An Animal Healthcare Market Size By Product (Pharmaceuticals {Drugs [Antiparasitic

Animal Healthcare Market Size By Product (Pharmaceuticals {Drugs [Antiparasitic, Anti-inflammatory, Anti-infectives], Vaccines [Modified Live Vaccines, Killed Inactivated Vaccines], Medicated Feed Additives [Antibiotics, Vitamins, Amino acids, Enzymes, Antioxidants, Prebiotics and Probiotics, Minerals]}, Medical Devices {Veterinary Diagnostic Equipment, Veterinary Anaesthesia Equipment, Veterinary Animal type Monitoring Equipment, Veterinary Surgical Equipment, Veterinary Consumables}, Veterinary Services), By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}, By Distribution Channel (Pharmacies, E-commerce, Distributors), Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Animal Healthcare Market is slated to grow exponentially through 2032, owing to the rising expenditure on animal welfare and pet health. Furthermore, increasing spending on pet services such as grooming, exercise, walking, training, boarding, pet sitting, and yard service will also play a key role in market expansion. In addition, the growing need for animal medicines to prevent diseases and offer quality treatment to animals is further slated to escalate the market progression.

The industry is anticipated to witness stagnant growth in the coming years, as developing countries struggle to maintain basic human facilities, raise funds, and organize several programs. Besides, animal healthcare is a neglected sector, which may also negatively influence the market outlook in the future. However, the increasing awareness regarding zoonotic illnesses and the mounting presence of e-commerce platforms supporting online pharmacies will further drive market growth in the coming years.

Overall, the animal healthcare market is segmented in terms of product, animal, distribution channel, and region.

Considering the product, the veterinary services segment held over USD 75.5 billion market share in 2022 and is anticipated to grow considerably through 2032, owing to the rising demand for veterinary services. In addition, the increasing prevalence of health issues in animals and changing lifestyles in developed countries will further increase the preference for veterinary services, thereby boosting business growth.

Based on animals, the companion animal segment is slated to witness massive growth by 2032 end, owing to the increasing adoption of pets, rising expenditure on veterinary care, and growing demand for premium pet products. Besides, ongoing innovations in medical facilities for mobile pet grooming services, pets, and pet insurance will support the segmental growth over the forecast period.

By distribution channel, the distributors segment is slated to grow exponentially owing to the availability of a wide variety of animal care products and comparatively lower pricing. Besides, distributors serve large groups of customers, which is advantageous for both parties. It allows the distributor to use economies of scale, while the customer receives the goods at a discounted price. Wholesale pricing and presence of wide variety of product alternatives are further slated to drive segmental expansion in the future.

Regionally, the North America animal healthcare market held over 39% revenue share in 2022 and is likely to demonstrate massive growth during the forecast period. The regional market expansion can be attributed to the increased expenditure in pet health empowered by high disposable income and advancements in personalized pet medicine for livestock & companion animals that are susceptible to chronic illness.