The animal health industry is on a rapid rise, with experts predicting it will more than double in value over the next decade. A new report from InsightAce Analytic shows the market hitting $62.3 billion in 2024 and climbing to $128.7 billion by 2034. That’s a steady growth rate of 7.5% each year, fueled by smarter ways to keep pets and farm animals healthy.
At the heart of this boom is a big push for preventive care. Think vaccines, special feeds, and quick tests that stop diseases before they start. Animals are key to our lives, they give us food, company, and even help in medical research. But with more people worried about diseases that jump from animals to humans, like bird flu or COVID-19-like threats, there’s a rush to build better defenses.
Demand for meat, milk, and eggs is skyrocketing worldwide, so farmers are investing in tools to keep their livestock strong. Companies are rolling out new drugs, vaccines, and gadgets to fight infections and boost animal well-being. For example, in April 2024, Zoetis sold part of its feed additive business to Phibro Animal Health for $350 million, shaking up the industry and opening doors for fresh ideas.
Younger pet owners, like millennials and Gen Z, are also driving change. They’re spending more on high-tech care for their dogs, cats, and horses, from pain relief meds to skin treatments. But it’s not all smooth sailing, getting new drugs approved can take over 10 years and cost more than $100 million, especially in places like the US. Plus, in poorer countries, pricey treatments make it hard for everyone to access good care.
North America leads the pack, thanks to strong government programs that focus on safe food and quick disease response. Meanwhile, Asia-Pacific is growing fastest, with countries like China and India seeing more pets and bigger farms as incomes rise.
Big names in the game include Zoetis, Merck, and Boehringer Ingelheim. They’re pouring money into research, like AI-powered blood tests from Zoetis or flea collars from Neogen. In late 2023, Virbac bought a stake in Globion to expand bird vaccines in India.
Overall, this market is shifting toward early action and custom solutions. With biotech breakthroughs like gene editing and targeted tests, the future looks brighter for animals and for us humans who rely on them. If trends hold, we’ll see healthier herds, happier pets, and fewer health scares down the line.
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