Over the projected period, rising demand for meat, milk, and other byproducts of animals is anticipated to boost market expansion for animal healthcare. For instance, the USDA's National Agricultural Statistics Service (NASS) predicted that U.S. milk output in November 2019 would be 17.440 billion pounds, which is 0.5 percent more than in November 2018. Additionally, rising rates of zoonotic and foodborne infections are anticipated to fuel market expansion. For instance, the Centres for Disease Control and Prevention (CDC) estimated in May 2019 that salmonella infection (salmonellosis) causes roughly 1.2 million illnesses and 450 fatalities each year in the U.S., and that in 2018, there were 18 outbreaks identified, 15 of which were linked to food. Over the projection period, it is anticipated that a rise in the number of pets and companion animals will spur market expansion. In the United States, rising veterinarian costs per animal are anticipated to support market expansion. Due to rising milk production, Asia Pacific is predicted to have significant market expansion.
Coherent Market Insights estimates that the market for Animal Healthcare exceeded USD 150.6 billion in 2022, and between 2023 and 2032, it is anticipated to grow at a 4.7% CAGR.
Leading Companies in the Animal Healthcare Industry:
1. Bayer AG
The company was started in 1863 and is located in Leverkusen, Germany. Bayer AG manufactures and sells agricultural and medical products. For $425 million, Bayer announced in August 2020 that it had purchased KaNDy Therapeutics Ltd, bolstering its female healthcare division. The business declared in June 2021 that it had acquired Noria Therapeutics Inc. and PSMA Therapeutics Inc., acquiring access to many actinium-225-based experimental medicines with a focus on treating cancer.
2. Merck & Co., Inc.
The business was founded in 1668, and Rahway, New Jersey is where its headquarters are. Merck produces medicines, vaccines, biologic therapies, and things for animal health. After paying an undisclosed sum for the cattle management company Vence, the company announced in September 2022 that it will merge with Merck Animal Health. In February 2021, Merck Animal Health acquired PrognostiX Poultry.
3. Virbac
The firm was started in 1968 and is based in Carros, France. In addition to offering medical services, Virbac SA also produces vaccinations, wormers, and antibiotics for use in veterinary medicine. Customers of Virbac can be found in South America, Europe, Asia, and the United States. In 2022, Virbac opened a new research and development facility in Taiwan's Pingtung Agricultural Biotechnology Park (PABP).
4. Vetoquinol S.A.
The company was established in 1933 and is based in France. The Company specialises in the discovery, manufacturing, marketing, and sale of veterinary pharmaceuticals and goods in disciplines such cardiology, nephrology, and nephrology, as well as anti-infectives, anti-pain inflammation, and veterinary drugs.
5. Zoetis Inc.
The firm was founded in 1952 and is located in New Jersey, United States. The largest manufacturer of medications and livestock and pet immunisations worldwide is Zoetis Inc. To expand its selection of specialised animal health treatments, Zoetis purchased privately held genetics business Basepaws in June 2022. The purchase of Jurox by Zoetis, which was announced in August 2021, will increase the company's footprint in New Zealand, the US, Canada, and the UK.
6. Evonik Industries AG
The company was started in 2007 and has its main office in Essen, Germany. Specialty chemicals are produced by Evonik Industries AG. In the areas of consumer products, animal nutrition, and pharmaceuticals, the company offers a variety of items. Evonik introduced next-generation peptide for biopharmaceutical applications in June 2023.
7. Eli Lilly And Company,
The business was established in 1876 and is headquartered in Indianapolis, Indiana. The company's primary areas of interest include pharmaceutical product development, marketing, and promotion. Disarm Therapeutics, which offers cutting-edge therapies for axonal degeneration, declared in October 2020 that Lilly would purchase it. The company would purportedly focus on creating medications for autoimmune conditions, diabetes, obesity, and Alzheimer's in 2023.
8. Sanofi S.A.
The business was established in 1973 and is based in Paris, France. The company provides drugs, generic medications, food supplements, cosmetics, and medical devices for conditions like cancer, cardiology, gynaecology, and diabetes. The business declared in March 2023 that it will buy Provention Bio and its pipeline of type 1 diabetic treatments.
*Definition: With the aid of disease diagnosis and treatment, animal healthcare focuses on managing animals' health effectively. Animal illness outbreaks impose trade restrictions on goods derived from animals, raise the cost of disease control, and negatively impact the world economy.
