US Animal Healthcare Market
US Animal Healthcare Market Anticipated Grow at a CAGR of 7.6% during 2022-2028
Published | 05 August 2022
The United States animal healthcare market is driven by growing adoption of companion animals in the country and rising awareness of animal diagnostics among pet owners. In addition, rising human population leading to widespread of livestock for the food supply and so the animal health care products. Moreover, penetration of e-commerce platforms also support the market growth in upcoming years.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Animal Healthcare market is projected anticipated grow at a CAGR of 7.6% over the forecast period of 2022-2028. The United States animal healthcare industry is booming as animal diseases are becoming more prevalent; there are abundant potential for the animal healthcare market to expand throughout the course of the forecast period. The rise of online sales channels for drug and vaccines purchases also support to fulfill industry's demand. Additionally, players are making investments in R&D projects in order to provide cutting-edge solutions to the animal health care market, which is propelling market expansion.
Rising human population leading to the demand of increase food supply which results in the widespread of livestock
The UN Department of Economic and Social Affairs estimates that there are currently 7 billion people living in the world, and that number will rise to 9.7 billion by the year 2050. IFAD (The International Fund for Agricultural Development) estimates that 795 million of these people are undernourished. The factors mentioned above serve as an excellent illustration of the pressing need to increase the food supply through the widespread adoption of livestock. Hence, the widespread of livestock will directly leads to drive demand of animal healthcare across the region in upcoming years.
Penetration of e-commerce platforms and technological advancements are driving the market expansion
For acquiring veterinary supplies and pet food, pet owners choose online distribution channels like e-commerce. The E-commerce sector is growing at a faster pace across the region. In addition, the technology improvements in veterinary medicine are also driving the market demand for animal health products, and it is projected to witness the same trend in future. These innovations include the creation of effective information management systems, mobile technology for pet owners, and vaccine banks. A growing emphasis on animal health innovation has sparked several initiatives enhancing market growth prospects.
Regulation on the use of antibiotics hindering the growth of the United States animal healthcare market
Regulatory agencies place limitations on the use of antibiotics. It has been noted that giving animals an excessive amount of antibiotics has an impact on consumers' general health. Regarding the restricted use of antibiotics in farm animals, the Food and Drug Administration (FDA) has announced a new policy. According to FDA policy, animal food producers are required to obtain a prescription from a doctor before using antibiotics on their animals. The regulation limits the market for animal healthcare as antibiotics make up a significant portion of animal pharmaceutical medications. Due to aforementioned factor the market is projected to hamper to certain extent in upcoming years.
Hospital pharmacies leads the distribution channel segment amidst the United States veterinary medicine market
The U.S. animal healthcare market is divided into veterinary hospitals, veterinary clinics, pharmacies & drug stores based on the distribution channel. Due to the wide availability and low cost, hospital pharmacies held the largest market share in 2021. Given the rising incidence of pandemics and chronic illnesses in companion animals, the market is anticipated to expand steadily. In addition due to the greater convenience afforded to pet owners, the e-commerce distribution channel expected to witness substantial growth over the course of the projection period.
Impact of COVID-19 on the United States Animal Healthcare Market
As COVID-19 is an unparalleled public health emergency in the United States and has influenced nearly every industry, its long-term impacts are expected to impact industry growth throughout the forecast period. In the early stages of Pandemic 2020, the US feed business struggled to meet demand due to significant supply chain disruptions in the animal nutrition industry. During the pandemic, the telemedicine trend has grown significantly. Pet owners choose online distribution channels when buying veterinary supplies and pet food like eCommerce.
The leading players in the industry are Zoetis Inc., Merck & Co. Inc., Boehringer Ingelheim, Bayer, Virbac Group, Ceva Santé Animale, Elanco Animal Health, Vetoquinol S.A, HIPRA, Huvepharma, Dechra pharmaceuticals plc. The veterinary healthcare industry in the US is moderately competitive. The market players are concentrating on enhanced diagnostic technologies for caring for animals, particularly safeguarding the animals from diseases brought on by shifting weather conditions. To obtain a competitive edge in the market under investigation, they are also concentrating on the creation and introduction of new products, new mergers and acquisitions, and collaborations. For instance, TruGro MAX, a natural animal feed additive that offers strong antioxidant support, was introduced by Layn Corp. in the United States in January 2020.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the United States Animal Healthcare market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Animal Healthcare market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
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- United States Animal Healthcare Market, By Animal Type ((Farm/Livestock Animals (Poultry, Cattle, Swine, Fish) and Companion Animal (Dogs, Cats, Horses, Others)); By Product Type ((Therapeutic (Vaccine (Live Attenuated Vaccine, DNA Vaccines), Drugs (Parasiticides, Anti-infective, Anti-inflammatory, Analgesics, and Others), Medicated Feed Additives (Antibiotics, Vitamins, Amino acids), Diagnostic (Immunodiagnostic Tests, Molecular Diagnostics, Diagnostic Imaging, Clinical Chemistry, and Other Diagnostics) Equipment and Disposables)); By Treatments (Allergies, Arthritis, Dermatology Cases); By End- User (Veterinary Hospitals & Clinics, Diagnostic Centers and Others); By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, Pharmacies, Drug Stores, Online) Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: August 2022
The United States animal healthcare market is driven by growing adoption of companion animals in the country and rising awareness of animal diagnostics among pet owners. In addition, rising government and non-governmental organizations’ initiatives for the promotion and campaigns for animal health care coupled with penetration of e-commerce platforms also support the market growth in upcoming years.
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