The animal healthcare market comprises a wide range of veterinary medicines, vaccines, drug delivery systems, medical devices, and essential products that are used to prevent or treat animal diseases globally. These products provide necessary veterinary care for pet animals, livestock, and other animals across various species to maintain their overall health. Advances in animal medicine and growing awareness about animal welfare in several regions have enhanced animal health monitoring and treatment practices.
The global Animal Healthcare Market is estimated to be valued at US$ 53.22 Bn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing pet humanization is one of the major trends fueling the animal healthcare market growth. Pet humanization refers to the growing emotional attachment between pet owners and their companion animals. Pet owners are increasingly treating pets as part of their family and are willing to spend more on pet care and well-being. According to the American Pet Products Association (APPA), U.S. pet owners spent over $99 billion on vet care, supplies, food, grooming, and boarding their furry companions in 2020. This demonstrates high amounts spent on animal healthcare to maintain the health of companion pets. The trend of pet humanization is further expected to boost the demand for animal therapeutics, veterinary care, and various other animal care products during the forecast period.
SWOT Analysis
Strength: The animal healthcare market has strong demand due to rising concerns towards animal health and growing pet humanization. Owners spend significant amounts to provide their pets quality healthcare.
Weakness: The market depends on regulations and reimbursements from government bodies which varies across regions. Stringent regulations delay product approvals and limit growth opportunities.
Opportunity: Growth potential exists in developing economies due to rising pet adoption and increasing per capita animal healthcare expenditure. Increasing awareness about zoonotic diseases also drives demand.
Threats: Low penetration in rural areas remains a challenge. Alternative treatment forms like homeopathy pose competition. Economic slowdowns impact spending on animal healthcare.
Key Takeaways
The global animal healthcare market is expected to witness high growth in the forecast period due to growing pet adoption, urbanization and increasing awareness.
North America dominates currently due to strong demand for pet insurance and growing per capita animal healthcare spending in the region.
Key players operating in the animal healthcare are Bayer AG, Boehringer Ingelheim, Eli Lilly and Company, Merck & Co., Inc., Zoetis.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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