Veterinary healthcare market Growth Analysis Report, Forecast to 2027

Annually billions of dollars are being spent on pharmaceuticals, vaccines and feed additives to protect animals from a wide range of diseases. Rising demand for animal pharmaceuticals and vaccines will therefore continue to boost the growth of Veterinary healthcare market during the forecast period.

The animal healthcare market is valued at US$ 42.3 Billion in 2021. The market is likely to grow at a CAGR of 4.3% through 2027, reaching US$ 54.5 Billion by 2027. Improving animal health has become a top priority for people and governments across the world, as they play a vital role in maintaining the balance of the ecosystem.

Similarly, large amounts are being spent on purchasing animal feed additives to improve animal health and enhance their immune system. Rapid expansion of animal feed additives market will therefore continue to facilitate the growth of animal healthcare industry. The feed additive segment is expected to grow at 4.6% CAGR through 2027, reaching around US$ 25.3 Bn, whereas, the production animal segment, by animal type is expected to grow at 4.7% CAGR, reaching around US$ 35 Bn by 2027.

Regionally, North America and Europe will account for more than 60% of the market share and North America alone will command a market value of US$ 18.2 billion.

Various types of pharmaceuticals including antibiotics, antiparasitics, anti-inflammatories, analgesics and fertility drugs are being used to treat production and companion animals. Rapid surge in animal healthcare product sales like pharmaceuticals is acting as a catalyst for the growth of Veterinary healthcare market and the trend is likely to continue in the future. Market Value and Forecast
The Global Animal Healthcare market is projected to grow at a CAGRof 4.3% during the forecast period from 2017 to2027, reaching around US$ 54,548.0 Mn by the end of 2027.

Market Dynamics
“Growing Demand for Animal Products and Increasing Incidence of Animal Diseases Spurring Market Growth”

The primary factors fueling demand in the Veterinary healthcare market are increasing consumption of meat and milk globally, rising prevalence of foodborne and zoonotic diseases, growing trend of pet adoption across the world, and exponential growth of veterinary healthcare market.

Over the last few decades spending on animals has increased significantly on account of rising pet adoption rates, growing awareness about maintaining proper health of animals, and surging demand for animal pharmaceuticals for enhancing the immunity system of animals. Driven by this, sales of animal healthcare products like pharmaceuticals, animal feeds and vaccines are projected to rise at a significant pace during the forecast period.

On the other hand, factors hampering the growth of the animal healthcare market are increasing restrictions imposed by regulatory authorities on the usage of antibiotics, lack of awareness across various emerging regions, and rising cost of animal testing. Market Segmentation by Product Type
Based on product type, the global animal healthcare market has been segmented into feed additives, pharmaceuticals and vaccines. Feed additive segment accounted for around 45% value share of the market in 2017. Pharmaceutical segment is expected to reach US$ 20,767.8 Mn by 2027 end and projected to grow at a CAGR of 4.2% through 2027. Vaccines segment is expected to be the least attractive segment by product type in the animal healthcare market over the forecast period. Market Segmentation by Animal Type

Based on animal type, the global animal healthcare market has been segmented into production animals and companion animals. Among the animal types, production animals segment is projected to grow at the fastest CAGR over the forecast period, reaching around US$ 35,041.9 Mn by 2027 end. Companion animals segment on the other hand, is projected to grow at a CAGR of 3.6% over the forecast period.

Rising focus towards protecting both companion and production animals from various diseases will continue to push the animal healthcare product sales during the forecast period.

Key Regions
"Rising Adoption of Pet Animals and Increasing Spending on Animal Health Triggering Sales of Animal Heathcare Products Across North America and Europe”

The global Animal Healthcare market has been segmented into seven major regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA).

North America dominates the global market for Animal Healthcare and is expected to reach US$ 18,186.4 Mn by 2027 end. The Western Europe market is expected to account for the second largest market value share.. With rapid expansion of petcare market and surging demand for animal pharmaceuticals, North America and Europe will collectively constitute more than 60% of the market share over the forecast period.

Asia Pacific on the other hand is anticipated to grow at a significant pace during the forecast period owing to the rising adoption of pets, expansion of animal feed additives market, and penetration of new veterinary healthcare market entrants in countries like India and China. Competitive Landscape
Leading market players operating in the global animal healthcare market are constantly increasing in research and development for introducing new products at low costs. Besides this, they are adopting growth strategies such as partnerships, acquisitions, price reduction, and move towards online platforms to expand tehri global footprint.

Some of the key market participants include Bayer AG, Cargill, Inc., Eli Lilly and Company, Boehringer Ingelheim GmbH, Ceva Sante Animale, Zoetis Inc., Merc & Co., Inc., Virbac S.A., and SeQuent Scientific Ltd. Etc.
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