WASHINGTON, June 06, 2022 (GLOBE NEWSWIRE) -- In coming years, the demand for livestock animals and animal health products is expected to generate huge revenue. The major factors that are driving the Animal Healthcare Market are the growing importance of animal health and increasing companion animal owner awareness. Also, increasing global population is increasing the demand for animal sources food products. Thus, the market is expected to flourish in the coming years.
The Global Market revenue stood at a value USD 141.2 Billion in the year 2021. The Global Animal Healthcare Market size is forecasted to reach USD 181.7 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% during the forecast period; states Vantage Market Research, in a report, titled “Animal Healthcare Market Size, Share & Trends Analysis Report by Animal Type (Production Animal, Companion Animal), by Product (Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics), by Distribution Channel (Retail, E-Commerce, Veterinary Hospitals & Clinics), by End-Use (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals & Clinics, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: The Growing Concerns towards Amimal Health
The market for animal health has been growing at 3.5% per annum since 2015. The population trend for companion animals is growing and demand for animal healthcare is surging. It is observed that around 62% of the U.S. population has a companion animal. Thus, ultimately increasing the demand for animal healthcare facilities. Moreover, the rising disposable income of population is supporting the increasing spending on companion animals. For instance, the spending on animal health has increased to USD 58 billion in 2019. A similar trend is observed in other countries as well. Hence, owing to these factors, the demand for Animal Healthcare Market is expected to flourish during the forecast years.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Animal Healthcare market is predicted to grow at a CAGR of roughly 4.3% during the forecast period.
- The Animal Healthcare market was estimated to be worth roughly USD 141.2 Billion in 2021 and is expected to reach USD 181.7 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Animal Healthcare market.
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Segmentation of the Global Animal Healthcare Market:
- Animal Type
- Production Animal
- Companion Animal
- Product
- Vaccines
- Pharmaceuticals
- Medicinal Feed Additives
- Diagnostics
- Equipment & Disposables
- Others
- Distribution Channel
- Retail
- E-Commerce
- Veterinary Hospitals & Clinics
- End Use
- Reference Laboratories
- Point-of-Care Testing/In-House Testing
- Veterinary Hospitals & Clinics
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Restrain: Rise in Cost of Veterinary Services & Testing
The pet adoption across the globe is increasing swiftly and the increasing demand for companion animals. The growing need for animal healthcare is surging and costs of veterinary services and testing are increasing. For instance, The American Pet Products Association (APPA), stated in its annual state of the industry report that U.S. spending on pets reached USD 103.6 billion in 2020, an increase of 6.7 percent from the previous year. Owing to this factor, the market might slowdown in coming years and might face a decent setback.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the animal healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Animal Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Animal Healthcare Market
North America held the largest market share in 2021. This region has maximum pet owners and a wide range of definitive measures that are being taken by the government organisation. This helps the market to grow at a faster rate in this region. Also, past experience related to zootonic diseases, advanced technological advancement and enhanced veterinary Research and Development (R&D) drives the market growth in the region.
Recent Developments
In May 2021, Cadila Healthcare’s (Zydus Cadila’s) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL) sold its animal healthcare business to a consortium led by Multiples Alternate Asset Management for nearly INR 3,000 crore.
In April 2021, Hester Biosciences stated that it would begin developing research-based herbal products for poultry, cattle, sheep, goats, and swine.
List of Prominent Players in Animal Healthcare Market:
- Merck Animal Health
- Ceva Sante Animale
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- IDEXX
- Heska Corporation
- Covetrus
- DRE Veterinary
- Mars Inc.
- Virbac
- Televet
- Phibro Animal Health Corporation
- B.Braun Vet Care
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Animal Healthcare Market Size, Share & Trends Analysis Report by Animal Type (Production Animal, Companion Animal), by Product (Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics), by Distribution Channel (Retail, E-Commerce, Veterinary Hospitals & Clinics), by End-Use (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals & Clinics, Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/animal-healthcare-market-857886
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Animal Healthcare Market?
- How will the Animal Healthcare Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Animal Healthcare Market?
- What is the Animal Healthcare market drivers and restrictions?
- What will be the CAGR and size of the Animal Healthcare Market throughout the forecast period?
This market titled “Animal Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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