April 20, 2024
Animal Healthcare Market

The Global Animal Healthcare Market Is Expected To Be Flourished By The Growing Adoption Of Pet Insurance

The global animal healthcare market consists of pharmaceuticals, vaccines, feed additives, diagnostic kits and medical devices that help prevent, treat and control animal diseases. Pharmaceutical products like antibiotics, anti-inflammatory and parasiticides are widely used to treat illness and infections in animals. Vaccines help immunize animals against fatal diseases such as canine distemper virus, rabies, leptospirosis etc. Feed additives are nutrients added to pet food to enhance digestion, nutrient absorption and overall health. The increasing prevalence of zoonotic diseases and the growing trend of pet humanization have raised awareness about animal health, propelling the demand for various diagnostic kits and medical devices as well. The global animal healthcare market is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One major driver for the global animal healthcare market is the growing adoption of pet insurance. Pet insurance helps cover medical care costs associated with unexpected illness and injuries in pets. With rising income levels, more pet owners are able to afford such insurance policies which encourages spending on advanced animal healthcare products and services. According to the North American Pet Health Insurance Association, the number of pets covered by insurance in the US has increased from 1.6 million in 2010 to over 3.5 million insured animals in 2020. The rising trend of pet humanization where owners consider pets as companions and extended family members also persuades them to invest more funds to ensure their animals live long and healthy lives. Another driver is the increasing awareness about zoonotic diseases which strengthens prevention efforts through proper vaccination and treatment of infections in animals before transmission to humans.

Segment Analysis
The global animal healthcare market can be segmented based on product, animal type, end-user, and region. Based on product, the market is divided into pharmaceuticals, vaccines, feed additives, and medical devices segments. Among these, the pharmaceuticals segment accounts for over 30% market share and is expected to remain the dominating segment over the forecast period. This is owing to the rising usage of pharmaceutical products such as parasiticides, analgesics, anti-infectives for livestock and companion animals.

PEST Analysis

Political: The governments across various countries are implementing stringent regulations regarding animal welfare and healthcare. This is encouraging manufacturers to introduce advanced and innovative products in the market.
Economic: Rising income levels and growing awareness about animal health is positively impacting the overall market growth. However, high production costs associated with veterinary healthcare products may hamper the growth.
Social: People are increasingly keeping companion animals such as dogs and cats as pets. This has increased the demand for various veterinary health products and services. Growing bonding between owners and pets is further driving market growth.
Technological: Key players are investing in R&D activities to develop novel drugs and medical devices with the help of latest technologies such as robotics, artificial intelligence, and 3D printing. This is helping them gain a competitive edge in the market.

Key Takeaways

The global Animal Healthcare Market Growth size was valued at US$ 50.45 Bn in 2023 and is expected to grow at a CAGR of 5.2% during the forecast period.

Regional analysis:

North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to growing pet adoption, rising per capita animal healthcare expenditure, and presence of key market players in the region.

Key players:

Key players operating in the animal healthcare market are Low & Bonar PLC, Ahlstrom Group, E. I. du Pont de Nemours and Company (DuPont), 3M Company, Polymer Group Inc., Milliken & Company Inc., Arville Textiles Ltd., Dickson-Constant, Baltex, and Freudenberg & Co. KG. The market is moderately consolidated in nature with these players accounting for over 45% of the total share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it