Animal Healthcare Market Set to Reach USD 62.3 Billion by 2034, Growing at a CAGR of 4.3%

Animal Healthcare Market
Animal Healthcare Market

The market for animal healthcare is anticipated to grow from its 2023 valuation of US$ 40.9 billion to US$ 62.3 billion by 2033. Over the course of the forecast period, the sales of animal healthcare are anticipated to increase at a noteworthy CAGR of 4.3%. The following are some of the factors driving the demand for animal healthcare:

Monitoring animal health and preventing disease outbreaks are essential for the nation’s economic and food supply safety. Stable consumer pricing and a safe food supply are facilitated by the production of healthy cattle.

The focus on animal health guarantees that medical researchers and practitioners in both domains work together to stop illness outbreaks in different animals and deal with the root cause of their spread.

This is currently being utilized to eradicate additional diseases in the future after successfully managing fatal ones like avian flu.

Growing demands for food and feed, the production of animals bred for meat and dairy products, and large mergers and acquisitions between the veterinary sections of big corporations have all occurred in recent years.

Growth in the industry under study is being driven by a significant share of pet insurance investments in developed nations. But that investment is going toward funding improvements in animal health for the 750 million pigs and goats, 400 million cats, 500 million dogs, 1 billion cattle and sheep, and 24 billion chickens around the world.

Manufacturers are focusing on public awareness as their effective market strategy

To gain a competitive advantage, major corporations have implemented a variety of business strategies, including regional expansion strategies, mergers and acquisitions, and collaborative research initiatives. Several programs and initiatives are underway to raise public awareness and education about animal health and well-being. Among the world’s leading animal healthcare companies are Neogen, Zoetis, Merck, Boehringer Ingelheim, Elanco, Dechra Pharmaceuticals, IDEXX Laboratories, B. Braun Vet Care, and Medtronic.

  • Cadila Healthcare’s (Zydus Cadila’s) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL), sold its animal healthcare business for nearly INR 3,000 crore to a consortium led by Multiples Alternate Asset Management in May 2021.
  • Hester Biosciences announced in April 2021 that it would begin developing research-based herbal products for poultry, cattle, sheep, goats, and swine.

Key Companies Profiled

Neogen; Zoetis; Merck; Boehringer Ingelheim; Elanco; Dechra Pharmaceuticals; IDEXX Laboratories; B. Braun Vet Care; and Medtronic

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Animal Healthcare Market Segmentation

Product Type:

  • Feed Additives
  • Pharmaceuticals
  • Vaccines

Animal Type:

  • Production Animals
  • Companion Animals

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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