The global animal health market size is expected to reach USD 88.6 billion by 2028, registering a CAGR of 9.0% over 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 (2014-2021), was initiated to identify 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.
With the help of these systems, data generated in veterinary clinics can be uploaded on the internet, which can be further shared with other researchers and clinicians. The incorporation of this technology will facilitate real-time analysis for fluctuations in disease prevalence. As a consequence of the aforementioned factors, it is presumed that there will be a significant improvement in the overall penetration rate of veterinary health products, which is anticipated to fuel market demand as well as revenue.
North America captured a substantial share in the global market in 2020 owing to a high incidence rate of zoonotic diseases, an increasing number of pet owners, technological advancements, and a wide range of definitive measures adopted by welfare organizations in the region. Asia Pacific is expected to exhibit the fastest CAGR over the forecast years due to the consistent R&D investments by prominent players and their efforts to commercialize branded and generic therapeutics at relatively low prices.
Key market participants employ sustainability strategies, such as expanding product portfolio, to gain a competitive advantage. For instance, in April 2019, Merck acquired Antelliq Corp., operational in the field of digital animal identification, traceability, and monitoring solutions. This acquisition helped the company improve its veterinary vaccines and pharmaceutical solutions portfolio.
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By product, diagnostics are expected to exhibit a lucrative growth rate of 11.7% from 2021 to 2028 due to a significant increase in the adoption of pets, which demands long-term health plans
The companion animal type segment is anticipated to grow at the fastest CAGR from 2021 to 2028 as a result of rising pet ownership due to associated health benefits for humans, such as lower blood pressure, greater psychological stability, and reduced anxiety attacks
The retail and e-commerce distribution channel segments accounted for notable shares in 2020 owing to factors, such as the increasing number of retail pharmacies and convenience associated with online pharmacies
Point-of-Care (POC) testing is estimated to register the fastest CAGR from 2021 to 2028 due to a rise in demand for highly productive animals and growing investments in R&D for novel pet products
In 2020, North America accounted for the largest revenue share owing to the presence of well-established pharmaceutical companies that consistently strive for extensive commercialization of their products
Asia Pacific is anticipated to record the fastest CAGR from 2021 to 2028 owing to the high clinical urgency to curb incidence of zoonotic diseases and management of disease outbreaks, such as swine influenza and Ebola
Grand View Research has segmented the global animal health market on the basis of animal type, product, distribution channel, end-use, and region:
Animal Health Animal Type Outlook (Revenue, USD Million, 2016 - 2028)
Production, By Type
Sheep & Goats
Companion, By Type
Animal Health Product Outlook (Revenue, USD Million, 2016 - 2028)
Live Attenuated Vaccines
Medical Devices & Disposables
Fluid Management Equipment
Temperature Management Equipment
Rescue & Resuscitation Equipment
Patient Monitoring Equipment
Animal Health Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
Veterinary Hospitals & Clinics
Animal Health End-use Outlook (Revenue, USD Million, 2016 - 2028)
POC Testing/In-house Testing
Veterinary Hospitals & Clinics
Animal Health Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
United Arab Emirates
List of Key Players of Animal Health Market
Ceva Santé Animale
Merck Animal Health
Boehringer Ingelheim GmbH
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