Published Date: 2021-11-24
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North American Animal Healthcare Market size is predicted to cross USD 69.8 billion by 2027, according to a latest forecast report by Graphical Research.
Adoption of supportive initiatives and policies by the state agencies across the North American region is anticipated to stimulate the animal healthcare market growth. The U.S. FDA adopted the One Health initiative to understand the inter-connectedness between human & animal health and to advocate an extensive approach to health & environmental concerns. This initiative bridges the gap amongst the veterinarians, physicians, environmental scientists, and public health professionals by promoting and improving the health & well-being of all species. The One Health initiative emphasizes on reducing the transmission of diseases from livestock animals and wild animals to humans.
In 2010, the World Small Animal Veterinary Association inaugurated the One Health committee emphasizing on monitoring and controlling the diseases in companion animals. Other organizations including the National Institute of Food and Agriculture (NIFA), under the U.S. Department of Agriculture monitors the farm animal health. The organization is also engaged in preventing animal disease outbreaks and strives to maintain optimal production of healthy livestock to ensure safe food supply. NIFA’s programs assists the farmers, veterinarians, and scientists to promote their efforts in optimizing novel approaches to safeguard animal health. Furthermore, federal agencies also assisted in mitigating the supply of medicines during the COVID-19 outbreak. For instance, the Centers for Disease Control and Prevention (CDC), in 2020, published guidelines for the veterinary professionals to facilitate the treatment of companion animals.
The North America animal healthcare market from veterinary services segment is anticipated to surpass USD 41.3 billion by 2027 owing to the increasing demand for veterinary services and soaring number of pet adoptions during the pandemic. With rising pet adoptions during the COVID-19 pandemic, the veterinarians across the region are witnessing significant surge in demand for veterinary services. As per the American Pet Products Association, in 2020, approximately 12.6 million U.S. households adopted a pet. High pet adoption rate is directly set to drive the demand for veterinary services. Moreover, as per the American Veterinary Medical Association survey, from 2011 to 2017, the average revenue for veterinary services increased notably. The companion animal services, especially the wellness examination services reported 23% to 30% revenue growth in the same period.
Browse detailed statistical insights from the report, “North America Animal Healthcare Market Forecast 2027 By Animal Type (Livestock Animals {Poultry, Swine, Cattle, Fish}, Companion Animals {Dogs, Cats, Horses}), 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 Patient Monitoring Equipment, Veterinary Surgical Equipment, Veterinary Consumables}, Veterinary Services), By Distribution Channel (Pharmacies, Online, Distributors), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1344/north-america-animal-healthcare-market
The North America animal healthcare market from livestock animals segment was valued at more than USD 18.8 billion revenue in 2020 due to significant livestock animal population and the surging demand for meat consumption in the region. According to the National Agricultural Statistics Service (NASS) of the U.S. Department of Agriculture (USDA) statistics, the number of livestock animals in the U.S. has been steadily increasing over the past few years. In 2017, there were over 94 million cattle and more than 73 million hogs & pigs. This steadily increasing livestock animals is majorly owing to rising meat consumption in the country. The U.S. is amongst the leading meat consumers on per capita basis in the world. As per the UN Food and Agriculture Organization, the meat consumption in North America surged from 42 million tons in 2000 to 50 million tons in 2017.
The pharmacies segment is projected to exceed USD 17.3 billion by 2027 attributed to the rising demand for pet medications and growing awareness regarding animal health & wellness. The pet medications industry not only navigated through the COVID-19 pandemic but proliferated through growing focus on animal health & wellness along with the rise in pet adoption during the pandemic. The animal medication sales surged by approximately 13% as compared to 2019. Majority of these medications are dispensed through the veterinary pharmacies. Moreover, the rising awareness and emergence regarding animal health & wellness are anticipated to promote the adoption of prescription and over-the-counter animal pharmaceuticals, thereby driving the animal healthcare market demand.
Canada animal healthcare market is set to expand at 5.7% CAGR and to hit USD 8.4 billion by 2027 on account of rising pet adoption and supportive initiatives offering access to affordable veterinary healthcare. As per a news article, in 2018, approximately 41% Canadian households owned a dog and this number is expected to surge incrementally in the near future. Estimates suggested an annual increase of over 60,500 dogs in Canada in 2020, and the real number is anticipated to be much higher. Moreover, favourable government initiatives are further expected to drive the animal healthcare market revenue. For instance, the Canadian Veterinary Reserve (CVR) program was initiated by the coalition of the Canadian Veterinary Medical Association (CVMA) and the Canadian Food Inspection Agency (CFIA). The CVR was inaugurated to help federal, provincial, and territorial authorities in responding to large-scale emergencies including disease outbreaks affecting large numbers of animals. This program is partly funded by the Canadian government.
North American animal healthcare market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
North America Market, By Product
North America Market, By Animal Type
North America Market, By Distribution Channel
The above information has been provided for the following countries:
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