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Animal Health Industry Poised for Explosive Growth - Forecasts Hit $112.33B by 2030 - Grand View Research
The growing rate of pet ownership offers an opportunity in the market. For instance, 62% of UK residents own pets. In addition, the focus on pet humanization and routine check-ups increases the adoption of animal health services. The presence of wellness products, vaccines, and surgery services helps in treating them well.
However, a major restraint in the animal-health market is the threat of product substitutes. At-home testing kits and point-of-care diagnostics tools offer an alternative to conventional veterinary diagnostic procedures. Such alternatives are becoming common as they offer convenience to pet owners.
Grand View Research has segmented the global animal health market on the basis of product, animal type, distribution channel, end use, and region:
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