by Market Overview:
The Animal Healthcare Market consists of products that aid in the prevention, diagnosis and treatment of various diseases in animals. The products include pharmaceuticals like vaccines, parasiticides and anti-infective, feed additives and medicated feed. Animal healthcare products play a crucial role in maintaining animal health and wellness. These products help prevent economic losses from diseases and ensure animal protein safety for human consumption.
Market key trends:
One of the major trends in the Animal Healthcare Market is rising demand for companion animal medications. Over the past few decades, the companion animal population has grown significantly globally. People are increasingly adopting companion animals like dogs and cats and willing to spend on their healthcare needs. As a result, the companion animal healthcare segment accounts for over 40% share of the overall Animal Healthcare Market. Growing veterinary services for companion animals and advancements in pet medication and treatments are driving growth in this market segment. Increasing spending on animal health, rising pet humanization and growth in pet insurance are some other key growth determinants of the companion animal healthcare market.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter this market due to regulations and need for substantial investment in R&D.
Bargaining power of buyers: Buyers have medium bargaining power as many animal pharma companies operate in the market.
Bargaining power of suppliers: Suppliers have less bargaining power as there are many raw material suppliers for animal healthcare products.
Threat of new substitutes: Substitutes threat is low as there are limited alternatives available for animal healthcare services and products.
Competitive rivalry: Intense due to presence of major global players.
SWOT Analysis
Strengths: Wide range of product portfolio and global presence of key players.
Weaknesses: Heavy dependence on livestock population and stringent regulatory structure increases cost of operations.
Opportunities: Growth in companion animal population and rising demand in developing nations.
Threats: Threat from local manufacturers offering low cost substitutes and ban on certain animal testing.
Key Takeaways
The Global Animal Healthcare Market Size is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing pet ownership and growing farm mechanization. North America dominated the market in 2021 due to rising pet adoption and high per capita animal healthcare expenditure in the US and Canada. Asia Pacific is anticipated to grow at the fastest pace during the forecast period owing to rising livestock population, increasing per capita meat consumption and ban on antibiotic growth promoters in several countries.
Key players operating in the Animal Healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company, DSM, Merck & Co., Inc., Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., Zoetis Inc. These players are focusing on new product launches and acquisitions to strengthen their market position. For instance, in 2022, Zoetis Inc acquired ClinVet for expanding its presence in veterinary diagnostic services market.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
