Market Overview:
The animal healthcare market consists of products that ensure the health and well-being of companion animals and livestock. These include vaccines, pharmaceuticals, feed additives, and diagnostic tools. Regular healthcare checkups and immunization are critical for animals to prevent the spread of zoonotic diseases and ensure optimum productivity.
Market key trends:
Growing pet ownership trends across the world are contributing to market growth. According to the American Pet Products Association, around 85 million households own at least one pet in the U.S. Further, increasing per capita animal healthcare expenditure and rising animal protein consumption worldwide are augmenting demand for improved livestock productivity through vaccination and preventive care. Governments and animal welfare organizations are promoting population management programs for companion animals, which is fueling the adoption of pharmaceuticals and immunobiologicals. Rapid pet humanization is another key trend shaping the animal healthcare industry as consumers are willing to spend more on advanced treatment options for their pets.
The global Animal Healthcare Market Growth is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D and regulatory approvals pose barriers for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and need for specialized materials. Threat of new substitutes: Threat is moderate as alternative treatment methods are niche compared to pharmaceutical products. Competitive rivalry: High as major companies compete for market share through product innovation, cost efficiency, and marketing.
SWOT Analysis
Strengths: Established distribution network, product diversification, high R&D investment.
Weaknesses: High capital intensive market, stringent regulatory approvals, vulnerability to disease outbreaks.
Opportunities: Growth in companion animal ownership, rising meat consumption driving demand for animal health, technological advancements.
Threats: Rising raw material costs, global trade barriers, threat from alternative therapies.
Key Takeaways
The global Animal Healthcare Market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing pet ownership across the world. The North America region currently dominates the global market, owing to high per capita animal healthcare expenditure and availability of advanced veterinary healthcare facilities in countries like US and Canada. Asia Pacific is expected to be the fastest growing region due to rising livestock population and increasing awareness about animal healthcare in countries like India and China.
Key players operating in the Animal Healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. These players are focusing on new product launches, acquisitions and geographical expansion to increase their market share.
