Categories: Market Research

Livestock Healthcare Market 2024 – By Industry Size, Regional Trends, Future Opportunities, Revenue Analysis And Outlook By 2033

The Livestock Healthcare Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Livestock Healthcare Global Market Report 2024, The livestock healthcare market size has grown strongly in recent years. It will grow from $50.74 billion in 2023 to $54.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing livestock population, intensification of livestock farming, rising demand for animal products, globalization of the livestock industry, government initiatives for livestock health.

The livestock healthcare market size is expected to see strong growth in the next few years. It will grow to $79.39 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to evolving disease landscape, focus on antibiotic reduction, growing awareness of zoonotic diseases, adoption of precision livestock farming, sustainable livestock practices. Major trends in the forecast period include biosecurity measures for disease prevention, genetic selection for disease resistance, remote consultation and veterinary services, focus on animal welfare and stress reduction, emergence of personalized medicine for livestock.

The increasing prevalence of food-borne and zoonotic diseases is expected to propel the livestock healthcare market going forward. Foodborne refers to infectious diseases caused by the consumption of food or water contaminated by pathogenic microorganisms such as bacteria, parasites, and viruses. Zoonotic diseases are illnesses that are transmitted between animals and humans. Livestock healthcare helps to detect, prevent, and treat diseases from animals through vaccines and medications, so increasing food-borne and zoonotic diseases increases the demand for livestock healthcare products. For instance, in December 2022, according to the European Food Safety Authority, an Italy-based decentralized agency of the European Union, in Europe, there were 127,840 recorded cases of zoonotic diseases in 2021. Therefore, the increasing prevalence of food-borne and zoonotic diseases drives the livestock healthcare market.

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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

Major companies operating in the livestock healthcare market are focused on introducing advanced solutions, such as ayurvedic formulations, to gain a competitive edge in the market. Ayurvedic formulations are traditional herbal preparations and remedies used in Ayurveda, a system of medicine with historical roots based on plants, animals extract, and minerals. For instance, in September 2023, Milma, an India-based dairy company launched ethno-veterinary medicines. Ethno-veterinary medicines are medicines made from Ayurvedic formulations and are designed to treat animal diseases. Ethno-veterinary medicines are used as low-cost alternatives to allopathic veterinary drugs. This medicines lessen the burden of veterinary expenses on farmers and provide a cost-effective solution for animal healthcare. This medicines are a simple, cost-effective, farmer-friendly tool that are used as preventives and curatives.

The livestock healthcare market report table of contents includes: