Animal Healthcare Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Animal Healthcare Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

The global animal healthcare market was valued at USD 186.1 billion in 2023 and is projected to grow at a CAGR of 6% from 2024 to 2032. Increasing pet ownership rates are driving higher spending on pet healthcare. According to the World Animal Foundation, there are nearly 373 million pet cats and 471 million pet dogs globally. The rise in zoonotic diseases and growing awareness of animal health importance are boosting demand for preventive healthcare products and services. The prevalence of chronic diseases in animals, such as obesity, diabetes, and cancer, is increasing the need for advanced veterinary diagnostics and therapeutics. The American Veterinary Medical Association (AVMA) reports that approximately 1 in 4 dogs will develop neoplasia, and nearly half of dogs over 10 years old will develop cancer. The overall industry is divided into product, animal type, distribution channel, and region. The market is segmented by product into pharmaceuticals, medical devices, and veterinary services. In 2023, veterinary services held the highest market share at 75.9%. Veterinary services encompass preventive care, diagnostics, treatments, surgeries, dental care, and emergency services. They also include grooming and day-care services. The rising prevalence of zoonotic diseases and the need for preventive healthcare in livestock to ensure food safety are driving this segment's growth. The animal healthcare market is classified by animal type into companion animals and livestock animals. The companion animals segment generated the highest revenue of USD 113.2 billion in 2023 and is expected to grow significantly during 2024-2032. This segment includes dogs, cats, horses, and other companion animals. The trend of pet humanization, where pets are treated as family members, is driving higher spending on their healthcare needs. Increasing pet ownership, rising disposable incomes, and advancements in veterinary healthcare services are further contributing to segment growth. North America animal healthcare industry held the largest share at 38.9% in 2023 and is anticipated to grow at a 5.5% CAGR over the forecast period. The strong market share is due to its well-established veterinary healthcare infrastructure, high pet adoption rates, large livestock population, and a growing focus on animal health and wellness. Increased disposable income levels have led to higher spending on pet healthcare products and services, further driving market growth. The presence of key market players and ongoing technological advancements in veterinary diagnostics and therapeutics may also contribute to dominance in the animal healthcare industry.