Animal Healthcare Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, by Animal Type, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024-2033

Key Market Dynamics

The increasing number of households with pets and the trend of treating pets as family members drive demand for higher-quality veterinary care and specialized products. This trend boosts growth in companion animal healthcare, with pet owners seeking advanced treatments, premium pet food, and other high-end services. As the global demand for meat, dairy, and other animal-based products rises, livestock producers seek efficient ways to manage animal health. This creates a steady demand for vaccines, medications, feed additives, and other products that improve animal health and productivity. Innovations in veterinary technology, such as digital imaging, telemedicine, wearable health monitors, and advanced diagnostic tools, contribute to the growth of the animal healthcare market size. These technologies improve the efficiency and accuracy of veterinary services, enabling more effective care and treatment. All these factors are anticipated to drive the animal healthcare market growth. 

Advanced veterinary treatments, medications, and procedures can be costly, potentially limiting access to high-quality care for some pet owners and livestock producers. The high costs can also lead to economic disparities in accessing animal healthcare services. The animal healthcare market is subject to stringent regulations that vary by country and region. Compliance with these regulations can be complex and costly, particularly for multinational companies. Regulatory approvals for new products, such as vaccines and medications, can also be time-consuming and expensive. All these factors are anticipated to restraint the animal healthcare market share.

Innovations in technology, such as telemedicine, wearable health devices, and AI-based diagnostics, offer opportunities to enhance animal healthcare. These technologies can improve access to veterinary services, streamline diagnostic processes, and enable remote monitoring of animal health. The growing trend of pet ownership and the humanization of pets create a robust market for premium veterinary care, specialized treatments, and high-quality pet products. Companies can capitalize on this trend by offering unique products and services that cater to pet owners who view their pets as family members. The rise in pet ownership, particularly in emerging animal healthcare market share, opens up new opportunities for companion animal care. This includes services such as grooming, pet insurance, and pet-friendly facilities. Companies can tap into this market by offering tailored services for pets and their owners.

Patent Analysis of Global Animal Healthcare Market

The invention, titled SAHMT: IoT and Deep Learning-Based Non-Invasive Zoo Animal Healthcare Tunnel Model, was published on August 11, 2023. It presents a groundbreaking approach to non-invasively monitor and manage the health of zoo animals. Developed by Integral University, this Smart Animal Health Monitoring Tunnel (SAHMT) model integrates a sophisticated system for data collection, analysis, and remote monitoring, eliminating the need for invasive procedures. Through a network of non-invasive sensors, cameras, and tracking devices, the model gathers crucial health data such as body temperature, heart rate, respiration rate, activity levels, feeding patterns, and behavioral observations. Machine learning algorithms meticulously sift through this data, identifying patterns or anomalies that may signify potential health issues. Once detected, an early warning system promptly alerts animal caretakers or veterinary staff, enabling timely intervention. Emphasizing animal welfare, ethical considerations, and privacy and security measures, the model ensures precise and dependable healthcare oversight. Ultimately, this non-invasive approach enhances animal welfare in zoos by facilitating improved monitoring, assessment, and management of zoo animal health.

Market Segmentation

The animal healthcare market is segmented into product type, animal type, and distribution channel, and region. On the basis of product type, the market is divided into  pharmaceuticals, medical device, and veterinary services. As per animal type, the market is classified into livestock animals and companion animals. On the basis of distribution channel, the market is divided into retail, e-commerce, and hospital/ clinic pharmacy. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional Market Outlook

The North America animal healthcare market is a dynamic sector encompassing various segments such as pharmaceuticals, vaccines, medical devices, and diagnostic services catering to the health needs of companion animals as well as livestock. The rising trend of pet ownership in North America, particularly dogs and cats, has been a significant driver. Pets are increasingly considered as integral members of families, leading to higher spending on their healthcare needs. Technological advancements in veterinary medicine have led to the development of innovative treatments, diagnostics, and preventive measures for various animal diseases. This includes advanced surgical techniques, imaging modalities, and novel pharmaceuticals.

• In September 2021, the U.S. Department of Agriculture (USDA) announced a $3 billion investment to address challenges faced by American agricultural producers. This investment package includes support for:
  • Drought Resilience: $500 million to assist with drought recovery and promote water-smart management practices.
  • African Swine Fever Prevention: Up to $500 million to prevent the spread of African Swine Fever (ASF) through monitoring, surveillance, prevention, quarantine, and eradication activities.
  • Market Disruption Relief: Funds to address market disruptions for agricultural commodities.
  • School Nutrition Programs: Purchase of food for school nutrition programs.
• These investments aim to tackle urgent issues and create new revenue streams for producers using climate-smart practices.

Competitive Landscape

The major players operating in the animal health market include Zoetis, Ceva Santé Animale, Merck & Co., Inc., Vetoquinol S.A., Boehringer Ingelheim Gmbh, Elanco, Virbac, Mars Inc., Dechra Pharmaceuticals Plc, Idexx Laboratories, Inc., and others.

Recent Key Strategies and Developments

• In November 2023, Bimeda expanded its operational capacity by opening a new manufacturing plant in China dedicated to producing sterile injections and parasite-control products.
• In October 2023, Zoetis introduced Librela, its anti-NGF monoclonal antibody therapy, in the U.S. market for managing pain associated with canine osteoarthritis.
• In August 2023, Boehringer Ingelheim obtained clearance from the U.S. FDA for SENVELGO (velagliflozin oral solution) , intended for treating diabetes in cats.

Industry Trends

• The U.S. pet industry sales reached $147 billion, with the veterinary profession accounting for about one-fourth of spending in 2023. Raising a new puppy can cost anywhere from $870 to $4, 565 in the first year due to rising food prices.
• On September 13, 2023, Experts from the Veterinary Innovation Council predicted trends such as AI-driven decision support and automatically transcribed patient records will impact animal healthcare in the upcoming years.

Key Sources Referred

1. Annual Reports
2. Investor Presentations
3. Press Release
4. Research Paper
5. D&B Hoovers
6. ZoomInfo Technologies LLC
7. National Library of Medicine
8. Science Direct Journal
9. Thermos Fisher Scientific

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the animal healthcare market analysis from 2023 to 2033 to identify the prevailing animal healthcare market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the animal healthcare market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

Apart from the points mentioned above, the report includes the analysis of the regional as well as global animal healthcare market trends, key players, market segments, application areas, and market growth strategies.