Global Animal Healthcare Market Set for Moderate but Solid Growth: Projected to Grow at a CAGR of 7.6% in the Forecast Period

Published | 25 June 2021

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global animal healthcare market was worth USD 49.1 billion in the year 2020. The market is further estimated to grow at a CAGR of 7.6%, earning revenue of around USD 81.4 billion by the end of 2027. The main driving factors for the animal healthcare market are increased adoption of companion animals, increased consumption of meat and milk, and increased incidence of food-borne zoonotic diseases.

Animal healthcare is a thriving industry that meets the needs of livestock and companion animals to keep them healthy. Currently, several well-known companies are working to provide healthcare services and solutions for different animals. The animal healthcare business has seen numerous technological and scientific advances over the past few years. Furthermore, regulatory bodies have made it mandatory to immunize companion animals, which will lead to the expansion and deep penetration of animal healthcare.

The Rising Infection Cases Among Livestock Animal Driving the Global Animal Healthcare Market Growth

The growing occurrence of food-borne zoonotic infections has raised the alarm among farm owners and pet owners over animal healthcare. Brucellosis (bacterial infection), which causes miscarriage or abortion in animals, is growing at an alarming rate. This bacterial infection usually affects livestock animals, such as cows, goats, and sheep. New animal healthcare technology makes it easier for farmers to work and improve cattle health, production efficiency, and profitability. Such technological advancements would give enormous benefits to farmers and pet owners. Regular illness monitoring and thorough disease treatment are critical for the well-being of animal management. This can be accomplished by defining the early phases of the infection and, ultimately, recognizing and treating the infection.

Growing animal husbandry around the world is favoring the global animal healthcare market

Cattle, such as cows, buffaloes, goats, and sheep, which offer milk and meat, are still the principal source of income in both rural and urban areas of several countries across the globe. However, with a growing emphasis on the quality of animal products and the entry of large and small companies into the domain, animal husbandry has become technology-driven. At the same time, the need to control outbreaks of new and existing animal illnesses will help animal healthcare to expand.

The livestock animal segment is propelling the global animal healthcare market

The global animal healthcare market is classified into segments based on animal type, i.e., companion animals and livestock animals. The livestock animals segment accounts for the largest share in the market. Individuals' rising income levels, together with recent developments in the domain of animal healthcare, contribute to an increase in the number of livestock animal adoptions, which, in turn, leads to an increase in the demand for companion animal healthcare services. Poultry, fish, sheep, and cows were the most profitable livestock animals in the animal healthcare sector. These livestock animals are utilized for meat consumption, dairy production, and other purposes.

Global Animal Healthcare Market - Regional Insights

Geographically, the global animal healthcare market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America is expected to dominate the region during the forecast period due to factors such as housing enormous meat and milk-yielding animal populations, rising demand for protein-rich diets, and higher instances of animal disease. During the forecast period, the Asia Pacific is also expected to proliferate in the animal healthcare market owing to rapid growth in the animal healthcare market in countries like India and China. The growing trend of pet adoption in India and China is propelling growth in the Asia Pacific region's animal healthcare market.

Impact of COVID-19 on Global Animal Healthcare Market

The demand for animal healthcare products and services flourished significantly during the COVID-19 period. Several cases of animals contracting COVID-19 from humans have been reported, necessitating the need for veterinary healthcare services. Furthermore, the cases of various zoonotic diseases, spreading from animals to humans, spiked up to 70% which became a major cause of concern among countries. Therefore, for the prevention of the spread of the COVID-19 as well as the other zoonotic diseases, various governments made various regulatory policies regarding maintaining the health of the companion as well as livestock animals. Because of these factors, the global animal healthcare market flourished significantly during the COVID-19 period and is also estimated to grow at a great pace even after the pandemic.

The Animal Healthcare Market is Dominated by Global & Regional Market Players

The leading market players in the global animal healthcare market are Bayer AG, Cadila Healthcare Ltd., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Heska Corp., Merck & Co. Inc., Norbrook Laboratories Ltd., Virbac SA, B. Braun Melsungen AG, Medtronic, Zoetis Inc., Ceva Sante Animale, Eli Lilly and Company, Merck & Co. Inc. (Intervet), Sanofi S.A. (MERIAL Limited), Vetoquinol SA, C.H. Boehringer, Sohn AG & Co. KG, IDEXX Laboratories, and other prominent players.

The major industry players invest heavily in research and development in order to develop and introduce new and enhanced products. The industry is dominated by both global and regional market players, who are also working to expand their distribution networks in order to make their products more accessible.

Don’t miss the business opportunity of the global animal healthcare market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global animal healthcare market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global animal healthcare market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

About Us 

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.