According to Custom Market Insights (CMI), the US Animal Health Market size was estimated at USD 5.7 billion in 2023 and is anticipated to reach around USD 11.3 billion by 2030, recording a CAGR of roughly 10.3% between 2023 and 2030.
According to CMI, It is anticipated that the market for animal-derived food products will thrive in the near future due to the rising global population, which is leading to an increase in demand for such products.
Browse the full “US Animal Health Market Size, Trends and Insights By Animal Type (Dog, Cat, Equine, Others), By Product (Vaccines, Pharmaceuticals, OTC, Prescription, Feed Additives, Diagnostics, Others), By Distribution Channel (Retail, E-commerce, Hospital Pharmacy), By End-use (Point-of-care testing/In-house testing, Veterinary Hospitals & Clinics, Others), and By Region – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/us-animal-healthcare-market/
US Animal Health Market: Dynamics and Growth Drivers
The US animal health market is subject to various dynamics that influence its growth and development. Some of the key dynamics include:
- Increasing pet ownership: The growing trend of pet ownership among people is driving the demand for animal health products and services.
- Rising demand for livestock-based products: The increasing consumption of meat and dairy products is boosting the demand for animal health services in the livestock industry.
- Technological advancements: The development of advanced technologies in animal health, such as diagnostic imaging and telemedicine, is fueling market growth.
- Government initiatives: The government is taking various initiatives to improve animal health and welfare, which is further boosting the animal health market.
- Growing awareness of animal health: The increasing awareness of animal health among pet owners and livestock farmers is driving demand for animal health products and services.
- The emergence of new diseases: The emergence of new diseases in animals is driving demand for effective treatments and preventive measures, which is boosting the animal health market.
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US Animal Health Market: COVID-19 Analysis
The COVID-19 pandemic has had a mixed impact on the US animal health market. On the one hand, the pandemic has led to increased demand for pet ownership, as people sought companionship during periods of social isolation. This has translated into increased demand for animal health products and services, particularly for preventive care and vaccinations.
On the other hand, the pandemic has disrupted the supply chain for animal health products and services, as well as veterinary clinics and hospitals. The lockdowns and restrictions on movement have made it difficult for pet owners to access veterinary care, leading to a decline in revenue for veterinary clinics. In addition, the economic impact of the pandemic has led to a decline in spending on pet care and livestock management. This has led to a decrease in demand for animal health products and services.
Overall, the impact of the COVID-19 pandemic on the US animal health market has been mixed. While some segments of the market have experienced growth, others have seen a decline in demand. As the world recovers from the pandemic and economies stabilize, it is expected that the animal health market will bounce back and continue its growth trajectory.
Recent Developments
July 2019 – Zoetis and Colorado State University set up a study lab to make new immunotherapies for animals.
August 2021 – Merck Animal Health in the United States made WHISPER ON ARRIVAL, a precise tool that uses a lot of different factors to figure out which cattle may be more likely to get sick.
Competitive Landscape – US Animal Health Market
- Zoetis
- Ceva Santé Animale
- Merck & Co. Inc.
- Vetoquinol S.A.
- Boehringer Ingelheim Gmbh
- Elanco
- Virbac
- Heska
- Dechra Pharmaceuticals Plc
- Idexx Laboratories Inc.
- Norbrook Inc.
- Others
Table of Contents: https://www.custommarketinsights.com/report/us-animal-healthcare-market/#table-of-contents
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