Animal Health Market: Size, Share, Trends & Forecast (2024-2029)
The report covers a comprehensive analysis segmented By Product (Drugs, Vaccines, Feed, and Diagnostics), By Animal (Livestock Animals and Companion Animals) By End User (Veterinary Hospitals & Clinics, Animal Care & Rehabilitation Centers, Diagnostic Centers, and Others) and By Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Animal Health Market Snapshot
Animal Health Market Overview
The global animal health market is estimated to be at $50.85 Bn in 2024 and is anticipated to reach $66.55 Bn in 2029. The global animal health market is registering a CAGR of 5.53% during the forecast period 2024-2029.
The animal health market encompasses a broad spectrum of products and services aimed at promoting the well-being and healthcare of animals, including pets, livestock, and aquatic species. Numerous causes, including growing pet ownership, rising awareness of animal health and welfare, expanding livestock production due to growing demand for diets high in protein, and breakthroughs in veterinary technology and treatment, are driving this market. An increasing focus on disease prevention and management is being seen in the cattle industry to boost profitability and production. Vaccination schedules, biosecurity protocols, and antimicrobial stewardship techniques are being implemented by livestock farmers to reduce the likelihood of disease outbreaks and to protect the wellbeing of their animals.
Additionally, in order to address the unique health issues that various livestock species face—such as respiratory infections in poultry and bovine respiratory disease complex in cattle—there is an increasing demand for feed additives, vaccinations, and veterinary services. In order to stop disease outbreaks and reduce environmental damage, aquaculture needs to implement efficient health management strategies in light of the world’s expanding population and growing seafood consumption. For instance, companies like Merck Animal Health and Elanco Animal Health are investing in the research and development of vaccines, diagnostics, and therapeutics tailored to the unique health challenges faced by aquatic species, such as fish and shrimp.
In general, the market for animal health is distinguished by creativity, teamwork, and a rising understanding of the significance of animal health and welfare. The demand for safe, wholesome, and sustainably produced animal protein is anticipated to fuel continued growth and expansion in the animal health sector as the world’s population continues to rise and become more urbanized.
​​​Animal Health Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Product, Animal, End-user |
| Geographies | North America, South America, Asia Pacific, Europe, The Middle East, Africa |
| Key Vendors | Zoetis Inc., Merck & Co., Inc., Elanco, IDEXX Laboratories, Inc., Biogenesis Bago |
Key Geographies of Animal Health Market, 2023
Porter’s 5 Forces Analysis of the Animal Health Market
Animal Health Market Trends
The landscape of animal health is undergoing a profound transformation due to digitalization and technology integration. The way veterinarians diagnose, treat, and monitor animal patients is changing as a result of innovations like wearable technology, telemedicine, and data analytics. This is leading to more effective and efficient care delivery. There is a discernible movement in veterinary medicine toward wellness and preventive care. The need for preventive healthcare goods and services is growing because of pet owners’ increased proactivity in safeguarding the health and wellbeing of their animals. For example, to improve general pet health and reduce the need for later, costly medical procedures, Mars Petcare and other corporations have implemented preventative care programs, such as wellness checkups and health plans.
Improved treatment outcomes and reduced side effects are achieved by veterinarians tailoring treatment strategies to the individual needs of each animal, made possible by genetic and diagnostic advancements. Moreover, within the animal health industry, there is a rising focus on environmental responsibility and sustainability. Aware of the growing environmental consciousness among consumers, businesses are looking at eco-friendly options for product development and manufacturing methods.
The trends in animal health are also influenced by globalization and urbanization, particularly in emerging markets. Digital health solutions, such as wearables, smartphone apps, and telemedicine platforms, have become increasingly popular as a result, revolutionizing the way pet owners interact with physicians and oversee their animals’ health from a distance.
Animal Health Market Driving Factors
An important factor driving the animal health sector is the growing need for companion animal care. A growing number of consumers are ready to pay extra on preventative care, prescription drugs, and veterinary services because they see their pets as part of the family. For instance, the rise in pet ownership during the COVID-19 pandemic led to a surge in demand for veterinary services and products that drove growth in the animal health sector and the growing concern over food safety and security, particularly regarding livestock health.
Consumers are becoming more conscious of the quality of the food they consume, leading to an increased demand for products that improve animal health and welfare in food production. This has driven innovation in areas such as vaccines, diagnostics, and feed additives to enhance animal nutrition and disease prevention. Regulatory factors also play a significant role in shaping the animal health landscape. Stringent regulations governing the use of antibiotics, hormones, and other veterinary drugs drive companies to invest in research and development to meet compliance standards. Additionally, changes in trade policies and international regulations impact the global movement of animals and animal products, influencing market dynamics and investment decisions in the animal health sector.
Animal Health Market Challenges
Animal health companies face the constant threat of new diseases that can significantly impact livestock, companion animals, and even public health. For example, the outbreak of African swine fever in various parts of the world has had devastating effects on the swine industry, leading to economic losses and increased demand for preventive and treatment measures. Animal health companies must navigate stringent regulations governing the development, approval, and marketing of veterinary products. These regulations vary across regions and can pose barriers to market entry or expansion. The overuse and misuse of antibiotics in animal agriculture contribute to the rise of antimicrobial-resistant bacteria, posing risks to animal and human health. Animal health companies must develop alternative strategies for disease prevention and treatment while promoting responsible antimicrobial use, as this presents a pressing challenge. Market dynamics and competition also pose challenges. The animal health industry is highly competitive, with numerous companies vying for market share. New entrants, mergers, and acquisitions further intensify competition, requiring companies to innovate and differentiate their products and services to remain competitive.
Technological advancements and digital transformations are reshaping the animal health landscape. Although technology provides chances for enhancing diagnostics, treatment, and data management, it also brings challenges concerning data privacy, cybersecurity, and integration with current systems. Changing consumer preferences and demands for sustainable and ethical animal products pose challenges for the animal health industry. Consumers increasingly seek products and services that prioritize animal welfare, environmental sustainability, and transparency in the supply chain. Successfully navigating these challenges requires strategic planning, innovation, collaboration, and a commitment to addressing the evolving needs of animals, humans, and the environment.
Animal Health Market – Key Industry News
- In April 2024, Zoetis Inc. and Phibro Animal Health Corporation announced a definitive agreement where Phibro Animal Health will acquire Zoetis’ medicated feed additive (MFA) product portfolio.
- In February 2024, Merck Animal Health signed an agreement to acquire Elanco Animal Health’s aquatic-focused business for $1.3 billion in cash.
- In October 2023, Zoetis Inc. launched Librela, a monoclonal antibody treatment for canine osteoarthritis pain in the US, targeting the Nerve Growth Factor (NGF).
Animal Health Market Competitive Landscape
The animal health market features significant competition among leading companies such as Zoetis Inc., Merck & Co., Inc., Elanco Animal Health, IDEXX Laboratories, Inc., and Biogenesis Bago. For instance, Zoetis Inc. is well-regarded globally for its extensive array of veterinary products and services. Merck & Co., Inc. competes with its diverse portfolio focused on pharmaceuticals and vaccines for animals. Elanco is notable for its innovations in products for both pets and farm animals. IDEXX Laboratories, Inc. specializes in advanced veterinary diagnostics and laboratory services. Biogenesis Bago is known for its vaccines and pharmaceuticals, particularly in the Latin American market. These companies employ strategies such as innovation, strategic partnerships, and market expansion to maintain their competitive positions in the dynamic animal health industry. Moreover, partnerships and strategic collaboration strategies are employed by companies to strengthen their market position and expand their global reach. For instance, Zoetis has formed alliances with academic institutions and research organizations to accelerate innovation and enhance its product pipeline. The companies primarily use acquisitions, R&D, partnerships, and technological launches. Several important entities in the animal health market include Zoetis Inc., Merck & Co., Inc., Elanco, IDEXX Laboratories, Inc., Biogenesis Bago, and others.
Animal Health Market Company Share Analysis, 2023 (%)
Animal Health Market – Key Companies
Reason to Buy from us
Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Animal Health Market (2018 – 2022) |
| 2.2. Global Animal Health Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Animal Health Market by Product |
| 3.1.1. Drugs |
| 3.1.2. Vaccines |
| 3.1.3. Feed |
| 3.1.4. Diagnostics |
| 3.1.5. Others |
| 3.2. Global Animal Health Market by Animal |
| 3.2.1. Livestock Animals |
| 3.2.2. Companion Animals |
| 3.2.3. Others |
| 3.3. Global Animal Health Market by End User |
| 3.3.1. Veterinary Hospitals & Clinics |
| 3.3.2. Animal Care & Rehabilitation Centres |
| 3.3.3. Diagnostic Centres |
| 3.3.4. Others |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The U.S |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Animal Health Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers, and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.1.4. Market Trend 4 |
| 7.1.5. Market Trend 5 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.2.4. Market Driver 4 |
| 7.2.5. Market Driver 5 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 7.3.4. Market Challenge 4 |
| 7.3.5. Market Challenge 5 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. Zoetis Inc. |
| 9.2. Merck & Co., Inc. |
| 9.3. Elanco |
| 9.4. IDEXX Laboratories, Inc. |
| 9.5. Biogenesis Bago |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
Animal Health Market – Frequently Asked Questions (FAQs)
What is the current size of the global animal health market?
The market size for the global animal health market in 2024 is $50.85 Bn.
Who are the major vendors in the global animal health market?
The major vendors in the global animal health market are Zoetis Inc., Merck & Co., Inc., Elanco, IDEXX Laboratories, Inc., Biogenesis Bago.
Which segments are covered under the global animal health market segments analysis?
This report offers in-depth insights into each product, animal, end-user.