June 21, 2024
Middle East And Africa Animal Healthcare Market

Middle East and Africa Animal Healthcare Market to Witness Significant Growth owing to Increased Pet Ownership

The Middle East and Africa animal healthcare market consists of various products that are used to diagnose, prevent, and treat disease and other medical conditions in animals. Veterinary pharmaceuticals including anti-infectives, anti-inflammatory, parasiticides, and other pharmaceutical products form a major share in this market. Animal healthcare products find widespread applications in companion animal and livestock animals. The rising population of companion animals such as dogs and cats has been generating high demand for advanced veterinary care and associated products in the region.

The Global Middle East and Africa Animal Healthcare Market is estimated to be valued at US$ 5478.77 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period from 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Middle East And Africa Animal Healthcare Market Growth are Siegfried, Sanofi, Johnson Matthey, Mallinckrodt, Noramco, Unichem Laboratories, Arevipharma GmbH, Resonance-labs, Sun Pharmaceutical Industries Ltd., Rusan Pharma, Micro Orgo Chem, and Faran Shimi Pharmaceutical Co.

Key opportunities: Rising adoption of pet insurance, growing pet population, increasing veterinary services are expected to create lucrative opportunities for players in the region.

Global expansion: Leading international players are expanding their footprint in the region through acquisitions, collaborations, and introduction of innovative products to tap the high potential market.

Market drivers:

Increased pet ownership especially companion animals such as dogs and cats in the region is driving the demand for veterinary healthcare products and services in Middle East and Africa. According to recent survey, over 50% of UAE households own a pet indicating growing human-animal bonding in the region.

PEST Analysis

Political: The political landscape of the Middle East region plays a key role in the growth of the animal healthcare market. Frequent political instability and changes in regulations impact the business operations and trade activities.
Economic: Rising disposable income levels and growing focus on animal welfare has been fueling the demand for advanced animal healthcare products in the region. Population growth also drives more meat consumption contributing to the market growth.
Social: Increasing pet ownership and growing awareness about animal diseases have enhanced the importance of proper veterinary care and treatment. Urbanization is promoting nuclear family structures with pets providing companionship.
Technological: Advancements in drug delivery systems, vaccines, diagnostic tools and animal health monitoring devices are improving disease prevention and management. Technologies like m-health and telehealth are enhancing accessibility of veterinary services in remote areas.

Geographical Regions:

The animal healthcare market in terms of value is highly concentrated in countries like Kingdom of Saudi Arabia, United Arab Emirates and Israel. Saudi Arabia accounts for the largest share attributable to the presence of major manufacturing facilities and a large livestock population. In UAE, the rising pet ownership and increasing R&D investments are amplifying market revenues.

Fastest growing region: Egypt has been exhibiting the fastest market growth on account of expanding veterinary infrastructure, growing awareness and initiatives by government and non-profit organizations to control zoonotic diseases. The country is investing in veterinary colleges and diagnostic labs to strengthen the animal healthcare system and meet the evolving needs of a rising population

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it