Animal Health Market Growth by Top Companies, Trends by Types and Application, Forecast to 2028

Market Overview

The Animal Health Market to account for USD 99 Billion by 2028 registering a CAGR of 8.5% during the forecast period (2021–2028).

Market Dynamics

The market is predicted to increase due to rising zoonotic disease incidence rates, spending on animal health, rising pet population, and growing pet insurance. Furthermore, rising demand for animal protein, increased productivity, increased attention on food safety, and increased pet ownership are all contributing to the animal health market’s growth. A huge growth in global demand for protein food, as well as an increase in the frequency of zoonotic and food-borne diseases, are driving the industry. Companies have been spurred to develop enhanced vaccines and medications as a result of the enormous growth in disease prevalence. As a result of the increasing demand, there has been an increase in the number of companies making regular efforts to control pathogen contamination concerns and food-borne diseases, which is helping to drive market expansion. Furthermore, the total market is expected to be driven by the growing number of government programs to promote animal health products.

The high cost of animal health, lack of animal health knowledge, and unaffordability of veterinary services in underdeveloped and developing countries may stifle the animal health market’s growth over the evaluation period.

Segmental Analysis

The Animal Health Market is divided into four categories: animal type, product, administration route, and distribution channel.

The market has been divided into two categories based on animal type: farm animal and companion animal.

Pharmaceuticals, vaccinations, and feed additives are the three product categories in the market.

The market has been divided into oral, parenteral, topical, and other routes of administration. The market has been divided into veterinary hospitals and clinics, retail, e-commerce, and other distribution channels.

Regional Overview

Because of rising demand for animal protein, improved production, and a focus on food safety, the Americas are set to dominate the global animal health industry. Moreover, rising pet ownership and increased pet medicalization will propel the market forward during the forecast period. As a result of the increased expenditure on pet treatment, the demand for veterinary services and the equipment necessary to provide them will rise.

The European market for animal health is predicted to be the second-largest. The government’s funding for research and development, as well as the expanding pet population, are both factors contributing to market growth in this region.

Due to increased pet adoptions, an increase in the number of animal welfare initiatives, and an increase in the population of companion animals, Asia-Pacific is predicted to be the fastest-growing animal health market over the forecast period. Furthermore, due to the presence of a large pet population, countries such as India and China are considered the fastest expanding region

Due to a shortage of experienced veterinarians, high treatment costs, and insufficient medical facilities, the Middle East and Africa market is predicted to have the smallest share of the global animal health industry.

Competitive Dynamics

Some of the key players in the global animal health market are Bayer AG, Boehringer Ingelheim GmbH, Ceva Sante Animale, Elanco, Eli Lilly, Merck Animal Health, Nutreco N.V., Vetiquinol SA, Virbac, Zoetis, and Others.

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