Global Artificial Intelligence (AI) In Animal Health Market Size, Share & Industry Trends Analysis Report By Animal type (Companion Animal, and Production Animals), By Solutions (Hardware, and Software & Services), By Application, By Regional Outlook and

Global Artificial Intelligence (AI) In Animal Health Market Size, Share & Industry Trends Analysis Report By Animal type (Companion Animal, and Production Animals), By Solutions (Hardware, and Software & Services), By Application, By Regional Outlook and Forecast, 2023 - 2030

The Global Artificial Intelligence (AI) In Animal Health Market size is expected to reach $3.6 billion by 2030, rising at a market growth of 18.1% CAGR during the forecast period.

Pet ownership is increasing worldwide, especially among millennial households, which usually have smaller families and have children later in life. Therefore, Companion Animal segment generated $2,513.3 million revenue in the market in 2022. The benefits of pet ownership for people's health include better heart health, fewer levels of depression and anxiety, and more. Pet ownership is increasing in emerging economies due to the growing middle class. Additionally, due to improved nutrition and medical treatment, pets live longer. Due to their higher propensity for illness, senior pets are becoming increasingly prevalent and require specialized care. Some of the factors impacting the market are AI-driven therapeutics advancements, Adoption of enhanced precision and predictive analytics, and resistance to technological change and ethical and legal issues.

AI advances greatly aid the advancement of precision medicine and targeted animal therapies. This has also encouraged the deployment of more efficient treatments in recent years. The market revenue is anticipated to expand due to the effectiveness and capacity to provide more precise indications of potential outbreaks of diseases and illnesses in animals and livestock in a rising number of nations. Additionally, supportive government programs, investments in AI research and development (R&D), collaborations between tech firms and veterinary institutions, and other factors encourage innovation and favorably impact the market's growth. The potential for further integrating AI into veterinary clinics is immense. Adopting AI-driven diagnostic tools, telemedicine platforms, and decision support systems is anticipated to boost growth prospects for companies in the animal health industry. Companies that provide AI-driven insights, extensive data analysis, and predictive analytics services to veterinary research institutes and organizations will profit from the growing need for AI-powered data analytics and research tools in the animal health sector. The adoption of AI in animal health around the globe is expected to propel market growth.

However, Artificial intelligence applications in animal health have increased moral and legal issues related to data privacy, consent, and animal welfare. Due to their inferior social, moral, and legal rights to humans, companion animals may be more vulnerable to AI's adverse effects than humans. These circumstances impact the morality of veterinary AI. At the same time, medical AI brings unique ethical concerns; concerns consist of algorithmic trust and transparency. These ethical and regulatory concerns may hinder the development of artificial intelligence (AI) in animal health market.

Animal Type Outlook

By animal type, the market is bifurcated into companion animals and production animals. In 2022, the companion animals segment registered the highest revenue share in the market. The need for cutting-edge healthcare solutions, such as AI-based diagnostics and individualized treatment plans, is driven by the growing trend of pet ownership and the growing emotional link between pet owners and their companion animals. The adoption of AI-based solutions to improve the quality of care and treatment results is also influenced by the availability of pet insurance and rising healthcare spending on companion animals.

Solutions Outlook

Based on solutions, the market is segmented into hardware and software & services. The software and services segment acquired a substantial revenue share in the market in 2022. The segment's rise is fueled by ongoing improvements in software technologies, including sensors, imaging equipment, computer vision, deep learning, and wearables. These solutions are growing more affordable and accessible for animal owners owing to improvements in performance, miniaturization, power consumption, and cost. The market's expansion is also linked to collaborations between software developers, technological firms, veterinary clinics, universities, and trade groups. These collaborations have produced ground-breaking AI products designed exclusively for animal health applications.

Application Outlook

On the basis of application, the market is fragmented into diagnostics, identification, tracking, & monitoring, and others. In 2022, the diagnostics segment held the highest revenue share in the market. Increasing AI integration in veterinary diagnostics, the availability of AI-powered diagnostic solutions, and the need to enhance diagnostic capabilities in animal health are factors influencing this rise. The musculoskeletal system is increasingly being addressed using veterinary diagnostic imaging. The growing adoption of veterinary diagnostic imaging contributes to the expansion of AI in animal health.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. Veterinarians may diagnose diseases and abnormalities with the help of AI algorithms that can examine radiographs, CT scans, and MRI images. The accuracy and speed of diagnosis are increased because these algorithms may identify patterns and signals that would be challenging for people to recognize. The U.S. and Canada's superior veterinary healthcare infrastructure and expanding use of AI in veterinary diagnostics are significant drivers of the regional share.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Zoetis, Inc., Merck & Co., Inc., Heska Corporation (Antech Diagnostics, Inc), SignalPET, LLC, VetCT Specialists Limited, Veterinary Imaging Center of San Diego, Inc (Vetology), OneCup AI, Petriage, ImpriMed, Inc., and IDEXX Laboratories, Inc.

Recent Strategies Deployed in Artificial Intelligence (AI) In Animal Health Market

Product Launches and Product Expansions:

Mar-2023: Zoetis, Inc. announced new features for its Vetscan Imagyst diagnostic platform. The new features include Vetscan Imagyst AI Dermatology, a solution used for identifying yeast infection based on the impression smear analysis and Vetscan Imagyst Equine Diagnostics used for instant delivery of results by sending the medical reports to the clinical pathologists within the Zoetis network.

Dec-2022: Merck & Co., Inc. released news solutions for cattle health tracking. The new solutions include Whisper On Arrival, an AI-powered cattle health prediction tool that monitors the health risk of a calf while in the chute, and SenseHub Feedlot, an AI-powered solution used for identifying and sorting sick cattle.

Oct-2022: Merck & Co., Inc. announced the launch of Animo GPS, an AI-powered behaviour and activity tracker for dogs. The tracker uses GPS capabilities to notify the owner about their dog leaving the 'safe zone'. Additionally, the behaviour tracker identifies and notifies the owner if there are any significant changes in the pet's behaviour.

May-2021: ImpriMed, Inc. released ImpriMed Immunophenotyping and ImpriMed Chemo Response Prediction services for Canine Lymphoma. The services comprise tumour cells drug sensitivity tests and Flow cytometry for analysing surface protein behaviour on patients’ cancer cells.

Partnerships, Collaborations & Agreements:

Apr-2023: Merck & Co., Inc. signed a partnership with XtalPi Inc., a pharmaceutical technology company, to develop solutions for AI-powered drug development. Together, the two companies would facilitate fast drug development by incorporating computer simulations in the process.

Oct-2022: SignalPET, LLC partnered with Midmark Corp., a clinical environmental design solutions provider, to develop solutions for accurate companion animal dental X-rays. The partnership would allow the two companies to provide dental radiologists to gain accurate insights from their radiology results.

Mergers & Acquisitions:

Oct-2022: Zoetis, Inc. acquired Jurox, an animal health services provider. The acquisition aids Zoetis in expanding its geographical footprint.

Sep-2022: Merck & Co., Inc. took over Vence, an animal healthcare services provider. The acquisition complements and expands Merck Animal Health's portfolio.

Sep-2022: Heska Corporation announced the acquisition of LightDeck, a healthcare company. The acquisition enhances Heska's overall immunoassay diagnostics portfolio.

Geographical Expansions:

Jan-2023: SignalPET, LLC announced the opening of new research and development in Israel. The centre would serve as an innovation hub for the company's products.

Scope of the Study

Market Segments covered in the Report:

By Animal type

• Companion Animal
• Production Animals

By Solutions

• Hardware
• Software & Services

By Application

• Diagnostics
• Identification, Tracking, & Monitoring
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Zoetis, Inc.
• Merck & Co., Inc.
• Heska Corporation (Antech Diagnostics, Inc)
• SignalPET, LLC
• VetCT Specialists Limited
• Veterinary Imaging Center of San Diego, Inc (Vetology)
• OneCup AI
• Petriage
• ImpriMed, Inc.
• IDEXX Laboratories, Inc.

Unique Offerings from KBV Research

• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free