14-Apr-2022 | Zion Market Research
The global animal healthcare market was worth around USD 138.50 billion in 2021 and is estimated to grow to about USD 180.36 billion by 2028, with a compound annual growth rate (CAGR) of approximately 4.5 percent over the forecast period. The report analyzes the animal healthcare market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the animal healthcare market.
Animal Healthcare has become a crucial part of the healthcare systems across the world as the number of pet owners has increased and there is also an increase in the number of companion animals. These animals require care and this is what has bolstered the animal healthcare demand in the past few years and is expected to be a prominent driver for the animal healthcare market over the forecast period.
Animal Healthcare is expected to be driven on the back of the rising prevalence of zoonotic diseases, increasing investments in animal healthcare, and supportive government initiatives to boost awareness about animal healthcare on a global scale.
However, stringent norms for animal healthcare are expected to have a restraining effect on the overall market potential as they slow down the research and development of novel treatments. Moreover, the longer approval rimes for animal healthcare products will also hamper the animal healthcare market potential and make it difficult for animal healthcare companies to launch new products in time.
Animal Healthcare companies are focusing on collaborations, mergers and acquisitions to reduce their research and development time and ensure proper utilization of their resources to make maximum profits along the way. Supportive government initiatives will increase the investments in the animal healthcare market and hence boost animal healthcare market potential through 2028.
The pandemic of 2020 did not largely cause a dip in animal healthcare market potential and this is a major plus point for many animal healthcare companies as they were saved from incurring huge losses. However, the pandemic did slow down the animal healthcare market growth curve in 2020. Increasing demand for telemedicine in this era is what kept the market potential afloat in these unprecedented times.
The animal healthcare market is expected to make a comeback in the post-pandemic era as the world returns to normal. Increasing demand for animal healthcare is expected to aid the animal healthcare market growth through the forecast period and will be a major factor driving animal healthcare market potential through 2028.
The global Animal Healthcare market is segregated based on animal type, product, distribution channel, end use, application, and region. Based on distribution channels, the global market is distinguished into Retail, E-commerce, and Veterinary Hospitals & Clinics. The veterinary hospital segment is projected to be the most lucrative segment in distribution channels and this can be attributed to the frequent admission of pets and animals to veterinary clinics and hospitals and the preference for treatment in these establishments.
North America is expected to prove a highly rewarding market for animal healthcare market growth and will be maintaining this stance through 2028. Increasing focus on the development of animal healthcare by the government is a major factor that will drive the animal healthcare market potential in this region. Rising pet ownership, increasing adoption of technology in healthcare, presence of key animal healthcare companies, rising research and development are some factors that will be responsible for animal healthcare market growth over the forecast period. The United States is expected to be a highly lucrative market in this region owing to a rising number of zoonotic diseases and an increasing focus on animal healthcare driven by multiple government and non-government initiatives.
Browse the full “Animal Healthcare Market By Animal Type Outlook (Production Animal, Companion Animal), By Product Outlook (Vaccines, Pharmaceuticals, Medicinal Feed Additives, Diagnostics, Equipment & Disposables, Others), By Distribution Channel Outlook (Retail, E-commerce, Veterinary Hospitals & Clinics), By End-use Outlook (Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/animal-healthcare-market
Key players functioning in the global Animal Healthcare market include Zoetis; Ceva Santé Animale; Merck Animal Health; Vetiquinol S.A.; Boehringer Ingelheim GmbH; Bayer AG; Virbac; Heska; Nutreco N.V.
Global Animal Healthcare market is segmented as follows:
By Animal Type Outlook
By Product Outlook
By Distribution Channel Outlook
By End-use Outlook
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