Latest News- Animal Healthcare Market: Pharmaceutical is expected to lead the Product segment during 2024-2028

The Animal Healthcare Market is being driven by Increase in animal ownership

The Animal Healthcare Market is expected to grow at a CAGR of 4.48% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.34 billion. In the animal healthcare sector, preventive measures are increasingly prioritized to safeguard animal health and wellbeing. Boehringer Ingelheim, a leading pharmaceutical company, has taken a strategic step towards this trend by investing in Cowtribe, a Ghanaian last-mile veterinary delivery company. Through the Social Engagement (BI SE) initiative, Boehringer Ingelheim provides both financial investment and non-financial support to bridge the funding gap for social businesses in underserved communities. This collaboration also integrates technology to streamline the delivery of essential veterinary vaccines and animal health products to rural areas. As pet owners become more informed about various pet diseases, preventive healthcare practices such as regular vaccinations and dental care are becoming standard procedures. Boehringer Ingelheim's investment in Cowtribe exemplifies the industry's commitment to enhancing access to animal healthcare services, particularly in vulnerable communities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Pharmaceutical
  • Feed additive
  • Biologicals
• Animal Type
  • Livestock
  • Companion animals
• Distribution Channel
  • Retail
  • E-commerce
  • Hospital/Clinic Pharmacy
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
  • Asia
    • China
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in animal ownership
• Rise in incidences of zoonotic diseases
• Increasing role of organic tracing elements for improving livestock production

However, the market also witnesses some limitations, which are as follows:

• Contamination of animal source foods
• Disadvantage of antibiotics
• Increase in animal healthcare product recalls in the market

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Market Scope in Animal Healthcare Market Research Report

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Research Analysis Overview

The Animal Healthcare Market encompasses various sectors including animal health expenditure, Veterinary Hospitals, pet insurance, pet humanization, and companion animal vaccines. Factors driving market growth include rising pet ownership, animal welfare, preventive care, and veterinary telehealth. Products and services include veterinary software, livestock monitoring, e-commerce, point-of-care testing, diagnostic centers, and molecular diagnostic tests. The market caters to both companion animals and livestock, addressing diseases, nutritional needs, and zoonotic diseases through medicated animal feeds, biological research in genetics and drug testing, and disease prevention. Biopharma companies play a significant role in the drug discovery process for animal-borne diseases, providing treatment options and pet care products. Wildlife conservation and the human-animal bond are also key considerations in the market. Animal protein and animal-based foods are additional areas of focus, as well as addressing animal epidemics and animal welfare concerns.

Market Research Overview

The animal healthcare market encompasses various sectors, including veterinary hospitals, pet insurance, pet adoption, preventive care, nutrition, and diagnostic products. According to Technavio, the global animal healthcare market size is determined by the consolidated revenue generated by manufacturers and providers of veterinary equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Factors driving growth in this market include pet humanization, increasing pet adoption rates, and the emergence of telemedicine and educational initiatives. Key areas of innovation include regenerative medicine, monoclonal antibodies, and preventive care solutions, such as companion animal vaccines and nutrition. The market is further propelled by the rising trend of pet insurance, which covers expenses related to veterinary care and diagnostic services. Additionally, the increasing focus on animal welfare and the development of advanced diagnostic tools and technologies are expected to fuel market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/