The global animal health market is expected to grow significantly, with projections indicating it will reach USD 117.48 billion by 2031.
This growth is attributed to increasing awareness among pet owners regarding animal health, according to SkyQuest.
SkyQuest reports that the animal health market was valued at USD 58.28 billion in 2022 and is set to grow from USD 63 billion in 2023 to USD 117.48 billion by 2031. The market is projected to expand at a compound annual growth rate (CAGR) of 8.1% over the forecast period from 2024 to 2031.
Animal health encompasses the healthcare services and products related to the care of animals. The rising trend of pet ownership and increased spending on animal healthcare are key factors driving market growth. The growing use of companion animals and heightened investments in the development of new veterinary care products are also expected to create new opportunities for companies in the animal health sector.
Pharmaceutical Products: Major Revenue Contributor
Pharmaceuticals and drugs are crucial for regulating animal health, making this segment highly lucrative for companies. The increasing variety of animal diseases and the demand for advanced treatment options are expected to drive the demand for animal health pharmaceutical products. Additionally, significant investments in the development of innovative animal health drugs and pharmaceuticals are anticipated to support market growth in this segment.
The growing awareness about animal health and the demand for preventive healthcare among pet owners are projected to make the diagnostic segment particularly attractive. The development of new animal health diagnostic solutions and services aimed at promoting preventive healthcare is expected to be a key focus for new companies entering the market.
Veterinary Clinics and Hospitals: Dominant Market Share
Veterinary clinics and hospitals are the primary venues where pet owners take their animals for healthcare needs. The increasing number of veterinary hospitals and clinics worldwide is expected to help this segment dominate the global animal health market.
New entrants in the animal health market should concentrate on the diagnostics and veterinary clinics/hospitals segments to maximise their business potential and compete effectively with established animal health providers.
The animal health market is poised for substantial growth, driven by increased pet ownership, rising awareness about animal health, and significant investments in veterinary care products. Companies looking to enter or expand in this market should focus on innovative diagnostic solutions and the expanding network of veterinary clinics and hospitals.
