Global Animal Health Market Report 2023: Sector is Expected to Reach $112.36 Billion by 2030 at a CAGR of 8.8% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Animal Health Market Size, Share & Trends Analysis Report 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.

The global animal health market size is expected to reach USD 112.36 billion by 2030, expanding at 8.8% CAGR from 2023 to 2030.

The market is driven by increased investments in animal health R&D, increased diagnostic rates, initiatives by key companies, and increased animal health expenditure. The market has also remained largely resilient during the COVID-19 pandemic.

The market especially for the companion animal segment was positively impacted during late 2020 and 2021, due to increased pet adoption rates, pet humanization trends, and improved overall diagnostics business sales with increased awareness among pet parents. During 2022 and 2023 however, macroeconomic uncertainties, such as global recession and inflation, are expected to impact market revenues for a short period.

The emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future. With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians.

The incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence. As a consequence of the aforementioned factors, it is presumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market demand as well as revenue.

The threat of zoonotic infections spreading through ticks, and fleas or through contact with animals is high. The WHO is involved in various cross-sectoral activities for the purpose of addressing health threats at the human-animal-ecosystem interface. Food-borne zoonoses, antimicrobial resistance, and emerging zoonoses are some of the threats in the animal health market.

Also, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean region. The implementation of a wide range of technologies for the detection and monitoring of various animal diseases is one of the major growth contributing factors.

North America captured a substantial share of the global market, owing to a wide range of definitive measures adopted by welfare organizations, technological advancements, rising incidence of zoonotic diseases, and an increasing number of pet owners. Asia Pacific is expected to exhibit lucrative growth over the coming years as a consequence of consistent R&D investments deployed by prominent players and their efforts to commercialize branded and generic therapeutics at a relatively inexpensive price.

Animal Health Market Report Highlights

• By product, pharmaceuticals dominated the market with a share of over 40% in 2022, due to a significant increase in the adoption of pets, which demands long-term health plans
• Based on animal type, the companion animal segment is anticipated to grow at a lucrative rate of 9% during the forecast period, owing to an increased need for companionship, increasing pet expenditure, and adoption of pet insurance
• By distribution channel, retail channels, and e-commerce platforms accounted for a notable share owing to factors such as convenience associated with online pharmacies and the increasing number of retail pharmacies
• In terms of end-use, the Point-of-care testing/in-house testing segment is expected to grow at the fastest CAGR of about 13% during the forecast period, due to an increase in demand for related products and services
• In 2022, North America accounted for the largest share of over 30% of the global animal health industry owing to the presence of established pharmaceutical companies consistently striving for extensive commercialization of their products
• Asia Pacific is anticipated to grow at a rate of about 10% during the forecast period, owing to the high clinical urgency to curb the incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza

Key Attributes:

Market Dynamics

Drivers

• Rising Government Initiatives
• Rapid Technological Advancements
• Increasing Pet-Related Expenditures
• Growing Focus On Companion Animal Health And Safety
• Increasing Pet Ownership
• Increasing Livestock Population And Demand For Eggs, MEAts, & Dairy Products
• Emerging Zoonotic Diseases And Their Transfer To Humans

Restraints

• Increasing Influx Of Counterfeit Drugs
• Lack Of Standardization
• Economic Differences In Developed & Developing Markets
• Unstructured And Lenient Rules & Regulations
• Time-Consuming R&D Processes And Higher Investments

Companies Mentioned

• Zoetis
• Ceva Sante Animale
• Merck & Co., Inc.
• Vetoquinol S.A.
• Boehringer Ingelheim Gmbh
• Elanco
• Virbac
• Heska
• Dechra Pharmaceuticals Plc
• Idexx Laboratories, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/1wyg6j

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