The global Animal Healthcare Market encompasses various products that are used for disease prevention and treatment in companion animals such as dogs, cats, horses, and other livestock animals. Vaccines, parasiticides, anti-infectives, medicinal feed additives and other pharmaceuticals form an integral part of animal healthcare. They help control diseases, improve productivity, and ensure overall well-being of animals. Rising pet ownership worldwide along with growing awareness about animal health is propelling the demand for animal medicine and vaccines. According to statistics, about 70 million American households own at least one pet. The global Animal Healthcare Market is estimated to be valued at US$ 50.45 Bn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the animal healthcare market is rising adoption of pet insurance. Pet owners are increasingly opting for insurance policies that cover surgery, illness diagnosis and animal medicine. This is prompting veterinary hospitals and animal pharmaceutical companies to offer customized insurance plans. They provide reimbursements for various health conditions, wellness procedures and diagnostic tests. Rising per capita expenditure on pet care is another major trend shaping the market. According to statistics, Americans on an average spend about US$ 300 per pet annually on veterinary services and animal health products. This indicates growing willingness among pet owners to spend more on ensuring good health of their companion animals.
Porter's Analysis
Threat of new entrants: The animal healthcare market has moderate threat from new entrants because of the high technical and regulatory barriers. However established market players play a significant role.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of many vendors offering similar products. However, specialized products give buyers less choice.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power because of availability of substitutes and diversity of raw material sources.
Threat of new substitutes: Threat is moderate as alternate treatment methods can be developed but regulations restrict major substitution in pharmaceutical products.
Competitive rivalry: The market is highly competitive due to presence of large multinationals and strong product pipeline of major players.
Key Takeaways
The Global Animal Healthcare Market Share is expected to witness high growth.
The market in North America is expected to dominate due to high pet adoption and better regulatory scenario for animal healthcare products. Europe and Asia Pacific regions are also lucrative animal healthcare markets due to increasing companion animal ownership and growing veterinary infrastructure.
Key players operating in the animal healthcare market include Abbott, Pfizer Inc., Eli Lilly & Company, Endo International plc, F. Hoffmann-La Roche AG Bausch Health Companies Inc., Merck & Co. Inc., AbbVie Inc., Novartis AG, Johnson & Johnson Private Limited, and GSK plc. These players are focused on product development and launches to strengthen their market position. For instance, Pfizer Inc's new monoclonal antibody EQUELLIN injection is approved for treatment of respiratory diseases in horses.
For more details on the report, Read- https://www.insightprobing.com/animal-healthcare-market-growth-demand-and-overview/
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