The livestock healthcare market is set for strong growth, rising from $50.74 billion in 2023 to $54.92 billion in 2024, at a CAGR of 8.2%. This growth is attributed to the increasing livestock population and demand for animal products. By 2028, the market is expected to reach $79.39 billion, reflecting a CAGR of 9.6%. Key drivers include awareness of zoonotic diseases and the adoption of precision livestock farming practices.
Major Driver In The Livestock Healthcare Market
The expected increase in the prevalence of food-borne and zoonotic diseases is set to propel the livestock healthcare market forward. Foodborne diseases result from the consumption of contaminated food or water, while zoonotic diseases are transmitted between animals and humans. Livestock healthcare products, including vaccines and medications, play a crucial role in detecting, preventing, and treating diseases in animals. According to the European Food Safety Authority, there were 127,840 recorded cases of zoonotic diseases in Europe in 2021. This surge in the prevalence of food-borne and zoonotic diseases is driving the demand for livestock healthcare products, influencing the market's growth in 2023, 2024, and 2028.
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Livestock Healthcare Market Competitive Landscape
The Archer-Daniels-Midland Company, Merck & Co Inc., Boehringer Ingelheim International GmbH, Bayer Healthcare AG, Zoetis Inc., Elanco Animal Health Incorporated, IDEXX Laboratories Inc., Alltech Inc., Virbac SA, Ceva Santé Animale, Phibro Animal Health Corporation, Avivagen Inc., Neogen Corporation, Dechra Pharmaceuticals plc, Huvepharma AD, Vetoquinol SA, Laboratorios Hipra S.A., Anpario plc, Kemin Industries Inc., Norbrook Laboratories Ltd., Alivira Animal Health Limited, Intas Pharmaceuticals Ltd., Jurox Pty Ltd., Hester Biosciences Limited, BioChek BV, Vets Plus Inc., Phytobiotics Futterzusatzstoffe GmbH, Delacon Biotechnik GmbH, Bimeda Holdings plc, Inovet (V.M.D. NV/sa)
Key Livestock Healthcare Market Trend
Technological innovations are a key trend gaining popularity in the livestock healthcare market. Major companies operating in the livestock healthcare market are focused on developing new technological solutions to strengthen their market position. For instance, in July 2022, Merck Animal Health, a US-based biopharmaceutical company that develops and produces medicines and vaccines, launched Whisper on Arrival, a first-of-its-kind technology that transforms decision-making for cattle. It is uniquely designed with specialized sound-gathering equipment and a predictive algorithm that helps to analyze animal breathing, heartbeat, weight, and rectal temperature and offers useful information to feedlot managers and vets for decisions involving specific animals. It aids in formulating a plan of action for the management of bovine respiratory disease (BRD) and identifies the cattle that may be more susceptible to illness.
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Livestock Healthcare Market Segmentation
The livestock healthcare market covered in this report is segmented –
1) By Product Type: Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, Other Types
2) By Livestock Animal: Poultry, Swine, Cattle, Sheep And Goats, Horse, Other Animals
3) By End User: Reference Laboratories, Point-of-care Testing or In-house Testing, Veterinary Hospitals and Clinics, Other Users
By Geography:The regions covered in the livestock healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the livestock healthcare market in 2023.
The Livestock Healthcare Global Market Report 2024 furnishes information about the global livestock healthcare market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
