The animal health market could surpass $36 billion by 2024. The growth is spurred by several factors, including increases in pet adoption, an increased demand for protein, and the continuing growth of the global human population. Here are some of the biggest trends happening right now that will affect the animal healthcare industry over the next few years.
Pet Adoption to Rise
While pet adoption remains fairly stable in developed countries, pet adoption is exploding in developing countries. In many countries around the world, disposable income is going up, which allows families to spend more money on pet adoption and animal healthcare. This is one of the main reasons you can expect the industry to continue to grow for the foreseeable future.
The world’s population grows about 1.1% each year, adding millions of new people to the total population annually. This increases the demand for livestock, which serves as food and nourishment. This affects the animal health industry because like pets, livestock needs to be cared for and given medical treatment. The human population shows no signs of slowing down. Thus, the animal healthcare industry is poised to continue growing into the foreseeable future.
Animal Medicine Sales Will Go Up
Both animal pharmaceuticals and vaccines have steadily increased their sales over the past ten years. This trend is likely to increase as the total number of livestock, including chickens, cows, and pigs in particular, is expected to continue growing in connection with the growing global population. Right now, the global sales of animal medication is close to $7 billion. As a result of this growth, animal healthcare companies will likely spend more money on research and development.
What Is Holding the Industry Back?
Despite the expected growth of the animal healthcare industry, certain issues are holding the industry back. Many countries have issued prohibitions on various antibiotics and antimicrobials that are used in feed. In addition, animal testing is becoming increasingly expensive. These things will slow the growth of the industry down a bit, but not enough to offset the list of things the industry has going for it. Ectoparasiticides, endoparasiticides, and veterinary vaccines are experiencing increased sales. This will help neutralize the effects of these prohibitions.
While there are some obstacles facing the animal healthcare industry, economic and population changes should ensure that the industry continues to grow and expand over the next few years.
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