The global animal health market size was valued at USD 41.50 billion in 2018 and is projected to reach USD 97.54 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period. North America dominated the global market with a share of 34.02% in 2018.
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The Animal Health Market is experiencing steady growth driven by rising pet ownership, increasing demand for animal-derived food products, and greater awareness of zoonotic diseases. Technological advancements, including digital monitoring and veterinary telehealth, are transforming the market, while emerging economies contribute significantly to its expansion through improved veterinary infrastructure and rising healthcare spending for animals.
Market Segmentation
- By Product: The Animal Health Market is segmented into drugs, vaccines, feed, and diagnostics. Among these, the drugs segment accounted for the largest share and is expected to maintain dominance in the Animal Health Market. The diagnostics segment is projected to register the fastest growth in the Animal Health Market due to new molecular testing technologies.
- By Animal: In the Animal Health Market, the major animal-type segments include livestock animals and companion animals. Companion animals are gaining momentum in the Animal Health Market thanks to rising pet adoption and shift from ownership to pet-parenting.
- By End-User: The Animal Health Market end-user categories include veterinary hospitals & clinics, animal care & rehabilitation centres, diagnostic centres and others. Veterinary hospitals & clinics currently dominate the Animal Health Market, while diagnostic centres are anticipated to expand more rapidly.
LIST OF KEY COMPANIES PROFILED:
- Zoetis
- Intervet International B.V.
- Elanco
- Ceva
- Virbac
- Merck & Co., Inc.
- Novartis AG
- Emergent BioSolutions, Inc.
- CSL Limited
- IDEXX Laboratories, Inc.