Animal Healthcare Market Size

Animal Healthcare Market Size

Animal Healthcare Market size crossed USD 150.6 billion in 2022 and is estimated to witness 4.7% CAGR between 2023 and 2032. This significant market growth is majorly pertaining to several factors including the increasing pet adoption for companionship, rising meat and dairy product consumption, rising zoonotic and foodborne disease prevalence, and growing pet adoption across the globe.

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For instance, according to WHO zoonoses account for about 60% of newly discovered infectious diseases worldwide. In the past 30 years, over 30 distinct human pathogens have been discovered, 75% having animal origins. In the WHO's Eastern Mediterranean Region, rising zoonoses pose a spreading risk to public health. In the past 20 years, emerging zoonotic diseases have been reported from 18 of 22 nations, frequently with rapid outbreaks and high mortality rate. Thus, the abovementioned factors are set to propel the global animal healthcare industry growth.

Animal healthcare refers to the branch of medicine concerned with the prevention, management, diagnosis, and treatment of sickness, disorder, and injury in animals. Furthermore, it is involved in animal husbandry, breeding, nutrition research, and product creation.

However, the lack of uniformity, growing concerns about complications, and the high cost of animal diagnostics could also restrain the development of the animal healthcare market. For instance, the normal check-up for a dogs costs, on average, USD 50 to USD 250. The total cost of veterinary treatment, including wellness exams, dental work, lab work, and vaccinations, can range from USD 700 to USD 1,500. The cost for the diagnosis of all types of animals varies based on the location, type o animal, and disease type.