Animal Health Market Type Estimates, Revenue Drivers and Restraint Analysis By 2030

Animal Health Industry Overview

The global animal health market size is expected to reach USD 92.8 billion by 2030, registering a CAGR of 10.0% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven by technological advancements in veterinary care, which are anticipated to offer the market future growth opportunities. For instance, MediLabSecure, a laboratory network project, was initiated with an aim of identifying emerging viruses and pathogens in 19 countries in the Mediterranean regions. In addition, the emergence of veterinary health information systems, specifically in developed economies, is expected to provide high growth potential in the future.

Animal Health Market Segmentation

Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end use, and region:

Based on the Type Insights, the market is segmented into Production Animal and Companion Animal.

• The production animal segment dominated the market for animal health and accounted for the largest revenue share of over 64.0% in 2021.
• The substantial share captured by the segment can be presumed a consequence of high concern for food safety and sustainability by government healthcare organizations globally.
• The companion animal segment is expected to grow lucratively during the forecast period owing to an increase in demand for efficient animal care and the pet-human bond due to the associated health benefits.

Based on the Product Insights, the market is segmented into Vaccines, Pharmaceuticals, Medicinal Feed Additives, Medicinal Feed Additives, Equipment & Disposables and Others.

• The pharmaceutical segment dominated the market for animal health and held the largest revenue share of over 33.7% in 2021.
• Pharmaceuticals primarily include anti-inflammatory drugs, parasiticides, antibiotics, and others.
• The veterinary diagnostics segment is expected to witness significant growth over the forecast period.
• Various factors such as growing animal health expenditure, rising incidence of zoonotic diseases, and increasing number of veterinary practitioners and their incomes in developed economies are also responsible for market growth.
• The others segment is expected to witness the fastest CAGR of 16.1% from 2022 to 2030.
• This segment is inclusive of the other vet care products and services such as grooming, veterinary telehealth, veterinary software, livestock monitoring, and others.

Based on the Distribution Channel Insights, the market is segmented into E-commerce, Retail and Veterinary Hospitals & Clinics.

• The veterinary hospital pharmacy segment accounted for a revenue share of over 51.0% in 2021.
• The increasing number of hospital pharmacies, coupled with high procedural volume as a consequence of frequent readmission of pets for treatment, has supported segment growth.
• Retail channels and e-commerce platforms also accounted for a significant share of the total market.
• The e-commerce segment is anticipated to witness exponential growth throughout the forecast period.

Based on the End-use Insights, the market is segmented into Point-of-care Testing/In-house Testing, Reference Laboratories, Veterinary Hospitals & Clinics and Others.

• The veterinary hospitals and clinics segment accounted for the largest revenue share of over 73.0% in 2021.
• The dominant share captured by this segment is a consequence of various applications such as clinical pathology, toxicology tests, and therapy.
• An increase in the incidence of zoonotic diseases caused by globalization and climate changes is expected to drive the demand for diagnostic procedures, which is expected to drive the point-of-care testing/in-house testing segment in the coming years.

Animal Health Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile & Market Share Insights

Major players operating in the market witnessed growth during the pandemic in spite of the restriction and supply chain disruption.

Some prominent players in the Animal Health market include

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• IDEXX
• Heska Corporation
• Covetrus
• DRE Veterinary
• Mars Inc.
• Virbac
• Televet
• Phibro Animal Health Corporation
• Vetoquinol S.A
• Braun Vet Care

Order a free sample PDF of the Animal Health Market Intelligence Study, published by Grand View Research.