Animal Health Market size was valued at USD 58.28 billion in 2022 and is poised to grow from USD 63 billion in 2023 to USD 117.48 billion by 2031, at a CAGR of 8.1% over the forecast period (2024- 2031).
Animal health includes animal health product manufacturers and animal health service providers. Growing pet ownership and the rising need for companion animals have bolstered the importance of animal health around the world. Growing demand for animal-based food products around the world is also favoring animal health market growth.
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Growing investments in veterinary healthcare and rising spending on animal health around the world are creating an opportune setting for animal health companies. Advancements in animal healthcare technologies are also slated to bolster market development in the future. Rising awareness regarding zoonotic diseases and the imposition of stringent regulations to maintain animal health are also projected to bolster animal health market growth across the forecast period and beyond.
New Product and Service Launches to Remain a Key Strategy for Animal Health Providers Around the World
Most animal health companies are expected to emphasize launching new services and products to attract more customers. Animal health companies can also benefit from the growing availability of animal insurance plans and their high adoption by pet owners as well. Supportive government and non-profit animal organization initiatives are also estimated to boost awareness about animal health and create new opportunities for market players. The development of personalized medicine for animals is also a key trend that animal health market players can target to maximize their revenue generation in the long run. Increasing availability of veterinary clinics around the world and high emphasis on improving animal health are also slated to create an opportune setting for animal health providers. The use of advanced technologies such as artificial intelligence and machine learning to improve animal health will also be explored by companies over the coming years.
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- In August 2023, Boehringer Ingelheim, a leading German pharmaceutical company, launched NexGard (afoxolaner) S and M in the Indian market. This move helped the company expand its animal health product portfolio.
- A top pharmaceutical company known as Accord Healthcare, announced the launch of its animal health business called Accord Animal Health to take advantage of growing emphasis on animal health around the world.
- MSD Animal Health UK, a part of the MSD Group, announced the launch of a new pig traceability solution in May 2024. The company intended to support welfare pig production through this move whilst also optimizing the UK port supply chain with its LeeO Precision Farming B.V. (LeeO) system.
- The United States Food and Drug Administration (FDA) cleared a methane-reducing feed ingredient in May 2024. The product was developed by an animal health company called Elanco.
- Dômes Pharma, a renowned name in the pharmaceutical business, announced that it had completed the acquisition of Sentrx Animal Care Inc. back in August 2023. Dômes strengthened its lead in the veterinary ophthalmology market as the focus on animal health increased on a global level.
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The global animal health market is evolving rapidly, and this presents many opportunities for new and leading animal health companies. Incoming animal health providers can come up with innovative products and services to stand out from the competition and penetrate the market. Established animal health companies can take advantage of government initiatives to maximize their business scope in the future.
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