North America Animal Healthcare Market Share was valued at USD 54.5 billion in 2019 and is expected to witness over 3.6% CAGR from 2019 to 2026.
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The animal healthcare is a burgeoning industry catering to needs of various companion and livestock animal species. In recent times, the major industry players are increasing focus on development of healthcare services and products for companion animals. Thus, companion animal healthcare business has viewed scientific innovations and technological advances in the historical years.
Increasing animal adoption caters to growth in animal care services. According to the American Pet Products Association reports, 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 market growth. Furthermore, animal healthcare market is growing due to increasing awareness and companionship among people and easy provision of the needful by government.
The significant rise seen in animal healthcare services due to technological advancements has catered rise in animal healthcare market. According to the recent research article, around 69% of millennials are inclined towards mobile apps that helps to track health habits, nutritional intake, alert for pet care services. These advancements provide owners with pet cams and automated feeders that make pet care easy. Hence, the aforementioned factors will augment market growth in future.
North America Market Share, By Product
Pharmaceuticals segment held a significant growth of around 4.0% CAGR during analysis timeframe. The segment is further bifurcated into drugs, vaccines and medicated feed additives. The rise in market for pharmaceuticals is attributed to rising number of pet animals and increased risk of infections among them. Also, the increasing adoption of livestock for human consumption contributes to drive market for animal healthcare. Further, the pharmaceuticals are used as therapeutic drugs and growth promoters in animals. This fuel growth of segment during the forecasting years.
North America Market Size, By Animal Type
Livestock animals segment held around USD 19.0 billion revenue in 2019. These livestock animals include poultry, swine, cattle, fish, among others. The rising demand for these animals for human consumption and increasing risks of food-borne diseases due to consumption of these animals compels the growth of the market in segment. Also, the initiatives taken by the associations to cater health of livestock animals further contributes to drive the market during forecasting timeframe.
North America Market Share, By Distribution Channel
Distributors segment is projected to grow at a substantial pace to reach around USD 70.0 billion in 2026. The growth of segment is attributed to increasing cases of animal surgeries due to the emphasis on livestock and companion animal health. Furthermore, presence of technologically and sophisticated advanced instruments in veterinary care will bolster the market growth.
North America Market Growth, By Country
Canada animal healthcare market is poised to exceed USD 5.5 billion by 2019 owing to increased awareness about animal health and the rising government initiatives in country. For instance, the veterinarians and veterinary hospitals in Canada promote animal health as a part of animal health week celebrations every year. The increasing prevalence of zoonotic diseases and the advancement in technology propel the market growth in the country.
Competitive Market Share
Some of the major industry players involved in North America Animal Healthcare Market include Bayer AG, B. Braun Melsungen AG, Elanco, IDEXX Laboratories, among others. The companies are adopting various inorganic strategies such as acquisition, collaborations and partnership to maintain market position. For instance, in August 2019, Elanco announced acquisition of Bayer’s animal healthcare. This transaction helped Elanco to double its companion animal business and advancing product portfolio
The veterinary practice initially came into existence in 9,000 BC. The animal healthcare developed in latter part of 19th century. The veterinary care was less emphasised in previous times. However, since the early 1900s pets began to receive medical care more commonly. American Veterinary Medical Association came into being to promote veterinary medicine in 1863. Further, in 1965, the Food and Drug Administration added a Veterinary Medical Branch to manage animal pharmaceuticals which later became the Center for Veterinary Medicine (CVM) that oversees regulations related to medicine, food, and other products for animals. Advancements in veterinary technology and diagnostics continue to improve the ability to detect diseases early. Presently, awareness about animal healthcare has significantly increased in the North America region.