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Classified in: Health, Covid-19 virus
Subjects: PET, ANW, MRR

Animal Healthcare Market Size Worth USD 84.98 Billion, Globally, by 2030 at 9.81% CAGR - Exclusive Report by Facts & Factors


NEW YORK, March 21, 2023 /PRNewswire/ -- As per Facts and Factors study, the global animal healthcare market size was worth around USD 40.21 billion in 2022 and is predicted to grow to around USD 84.98 billion by 2030 with a compound annual growth rate (CAGR) of roughly 9.81% between 2023 and 2030.

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Animal Healthcare Market: Overview

The global industry functions around medical care including services and products that are required for the well-being of animals. It includes measures undertaken and products used to improve animal health and is applicable to all types of animals like livestock, pets, or zoo animals. Vaccines, diagnostic tools, pharmaceuticals, feed, surgical instruments, and other devices form a part of the industry.

Furthermore, clinics, animal welfare centers, veterinary hospitals, and other types of medical caregiving centers are integral to the efficient functioning of the sector. Training, boarding, and grooming are some of the activities that also fall under the larger umbrella called animal healthcare. In recent years, there has been substantial growth in the fraternity due to several factors but during the forecast period, it is anticipated to grow at one of the highest CAGR margins it has ever witnessed in the last couple of years.

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Key Insights:

Facts and Factors published the latest report titled "Animal Healthcare Market Size, Share, Growth Analysis Report By Animal Type (Companion and Farm), By Product (Vaccine, Feed, Veterinary Equipment, Pharmaceuticals, and Others), By Distribution Channel (Veterinary Hospitals & Clinics, E-commerce, Retail, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 ? 2030" into their research database.

Industry Dynamics:

Global Animal Healthcare Market: Growth Drivers

The global animal healthcare market is projected to grow owing to the increasing rate at which the general population is owning pets which includes a wide range of animals and is not only limited to dogs and cats although the market is currently dominated by them. As the world is moving toward rapid urbanization and commercialization, a lot of people are looking for companionship since it is easy to lose a sense of belonging when living in large cities where their lives revolve around corporate well-being.

Humans are social animals and the sense of feeling loved is a common trait amongst humans. Animals have, for a long, been loyal companions to humans either in pet form or as livestock. However, the trend has now reached urban populations as well and people are willing to spend thousands of dollars on the welfare of their pets. 

Global Animal Healthcare Market: Restraints

Veterinary medical care can end up costing up to thousands of dollars and this is especially applicable to certain animal types and their medical history. People with limited financial resources may find it difficult to keep up with the ever-rising prices of animal care in terms of medicines or feed.

For instance, the average monthly cost of owning a small dog can be around USD 43 and in case the animals contract cancer, the radiation therapy can cost between USD 2500 to USD 7000 depending on the cancer stage and animal breed.

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Global Animal Healthcare Market: Opportunities

With the aid of technology adoption, the global animal healthcare industry is expected to witness higher growth opportunities as the veterinary medicine segment works toward improving the animal care experience. The fraternity is witnessing a surge in investments directed toward investing in new diagnostic tools, drugs, and surgical techniques which could become the answer to many unsolved problems in the animal medical care segment. As the global industry registers high pet ownership and people become more responsible toward proper animal care, the demand for advanced tools and mechanisms is expected to grow.

Global Animal Healthcare Market: Challenges

One of the growing concerns in the sector is the increasing number of cases showcasing antibiotic resistance in animals. This is mostly due to the overuse of antibiotics that has led to the development of bacteria that resists the impact of many versions of antibiotics. This can greatly limit the growth of the global market as pet owners may lose confidence in veterinary medicine and animal care. Furthermore, companies would be required to invest higher in research & development to ensure the development of a solution for such issues.

Global Animal Healthcare Market: Segmentation

Based on animal type, the global market is divided into companion and farm

Based on product, the global market is segmented into vaccines, feed, veterinary equipment, pharmaceuticals, and others.

Based on distribution channel, the global market segments are veterinary hospitals & clinics, e-commerce, retail, and others

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List of Key Players in Animal Healthcare Market:

Key questions answered in this report:

Report Scope:

Report Attribute

Details

Market size value in 2021

USD 40.21 Billion

Revenue forecast in 2030

USD 84.98 Billion

Growth Rate

CAGR of almost 9.81 % 2023-2030

Base Year

2020

Historic Years

2016 ? 2022

Forecast Years

2023 ? 2030

Segments Covered

By Animal Type, Product, Distribution Channel, and Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2022 to 2030

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

Dechra Pharmaceuticals, Elanco, Vetoquinol S.A., Boehringer Ingelheim, Neogen, Zoetis, Virbac, Bayer, Nutreco N.V., Merck & Co. Inc., DCC (Dogs Cats & Companions), Heska Corporation, C.H.Boehringer Sohn AG & Co, KG, Ceva Sante Animale, and others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Customization Scope

Avail of customized purchase options to meet your exact research needs.  

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Recent Developments

Regional Dominance:

The global animal healthcare market is projected to register the highest growth in North America as it has in previous years. The regional growth is a consequence of the already existing high number of pet owners which is growing annually. Furthermore, the high disposable income of the population group allows them to spend extra on animal care as pet care is an important cultural aspect of the region. In addition to this, the growing initiatives by government agencies along with animal welfare agencies to promote medical care for stray animals are an important segment contributing to higher revenue.

The region has one of the world's most organized systems for managing stray animals or lost pets. The well-equipped veterinary care of the US and Canada are equally responsible for high regional revenue. Growth in Europe is anticipated to be driven by similar reasons along with the presence of supportive infrastructure promoting animal care.

Global ANIMAL HEALTHCARE Market is segmented as follows:

Animal Healthcare Market: By Animal Type Outlook (2023-2030)

Animal Healthcare Market: By Product Outlook (2023-2030)

Animal Healthcare Market: By Distribution Channel Outlook (2023-2030)

Animal Healthcare Market: By Region Outlook (2023-2030)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Press Release for Animal Healthcare Market: https://www.fnfresearch.com/news/global-animal-healthcare-market 

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Facts and Factors is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, and company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client's needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us?after all?if you do well, a little of the light shines on us.

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