Animal health market: A high revenue generating industry with revenue crossing US$ 112.0 billion by 2030 - Analyzed on Horizon Databook by Grand View Research, Inc.

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Jul 03, 2024, 06:30 ET

SAN FRANCISCO, July 3, 2024 /PRNewswire/ -- Increasing pet ownership and the trend of treating pets as family members, the rising demand for livestock products due to a growing global population, and the need to manage zoonotic diseases to protect public health are some factors driving the animal health market. The global animal health market was valued at US$ 66.0 billion in 2023 and is likely to grow at a CAGR of 9.0% from 2025 to 2030 as reported by Grand View Research, Inc.

Technological advancements in diagnostics, biotechnology, and digital health tools enhance disease detection and treatment, while stringent regulatory environments ensure the safety and efficacy of health products. Economic growth, especially in emerging markets, leads to higher spending on pet and livestock care, and improvements in veterinary infrastructure enhance access to healthcare services. Lastly, ongoing research and development efforts drive innovation in treatments and preventive measures, contributing to overall market growth.

Horizon has a wide array of animal health topics within its database. Here are the top 10 trending animal health markets:

Diagnosis, as in all healthcare markets, plays a pivotal role. The companion animal health industry worldwide is expected to reach a projected revenue of US$ 42,495.7 million by 2030. A compound annual growth rate of 8.8% is expected of the worldwide companion animal health industry from 2023 to 2030.
AI has some groundbreaking impact on healthcare. We estimate the same in animal healthcare. Artificial intelligence (AI) in the animal health industry worldwide is expected to reach a projected revenue of US$ 3,764.0 million by 2030. A lucrative compound annual growth rate of 19.1% is expected of the worldwide artificial intelligence (AI) in the animal health industry from 2024 to 2030.
The animal intestinal health industry worldwide is expected to reach a projected revenue of US$ 7,403.2 million by 2030.
The global monoclonal antibodies in veterinary health market from 2024 to 2030 is likely to grow at a compound annual growth rate of 17.1%
The wildlife health market worldwide generated a revenue of USD 2,414.2 million in 2023.
Pet dental is also a trending matter, with the global pet dental health market experiencing a CAGR of 6.2% from 2025 to 2030
The CBD pet market worldwide generated a revenue of USD 248.4 million in 2023.
We are also experiencing an increasing need for pet insurance. The global pet insurance market will grow at a CAGR of 16.4% from 2024 to 2030.
The pet obesity management market worldwide generated a revenue of USD 9,584.6 million in 2023.
This veterinary medicine market is projected to demonstrate growth (CAGR - 2024 to 2030) of 8.2% to reach an estimated revenue of US$ 80 billion in 2030.

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SOURCE Grand View Research, Inc.