring as the usage of animals in drug detection is important, as research on several genetic and detrimental human illnesses cannot morally be carried out straight on humans. In the US alone, several mice and monkeys are yearly engaged as test concerns in research laboratories.

  • Industry Trends:

Increasing pet possession: The escalating requirement for animal protein and the growing pervasiveness of pet possession are anticipated to drive market growth in the forecast period. Further, the enhanced consciousness of zoonotic illnesses and the acquisition of the One Health view the notable obstructive care and disease handling in animals. As an answer to industry trends, sizeable funding in research and development for inventive and important animal health solving is subscribing affirmatively to animal health market expansion.

Biological research: Animals play an important part as replicas in biological research, especially in fields such as genetics and drug testing. In the animal health market, the growing consciousness of animal illnesses, growingly strict directives, and increasing stress on prohibiting illnesses stemming from animal outbreaks are expected to push the demand for animal healthcare commodities, causing escalating market growth covering all regions.

  • Restraints

Strict monitoring by government services: The market is impacted by a plethora of directives. The advancement and making of medicines experience stringent monitoring by government services such as the FDA, although directives for veterinary diagnostics and alternate commodities are moderately more sparing. The procedure for administrative permission can be intricate and wearisome generating entry barricades for contemporary firms. This frequently causes entrenched players to influence a notable share of the market to capitalize on their resources and experience to traverse administrative bottlenecks productively. Stringent government directives on the compliance of animal drugs are anticipated to curtail market growth.

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Segmentation Overview

  • The Pharmaceutical Segment Witnessed a Sharp Rise

Based on product, the pharmaceutical segment witnessed a sharp rise. The animal health market demand is on the rise as the pharmaceuticals involving vaccines and medicines play an important role in prohibiting and curing several illnesses in animals. They are necessary for sustaining the health and comfort of both consort and livestock animals. Pharmaceutical firms frequently offer extensive healthcare solutions involving antibiotics, vaccines, and alternate therapeutic medicines. This extensive viewpoint implores veterinarians, livestock farmers, and pet owners to integrate the market share for pharmaceuticals.

  • The Veterinary Hospitals & Clinics Segment Dominated the Market

Based on end use, the veterinary hospitals & clinics segment dominated the market. The animal health market trends include the growing movement of pet possession that has caused an upswing in demand for veterinary services. Pet owners are growing up looking for healthcare services for their animals involving customary assessment, vaccinations, and cures of diseases. It increased consciousness of pet health bring about the development of veterinary hospitals & clinics.

Animal Health Market: Report Scope & Dynamics

Report Attribute Details
Revenue Forecast in 2032 USD 149.02 Billion
Market size value in 2024 USD 66.97 Billion
Expected CAGR Growth 10.5% from 2024 – 2032
Base Year 2023
Forecast Year 2024 – 2032
Top Market Players Boehringer Ingelheim Gmbh, Ceva Santé Animale, Dechra Pharmaceuticals Plc, Elanco, Idexx Laboratories, Inc., Mars Inc, etc, among others
Segments Covered By Animal Type, By Product, By Distribution Channel, By End-Use, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Browse Detail Press Release: Animal Health Market Size Worth $ 149.02 Billion By 2032 | CAGR: 10.5%

Regional Insights

North America: This region held the largest animal health market share due to it exhibiting escalated probabilities of pet ownership with an extensive population of family circles retaining consort animals such as cats, dogs, and other pets. The strong pet possession culture pushes demand for several animal health commodities and services involving veterinary care, medicines, and pet fitness commodities. Pet owners are more bent on seeking veterinary care, prohibitive measures, and standard nourishment for their animals, causing market growth.

Asia Pacific: This region is anticipated to grow at the speediest CAGR due to nations such as China, Japan, and India demonstrating assorted levels of economic advancement because of the growing existence of biopharmaceutical firms devoted to progressing animal health and overhauling the drug detection procedure. The growing population has caused the intake of dairy products such as meat and eggs. It portrays the growing demand for animals and their production.

Browse the Detail Report “Animal Health Market Share, Size, Trends, Industry Analysis Report, By Animal Type (Production Animals, Companion Animals); By Product; By Distribution Channel; By End-Use; By Region; Segment Forecast, 2024- 2023” with in-depth TOC:  https://www.polarismarketresearch.com/industry-analysis/animal-health-market  

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Key Questions Addressed in the Report:

  • What is the study period of the animal health market?

Ans: The study period of the market is 2024-2032

  • What is the CAGR expected to be recorded for the market?

Ans: The CAGR expected to be recorded for the market is 10.5%.

  • Which region holds the largest market share?

Ans: North America holds the largest market share.

  • Which segments are covered by the report?

Ans: The segments covered in the report are animal type, product, distribution channel, end-use, and region.

Polaris Market Research has segmented the animal health market report based on animal type, product, distribution channel, end-use, and region

By Animal Type Outlook

  • Production Animals
    • Goat
    • Sheep
    • Cattle
    • Poultry
  • Companion animals
    • Dogs
    • Cat
    • Horse
    • Others

By Product Outlook

  • Biologics
    • Vaccines
      • Inactivated (Killed)
      • Modified/ Attenuated Live
      • Other Vaccines
    • Other Biologics
  • Pharmaceuticals
    • Anti-inflammatory
    • Anti-infectives
    • Parasiticides
    • Analgesics
    • Others
  • Diagnostics
    • Consumables, reagents, and kits
    • Instruments and devices
  • Medicinal Feed Additives
  • Equipment & Disposables
    • Anaesthesia Equipment
    • Critical Care Consumables
    • Patient Monitoring Equipment
    • Rescue & Resuscitation Equipment
    • Fluid Management Equipment
    • Temperature Management Equipment
    • Research Equipment
  • Others
    • Veterinary Telehealth
    • Veterinary Software
    • Livestock Monitoring

By Distribution Channel Outlook

  • Retail
  • E-commerce
  • Hospital/ Clinic Pharmacy

By End Use Outlook

  • Point-of-care Testing/In-house Testing
  • Veterinary Hospitals & Clinics
  • Others

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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