Animal Health Market Growth is Expected to Account for 7.6% CAGR to Gain USD 75.02 Billion by 2030
Research Reports
Sep 11, 2023
Animal Health Market Research Report Information by Animal Type (Farm Animal, Companion Animal), by Product (Pharmaceuticals, Vaccines, Feed Additives), Route of Administration (Oral, Parenteral, Topical), Distribution Channel (Veterinary Hospitals & Clinics, Retail, E-Commerce), and by Region (North America, Europe, Asia-Pacific, Middle East, and Africa)—Forecast till 2030
The global animal health market is expected to reach USD 75.02 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030. The market is driven by the increasing consumption of milk and meat, rising adoption of companion animals, and surging prevalence of food-borne zoonotic diseases.
The pharmaceutical segment dominated the market in 2022, accounting for over 40% of the total market revenue. This is due to the high demand for vaccines, antibiotics, and other drugs to treat and prevent animal diseases. The medical devices segment is expected to grow at the fastest CAGR during the forecast period, driven by the increasing demand for diagnostic tools and surgical equipment. The veterinary services segment is also expected to grow at a significant rate, due to the growing awareness about the importance of preventive care for animals.
The production animal segment dominated the market in 2022, accounting for over 60% of the total market revenue. This is due to the high demand for animal-based food products and the need to maintain the health of livestock to ensure food safety. The companion animal segment is expected to grow at the fastest CAGR during the forecast period, driven by the increasing pet ownership and rising disposable incomes in developing countries.
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Key Players
Some of the key players in the animal health market include Bayer AG, Boehringer Ingelheim GmbH, Virbac SA, Zoetis, Inc., Hester Biosciences Ltd., Intas Pharmaceuticals Ltd., Merck Animal Health, Elanco (Eli Lilly and Company), Ceva Santé Animale, Alvira Animal Health Limited, Vetoquinol S.A., Zydus Animal Health, Norbrook Laboratories Limited, Phibro Animal Health Corporation, Dechra Pharmaceuticals PLC Norbrook Laboratories Inc.
Market Segmentation
The animal health market can be segmented based on different factors such as product type, animal type, distribution channel, and geography. The following are some of the key market segments in the animal health market:
Animal type: The animal health market can be segmented based on animal type such as livestock, companion animals, and others. The livestock segment includes animals such as cattle, swine, poultry, and sheep, while the companion animal segment includes dogs, cats, and horses. The livestock segment is the largest contributor to the animal health market, driven by the increasing demand for animal-based products.
Distribution channel: The animal health market can be segmented based on the distribution channel such as veterinary hospitals and clinics, retail pharmacies and drug stores, and online pharmacies. Veterinary hospitals and clinics are the major distribution channels for animal health products and services.
Product type: The animal health market can be segmented into pharmaceuticals, vaccines, feed additives, diagnostics, and others. Pharmaceuticals and vaccines are the major contributors to the animal health market, accounting for a significant share of the market revenue.
Geography: The animal health market can be segmented based on geography, including regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Therapeutic area: The animal health market can also be segmented based on therapeutic area, such as anti-infectives, parasiticides, anti-inflammatory, and others.
Regional Analysis
North America is the largest market for animal health, accounting for over 30% of the global market share. This is due to the high awareness about animal health, the presence of a large number of livestock farms, and the high demand for companion animals. The United States is the largest market in North America, followed by Canada and Mexico.
Europe is the second largest market for animal health, accounting for over 25% of the global market share. The European market is driven by the increasing demand for animal-based food products, the high awareness about animal health, and the presence of a large number of veterinary practices. Germany, France, and the United Kingdom are the largest markets in Europe.
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Asia Pacific is the fastest growing market for animal health, with a CAGR of over 10% during the forecast period. The growth of the Asia Pacific market is driven by the increasing demand for animal-based food products, the growing pet ownership, and the rising disposable incomes in developing countries. China, India, and Japan are the largest markets in Asia Pacific.
Latin America is the fourth largest market for animal health, accounting for over 10% of the global market share. The Latin American market is driven by the increasing demand for animal-based food products, the growing pet ownership, and the rising disposable incomes in some countries. Brazil, Mexico, and Argentina are the largest markets in Latin America.
Middle East and Africa is the smallest market for animal health, accounting for less than 5% of the global market share. However, the Middle East and Africa market is expected to grow at a significant rate during the forecast period, driven by the increasing demand for animal-based food products and the rising disposable incomes in some countries. Saudi Arabia, Egypt, and South Africa are the largest markets in the Middle East and Africa.
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