According to the Graphical Research new growth forecast report titled North America Animal Healthcare Market Value By Product, Animal Type, Distribution Channel, Industry Analysis Report, Regional Outlook”, Estimated To Exceed USD 70.0 Billion by 2026. Increasing pet adoption for companionship by the elderly population serves as a key factor for the market growth. According to the American Pet Products Association report, around USD 72.6 billion was spent on animal care in 2018. Due to increase in pet adoption, a significant need for vaccination, a suitable diet, medicines, generic drugs, and surgeries will play vital role in driving the market growth for pet adoption in North America region.
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Rising demand for online veterinary pharmacies will augment the industry growth. The inclination of the millennials towards mobile apps helps to track health habits, nutritional intake, alert for pet care services. These technological advancements provide owners with pet cams and automated feeders that make pet care easy. Also, the veterinary online pharmacies such as Alvs vet care, Medi-Vet Animal Health, LLC, among others provide vaccinations, supplements, injections, drugs, pet care products which further augment market growth in the future. However, the regulations on sale of antibiotics and increasing cost of animal testing restrict the manufacturing of newly advanced drugs in animal healthcare market.
Veterinary services segment held substantial revenue share in 2019 and is estimated to witness around 3.2% CAGR over the analysis timeframe. These services provide integrated medical care and hospitalization for ailing animals. Animal healthcare hospitals, veterinary clinics, and mobile veterinary services form a typical structure of veterinary services. The growing availability of veterinary services in the emerging markets will boost animal healthcare market growth.
Companion animals were valued over USD 35,000.0 million in 2019. The growth in this segment is attributed to growing number of pets and fast-changing technology implications. Also, the Veterinary Services Directorate in the U.S. has a vision to create animal health system and provide animal health services to improve livestock efficiency and production. Further, increasing disposable income and the launch of animal-specific products will drive overall animal healthcare industry demand in the region.
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Pharmacies accounted for the highest CAGR of around 4.1% during forthcoming years. This is attributed to growing number of animal surgeries due to emphasis on companion and livestock animal health will propel the segment demand. Also, presence of sophisticated and technologically advanced instruments in the veterinary pharmacies will augment market growth during forecast timeframe.
U.S. animal healthcare market is estimated to experience around 3.2% CAGR during forecasting years. The accelerating expenditure on pet health and advancements in animal health products will assist segmental growth. Also, the growing adoption of companion animals and the intensive animal farming activities in the U.S. will stimulate animal healthcare market growth.
Major market players in the market are Bayer AG, B. Braun Melsungen AG, Elanco, IDEXX Laboratories, among others. These market players have undertaken strategies such as product improvisations, collaborations and partnership to maintain the market competition. For instance, in December 2018, Bayer Animal Health partnered with ParaTheraTech, Inc. for advancement of cryptosporidiosis treatment for farm animals. This partnership enabled Bayer to cater to growing needs of its customers and thus strengthened its market presence.
North America animal healthcare market research report includes in-depth coverage of industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
North America Animal Healthcare Market Share, By Product, 2015-2026 (USD Million)
- Modified live vaccines (MLV)
- Killed inactivated vaccines
- Medicated feed additives
- Amino acids
- Prebiotics and probiotics
- Medical Devices
- Veterinary Diagnostic Equipment
- Veterinary Consumables
- Veterinary Surgical Equipment
- Patient Monitoring Equipment
- Anesthesia Equipment
- Veterinary Diagnostic Equipment
- Veterinary Services
North America Animal Healthcare Market Size, By Animal Type, 2015-2026 (USD Million)
- Livestock animals
- Companion animals
North America Animal Healthcare Market Value, By Distribution Channel, 2015-2026 (USD Million)
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