Animal Health Industry to Witness Exponential Growth from 2023 to 2030: Grand View Research, Inc.

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Aug 12, 2024, 06:40 ET

SAN FRANCISCO, Aug. 12, 2024 /PRNewswire/ -- The global animal health industry is broad and dynamic, encompassing products and services that ensure the health and well-being of animals. The animal health market is expected to continue its growth trajectory, driven by advancements in technology, rising pet ownership, and the increasing importance of animal welfare. Moreover, the development of new drugs, vaccines, and biologics improves the treatment of various chronic diseases and illnesses. Innovations such as gene therapy, stem cell therapy, and immunotherapy are expanding the possibilities for treating previously untreatable conditions. Advances in biotechnology, such as recombinant DNA technology and vector-based vaccines, are leading to the development of more effective and safer vaccines. Increased awareness and educational campaigns about the importance of animal health and vaccination are driving higher adoption rates. These factors help strengthen the Animal Vaccine Market, which was valued at USD 12.8 billion in 2022 and is expected to expand at a CAGR of 9.40% from 2023 to 2030. The increasing outbreaks of cattle disease and the ever-expanding livestock population are the prime factors for the wide acceptance of ruminants, especially cattle vaccines, globally.

In addition, the adoption of platelet-rich plasma (PRP) treatments has indeed been driving growth in the Animal Wound Care Market, estimated at USD 1.08 billion in 2022, and is expected to grow at a CAGR of 6.92% over the forecast period. PRP therapy, which involves using components of a pet's own blood to promote healing and tissue regeneration, has gained popularity due to its effectiveness in treating various conditions, including chronic wounds, joint issues, and soft tissue injuries.

The Livestock Monitoring Market was estimated at USD 4.01 billion in 2023 and is anticipated to grow at a CAGR of 11.56% from 2024 to 2030. This is a growing sector that leverages technology to improve animal health, productivity, and overall farm management. Key trends in this market include wearable technologies, artificial intelligence, and others. The AI in livestock monitoring is expanding as technology advances and farmers seek more efficient and data-driven ways to manage their herds. AI analyzes data from sensors and wearable devices to monitor the health of livestock. It can detect early signs of illness or distress, enabling timely intervention and potentially reducing the need for costly treatments.

The increasing number of accidents and illnesses in pets propels the growth of the Pet Insurance Market, valued at USD 11.87 billion in 2023, and is projected to grow at a CAGR of 14.15% from 2024 to 2030. As more pet owners become aware of the potential costs associated with veterinary care, they seek insurance to help manage these expenses. This trend can lead to a rise in the number of people purchasing pet insurance, as well as an expansion in the types of coverage offered by insurance providers.

Veterinary Diagnostics Market, estimated at USD 9.29 billion in 2023 and is expected to grow at a CAGR of 10.02% from 2024 to 2030 plays a crucial role in the animal health market by enabling the early detection, accurate diagnosis, and effective management of diseases in animals. Advanced diagnostic technologies, such as imaging, blood tests, and genetic screening, provide precise information about an animal's health status, which is essential for determining the right treatment plan. Overall, the role of veterinary diagnostics is integral to advancing animal health care and improving the effectiveness of treatments and preventive measures.

The increasing number of animals diagnosed through advanced imaging techniques like X-rays, CT scans, and MRIs is indeed a significant trend in the Veterinary Imaging Market, estimated at USD 1.8 billion in 2023 and is expected to grow at a CAGR of 7.01% from 2024 to 2030. The rise of specialized veterinary practices and referral centers that use advanced imaging to diagnose and treat complex conditions contributes to market growth.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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