NEW YORK, March 21, 2023 /PRNewswire/ -- As per Facts and Factors study, the global animal healthcare market size was worth around USD 40.21 billion in 2022 and is predicted to grow to around USD 84.98 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.81% between 2023 and 2030.
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Animal Healthcare Market: Overview
The global industry functions around medical care including services and products that are required for the well-being of animals. It includes measures undertaken and products used to improve animal health and is applicable to all types of animals like livestock, pets, or zoo animals. Vaccines, diagnostic tools, pharmaceuticals, feed, surgical instruments, and other devices form a part of the industry.
Furthermore, clinics, animal welfare centers, veterinary hospitals, and other types of medical caregiving centers are integral to the efficient functioning of the sector. Training, boarding, and grooming are some of the activities that also fall under the larger umbrella called animal healthcare. In recent years, there has been substantial growth in the fraternity due to several factors but during the forecast period, it is anticipated to grow at one of the highest CAGR margins it has ever witnessed in the last couple of years.
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Key Insights:
- As per the analysis shared by our research analyst, the global animal healthcare market is estimated to grow annually at a CAGR of around 9.81% over the forecast period (2022-2030)
- In terms of revenue, the global animal healthcare market size was valued at around USD 40.21 billion in 2022 and is projected to reach USD 84.98 billion, by 2030.
- The market is projected to grow at a significant rate due to the growing rate of pet ownership
- Based on distribution channel segmentation, veterinary hospitals & clinics were predicted to show maximum market share in the year 2022
- Based on animal type segmentation, the farm was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Facts and Factors published the latest report titled"Animal Healthcare Market Size, Share, Growth Analysis Report By Animal Type (Companion and Farm), By Product (Vaccine, Feed, Veterinary Equipment, Pharmaceuticals, and Others), By Distribution Channel (Veterinary Hospitals & Clinics, E-commerce, Retail, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Industry Dynamics:
Global Animal Healthcare Market: Growth Drivers
- Growing rate of pet ownership to act as the main growth trigger.
The global animal healthcare market is projected to grow owing to the increasing rate at which the general population is owning pets which includes a wide range of animals and is not only limited to dogs and cats although the market is currently dominated by them. As the world is moving toward rapid urbanization and commercialization, a lot of people are looking for companionship since it is easy to lose a sense of belonging when living in large cities where their lives revolve around corporate well-being.
Humans are social animals and the sense of feeling loved is a common trait amongst humans. Animals have, for a long, been loyal companions to humans either in pet form or as livestock. However, the trend has now reached urban populations as well and people are willing to spend thousands of dollars on the welfare of their pets.
Global Animal Healthcare Market: Restraints
- High cost of medical care to restrict market expansion.
Veterinary medical care can end up costing up to thousands of dollars and this is especially applicable to certain animal types and their medical history. People with limited financial resources may find it difficult to keep up with the ever-rising prices of animal care in terms of medicines or feed.
For instance, the average monthly cost of owning a small dog can be around USD 43 and in case the animals contract cancer, the radiation therapy can cost between USD 2500 to USD 7000 depending on the cancer stage and animal breed.
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Global Animal Healthcare Market: Opportunities
- Veterinary care advancements to promote further growth.
With the aid of technology adoption, the global animal healthcare industry is expected to witness higher growth opportunities as the veterinary medicine segment works toward improving the animal care experience. The fraternity is witnessing a surge in investments directed toward investing in new diagnostic tools, drugs, and surgical techniques which could become the answer to many unsolved problems in the animal medical care segment. As the global industry registers high pet ownership and people become more responsible toward proper animal care, the demand for advanced tools and mechanisms is expected to grow.
Global Animal Healthcare Market: Challenges
- Antibiotic resistance acts as a major challenge for players.
One of the growing concerns in the sector is the increasing number of cases showcasing antibiotic resistance in animals. This is mostly due to the overuse of antibiotics that has led to the development of bacteria that resists the impact of many versions of antibiotics. This can greatly limit the growth of the global market as pet owners may lose confidence in veterinary medicine and animal care. Furthermore, companies would be required to invest higher in research & development to ensure the development of a solution for such issues.
Global Animal Healthcare Market: Segmentation
- The global animal healthcare market is segmented based on animal type, product, distribution channel, and region
Based on animal type, the global market is divided into companion and farm
- In 2022, the farm segment generated the highest revenue
- However, it is important to note that both segments are significant contributors to the global industry and have high growth potential during the forecast period
- The dominance of the farm segment was generally due to the high number of animals that need medical care or other assistance as compared to companion animals
- Furthermore, they require routine treatment and preventive care since farm animals directly influence the ecosystems, and products derived from them are sold in the commercial market
- In 2021, New Zealand's milk export market was valued at USD 7.81 billion
Based on product, the global market is segmented into vaccines, feed, veterinary equipment, pharmaceuticals, and others.
Based on distribution channel, the global market segments are veterinary hospitals & clinics, e-commerce, retail, and others
- Veterinary hospitals and clinics, followed by e-commerce were the largest contributors to the global fraternity
- In developed economies, veterinary clinics are the most trusted distribution channel since they have the bandwidth to cater to the massive demand of the industry
- Furthermore, these units are generally always in full stock in terms of animal vaccines, drugs, and other types of supplement
- The e-commerce and retail segment is highly popular for animal feed due to the availability of more options
- The average cost of first-year vaccinations in dogs can reach up to a minimum value of USD 115
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List of Key Players in Animal Healthcare Market:
- Dechra Pharmaceuticals
- Elanco
- Vetoquinol S.A.
- Boehringer Ingelheim
- Neogen
- Zoetis
- Virbac
- Bayer
- Nutreco N.V.
- Merck & Co. Inc.
- DCC (Dogs Cats & Companions)
- Heska Corporation
- C.H.Boehringer Sohn AG & Co. KG
- Ceva Sante Animale
Key questions answered in this report:
- What are the growth rate forecast and market size for ANIMAL HEALTHCARE Market?
- What are the key driving factors propelling the ANIMAL HEALTHCARE Market forward?
- What are the most important companies in the ANIMAL HEALTHCARE Market Industry?
- What segments does the ANIMAL HEALTHCARE Market cover?
- How can I receive a free copy of the ANIMAL HEALTHCARE Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 40.21 Billion |
Revenue forecast in 2030 | USD 84.98 Billion |
Growth Rate | CAGR of almost 9.81 % 2023-2030 |
Base Year | 2020 |
Historic Years | 2016 – 2022 |
Forecast Years | 2023 – 2030 |
Segments Covered | By Animal Type, Product, Distribution Channel, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Dechra Pharmaceuticals, Elanco, Vetoquinol S.A., Boehringer Ingelheim, Neogen, Zoetis, Virbac, Bayer, Nutreco N.V., Merck & Co. Inc., DCC (Dogs Cats & Companions), Heska Corporation, C.H.Boehringer Sohn AG & Co, KG, Ceva Sante Animale, and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Recent Developments
- In August 2021, Virbac Corporation, a company working in the animal healthcare sector, announced the launch of a tigilanol tailgate injection called STELFONTA. The medicine has received approval from the United States Food and Drugs Administration. STELFONTA can be used as a non-surgical substitute for the treatment of mast cell tumors in canines
- In July 2021, US FDA approved Tanovea (rabacfosadine injection). It is supposed to be used for treating lymphoma in dogs. The injection received approval with the aid of the new animal drug approval process
- In February 2021, DCC (Dogs Cats & Companions) Animal Hospital announced that it will expand its operations in the Indian market. The company stated that it will launch multi-specialty hospitals in the country for animal care
Regional Dominance:
- North America to continue with the dominance.
The global animal healthcare market is projected to register the highest growth in North America as it has in previous years. The regional growth is a consequence of the already existing high number of pet owners which is growing annually. Furthermore, the high disposable income of the population group allows them to spend extra on animal care as pet care is an important cultural aspect of the region. In addition to this, the growing initiatives by government agencies along with animal welfare agencies to promote medical care for stray animals are an important segment contributing to higher revenue.
The region has one of the world's most organized systems for managing stray animals or lost pets. The well-equipped veterinary care of the US and Canada are equally responsible for high regional revenue. Growth in Europe is anticipated to be driven by similar reasons along with the presence of supportive infrastructure promoting animal care.
Global ANIMAL HEALTHCARE Market is segmented as follows:
Animal Healthcare Market: By Animal Type Outlook (2023-2030)
- Companion
- Farm
Animal Healthcare Market: By Product Outlook (2023-2030)
- Vaccine
- Feed
- Veterinary Equipment
- Pharmaceuticals
- Others
Animal Healthcare Market: By Distribution Channel Outlook (2023-2030)
- Veterinary Hospitals Clinics
- E-commerce
- Retail
- Others
Animal Healthcare Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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FAQs
What is the CAGR for animal health? ›
Report Overview. The global animal health market size was valued at USD 58.66 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2023 to 2030.
How big is the companion animal healthcare market? ›Companion Animal Healthcare Market Size valued at US$ 20.8 Billion and Expand at a CAGR of 10.6% from 2023 to 2033 - Persistence Market Research Analysis.
What are the largest segments of the companion animal industry? ›Veterinary hospitals segment accounted for largest revenue share in the global companion animal pharmaceuticals market in 2022. On the basis of distribution channel, the global companion animal pharmaceuticals market is segmented into veterinary hospitals, veterinary pet clinics, diagnostic laboratories, and others.
What is the animal health industry? ›The animal health industry manufactures safe and innovative products that protect and improve the livelihoods of companion and food-producing animals. We are integral to the U.S. economy, creating and supporting jobs across the country.
What is the CAGR for pet care industry? ›The pet care market is expected to register a CAGR of 7.4% during the forecast period.
What is the CAGR of the veterinary industry? ›Report Overview. The global veterinary medicine market size was estimated at USD 44.59 billion in 2022 and is expected to expand at a lucrative compound annual growth rate (CAGR) of 8.2% over the forecast period. The market is primarily driven by the rise in livestock population and production in developing countries.
What are the biggest animal healthcare companies? ›- Zoetis is the largest company in animal health in terms of annual revenues.
- Zoetis recently became the first animal health business to report annual sales of over $6bn.
- Boehringer Ingelheim is the largest European animal health company.
As the world's leading animal health company, Zoetis is driven by a singular purpose: to nurture our world and humankind by advancing care for animals.
What is the target market for pet care? ›In 2021, shoppers aged between 45 and 64 accounted for the majority of pet store revenue with a 40.1 percent share, and therefore made up the largest target market in the United States. Those aged between 25 and 44 made up the second largest market, providing 38.7 percent of pet store revenue in the same year.
What are 3 types of companion animals? ›Species suitable to be companion animals include dogs, cats, horses, rabbits, ferrets, birds, guinea pigs and select other small mammals, small reptiles and fish. Where they may be kept legally and responsibly, domestic-bred farm animals can also be maintained as companions.
What is the most popular animal companion? ›
1. Dogs: Man's Best Friend. Where do we even begin? Dogs are the most beloved creature on the planet, and one of the best pets for depression (though cats certainly give them a run for their money).
What is the fastest growing segment of the animal industry? ›The meat goat industry is one of the fastest growing segments of livestock production in the United States. The majority of all U.S. goats and kids are raised for meat.
What are the problems with the animal health industry? ›Currently, the veterinary and animal health sectors are facing substantial challenges including an increase in the pet population, increase in the costs of veterinary care and products, increased financial limitations of owners and managers, and pressure to increase food supply (8, 9).
What is animal healthcare called? ›veterinary medicine, also called veterinary science, medical specialty concerned with the prevention, control, diagnosis, and treatment of diseases affecting the health of domestic and wild animals and with the prevention of transmission of animal diseases to people.
Is the animal health industry competitive? ›The leading cause for these challenges, according to Santosuosso, is that the animal health labor market has become fiercely competitive in recent years, including with multibillion-dollar companies, such as Chewy and Amazon, entering the fray.
How profitable is the pet care industry? ›On average, U.S. pet owners spend $687 a year on their cats and $1,201 on their dogs. The U.S. pet industry is worth $76.8 billion. The U.S. pet industry is expected to have a CAGR of 5.3% from 2020 to 2025.
Why is the pet market growing? ›DRIVING FACTORS
Increasing spending of the people on different kinds of pet care-related products such as food, healthcare, grooming, and others is likely to ease such products' consumption rate, thereby driving the pet care market growth.
The Bureau of Labor Statistics projects 19.4% employment growth for veterinarians between 2021 and 2031. In that period, an estimated 16,800 jobs should open up. Veterinarians examine, diagnose and treat animals. They can also perform surgeries, care for wounds, vaccinate against diseases and prescribe medications.
What veterinarians make the most? ›Average salaries for a veterinarian vary, but we found that the highest paid specialty in the industry is Ophthalmology, with AVMA reporting annual incomes of $199K+. Pathologists and Lab Animal Specialists weren't far behind, with average salaries of $157K to $169K.
What is the projected growth of the veterinary industry? ›
Job Outlook
Employment of veterinarians is projected to grow 19 percent from 2021 to 2031, much faster than the average for all occupations. About 4,800 openings for veterinarians are projected each year, on average, over the decade.
- Zoo veterinarian.
- Veterinary practice manager.
- Veterinary hospital manager.
- Public health veterinarian.
- Regulatory medicine veterinarian.
- Small animal veterinarian.
- Military veterinarian.
- Veterinary research scientist.
What is the average profit margin for veterinary clinics? Today's Veterinary Business estimates that the average profit margin for a vet clinic is: 10% to 15% for small animal hospitals. 15% to 25% for emergency and specialty practices.
What is the strongest brand in the healthcare industry? ›...
FirstVet's top competitors include Vetster, TeleVet, and TeleTails. Vetster is a veterinary telemedicine marketplace connecting veterinary professionals with pet parents over video, text, or audio chat.
Who is the CEO of Animal Health? ›Jeff Simmons at Animal Health Innovation Europe 2021
Jeff Simmons, CEO, Elanco tells us why innovation is more important now than ever.
The Schwarzman Animal Medical Center is the world's largest non-profit animal hospital with 130+ veterinarians providing the highest quality medical care across more than 20 specialties and services.
Who is the biggest pet supplier? ›The largest pet supply companies in the United States are without a doubt PetSmart and Petco Animal Supplies. PetSmart, which is headquartered in Phoenix, Arizona, brings revenue in from brick-and-mortar stores across the U.S., as well as in Canada and Puerto Rico.
What demographic owns the most dogs? ›Dogs are the most popular pet in the U.S. (65.1 million U.S. households own a dog), followed by cats (46.5 million households) and freshwater fish (11.1 million households). Millennials make up the largest percentage of current pet owners (33%), followed by Gen X (25%) and baby boomers (24%).
Does Target still use the dog? ›Bullseye is a Bull Terrier and the official mascot of Target Corporation. The dog is featured in Target's commercial campaigns and in store sale signage and is used in various marketing campaigns, often portrayed as a male.
What are 4 benefits of companion animals? ›
Among other benefits, animals have been demonstrated to improve human cardio- vascular health, reduce stress, decrease loneliness and depression, and facilitate social interactions among people who choose to have pets.
What is a companion dog called? ›What is a Companion Dog? Also called emotional support dogs, companion dogs function as constant partners in the daily lives of those who find themselves suffering from anxiety or emotional distress on their own.
What's the difference between a pet and a companion animal? ›A companion animal or an assistance animal is one that could be a cat, dog, or any sort of animal. It provides emotional support for a person. These are different from pets, and they cannot be treated as pets.
What is the #1 most popular animal? ›It should come as a surprise to no one that dogs are the number one most beloved animal. They're not just popular — historically, the symbiotic relationship between dogs and people helped both species survive. The second most popular animal is the cat.
Who loves the animals most? ›Other words that can describe those who love animals more than humans include the nouns zoophilist, pet lover, pet person, and friend of animals or friend to animals. Since it's a bit less familiar, let's focus on one particular word: zoophilist.
What kind of animal Farm makes the most money? ›Beef cattle are considered the most profitable livestock and easiest to raise for profit, but homesteaders with small acreage won't be able to raise cattle. Cattle, whether you want beef or dairy cattle, require plenty of good-quality pasture, supplemental hay, fresh water, room to roam, and veterinarian care.
Which state grows the most animal products? ›Top agricultural commodities sold: Texas is the nation's largest producer of beef, cattle and calves operation and inventory, hay, cotton fiber/lint/seed, sheeps, goats, wool, and mohair. Other agricultural commodities of this state are dairy products, milk, broilers and corn.
What is the largest animal industry in the United States? ›Cattle production is the most important agricultural industry in the United States, consistently accounting for the largest share of total cash receipts for agricultural commodities.
What is the most overlooked pet healthcare issue? ›- Dental care. Roughly 80% of pets have some form of dental disease by the age of 3. ...
- Lumps and bumps. Get all new lumps or bumps that you notice on your pet checked out! ...
- Weight. An estimated 54% of dogs and cats in the United States are overweight or obese. ...
- Ear infections. ...
- Water intake.
- Animal testing.
- Abandoned pets.
- Behavioral enrichment.
- Blood sport.
- Cruelty to animals.
- Feral cat.
- Hunting.
- Overpopulation in companion animals.
What is the biggest problem with animals? ›
Habitat loss—due to destruction, fragmentation, or degradation of habitat—is the primary threat to the survival of wildlife in the United States.
What is a veterinarian salary? › What is an animal nurse called? ›Veterinary nurses are compassionate, highly motivated paraprofessionals dedicated to animal health care.
Who is the father of veterinary? ›Dr. James Harlan Steele, who became known as the father of veterinary public health, certainly embodied Dr. Law's vision. Dr.
Who is an expert in animal health? ›Veterinarians are animal health experts, and they have been conferred a leading role as experts in animal welfare.
What is the largest animal industry? ›CP Group is the largest animal feed producer in the world, with an annual production of 27,650 metric tons.
What are 3 resources animals compete for? ›Animals compete for food, water and space to live.
What is the CAGR for cattle? ›The global livestock monitoring market size was estimated at USD 5.9 billion in 2021 and is expected to hit around USD 16.4 billion by 2030, expanding growth at a compound annual growth rate (CAGR) of 12.03% over the forecast period 2022 to 2030.
What is a good CAGR growth? ›For equities, if your portfolio is growing at a CAGR of 18-25 percent, you are doing well. Similarly, for other types of investments, you can calculate different CAGR. However, remember, that CAGR is only average growth percentage, the actual growth value of your investment can be more or less than CAGR.
What is the CAGR for the medical diagnostic market? ›...
| Market Size in 2021 | USD 98.5 Bn. |
|---|---|
| Market Size in 2029 | USD 128.8 Bn. |
| CAGR | 3.41 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
How is CAGR growth calculated? ›
It is often used to measure and compare the past performance of investments or to project their expected future returns. The CAGR formula is equal to (Ending Value/Beginning Value) ^ (1/No. of Periods) – 1.
What does CAGR mean vs growth rate? ›Compound annual growth rate (CAGR) measures an investment or financial metric's annual growth rate over a set period of time that's longer than a year. This growth rate accounts for the reinvestment of profits at the end of each financial period.
How do you calculate annual growth rate of animals? ›specific growth rate = species constant / age.
Is a CAGR of 30% good? ›Depending on the risk and volatility of the investment, a good CAGR could be anything from a few percent to 20-30%. In more advanced trading, you might even consider that to be low. However, to give some sort of answer, everything that beats or makes around the same return as the S&P 500 is a good return.
What does CAGR of 20% mean? ›CAGR is a simple metric that measures the average rate of growth of a sum, be that a figure like sales or an investment, over any number of periods. It's easy to picture visually: In Example 1 above, a $1.00 investment grows by 20% for three years to a value of $1.73. The CAGR is 20%.
How do I calculate CAGR in Excel? ›read more to find the CAGR value in your Excel spreadsheet. The formula will be “=POWER (Ending Value/Beginning Value, 1/9)-1”. We can see that the POWER function replaces the ˆ, which was used in the traditional CAGR formula in Excel.