Reports:  Economic Value of the Animal Health Sector

Table of Contents

GLOBAL MARKET SIZE & GROWTH

Animal health is a large global industry with durable growth.

The top 20 global animal health companies:1Animal Health Industry Rankings 2024, S&P Global, 19 Aug 2025 https://connect.spglobal.com/document/show/phoenix/6065558

$38.6

billion

in combined revenue in 2024

9%

With an average annual growth rate of 9% over the previous decade (2014–23)

GLOBAL MARKET SIZE & GROWTH

A diversified portfolio, driven by prevention and innovation.

Sales by product category (2013–2024)2CEESA, the Global Animal Health Industry in Profile 2024, https://ceesa.eu/publication/

60%

of animal health sales are in vaccines and parasiticides. This reflects a shift to prevention and new product launches that align with global animal health priorities.*

*Data is provided by CEESA, the Executive Animal Health Study Center, which compiles global sales data. Diagnostics is not included in their figures.

GLOBAL MARKET SIZE & GROWTH

Billions invested in new innovations and solutions.

A recent report found that over just a 4 year period (2019-23):3HealthforAnimals, 2023 Roadmap Progress Report, https://healthforanimals.org/reports/roadmap-progress-report-2023/

The sector invested an estimated

$6.3B

in R&D

Delivering

71

new vaccines

Delivering

28

new diagnostics tools

This was alongside new product launches in parasiticides, nutrition products and other areas, underscoring its position as a high-innovation industry.

GLOBAL MARKET SIZE & GROWTH

Pet spending is booming worldwide.

Size of the Global Pet Industry4Bloomberg Intelligence, Global Pet Economy 2024

USA:

$150B

(2024)

Europe:

$130B

(2024)

Globally projected to increase to

$500B

by 2030

Consumer spending on pets is growing (up to 7% annually in the US) as surveys show households consider the animals to ‘be like family’.5Morgan Stanley, The Pet Industry Has Plenty of Lives Left, https://www.morganstanley.com/ideas/pet-care-industry-outlook-2030

FOOD-PRODUCING ANIMAL OPPORTUNITY

Livestock health is a resilient, critical industry.

Total livestock animals worldwide6UN Food and Agriculture Organisation, FAOSTAT, https://www.fao.org/faostat/en/

A bar chart showing the following information: Chickens: 27.2 billion Cattle: 1.58 billion Sheep: 1.3 billion Swine: 964 million

Livestock production will increase to feed a growing population, while a desire for sustainable production means improved health will be a cornerstone of growth.

FOOD-PRODUCING ANIMAL OPPORTUNITY

Meeting future demand will require healthy, efficient animals.

Meat consumption is expected to rise across all categories in the next decade (2025-34):7OECD/FAO (2025), OECD-FAO Agricultural Outlook 2025-2034, https://doi.org/10.1787/601276cd-en

Poultry meat:

+21%

Beef:

+13%

Pork:

+5%

Dairy:

+10%

Sustainability meeting demand depend on strong animal health systems.

FOOD-PRODUCING ANIMAL OPPORTUNITY

Disease control delivers economic and climate benefits.

Every 1% reduction in global beef and dairy cattle disease rates increases producer revenue by8Oxford Analytica, Animal Health and Sustainability – A Global Data Analysis, https://healthforanimals.org/reports/animal-health-and-sustainability/

$6 billion

Controlling PRRS, a deadly disease in pigs, reduces swine emissions by9Capper JL. The impact of controlling diseases of significant global importance on greenhouse gas emissions from livestock production. One Health Outlook. 2023

22.5%

Every 2 cattle vaccinated globally is associated with

1 person

avoiding hunger10Oxford Analytica, Animal Health and Sustainability – A Global Data Analysis,
https://healthforanimals.org/reports/animal-health-and-sustainability/

ECONOMIC CONTRIBUTION

Animal health: $608B economic value in the U.S. alone.

Each year, the U.S. animal health sector creates:11NDP Analytics, The Economic and Social Contributions of the Animal Health Industry, December 2022, https://ahi.org/wp-content/uploads/AHI-Primer-December-2022-Final-w-Infographic.pdf

$608 billion

in economic output

($13.8b direct; $594b indirect)

$74.5 billion

in wages

1.5 million

jobs supported

ECONOMIC CONTRIBUTION

A research-driven sector spanning 27 countries.

The European animal health sector drives innovation and supports skilled employment:12AnimalhealthEurope, Industry in Figures, https://animalhealtheurope.eu/facts-and-figures/

€700 million

annual R&D investment

52,000

direct jobs created

Operations across

27 countries

(production, R&D, and/ org logistics)

INNOVATION & R&D

One of the most R&D-intensive industries worldwide.

Innovative animal health companies invest

7–8%

of revenue into R&D

Equal to
approximately

$3

billion

worldwide every year

INNOVATION & R&D

Investments in innovation are re-shaping animal care.

The Virtual Vet will See you Meow

The Clues to Longer Life That Are Coming From Dogs

The pet economy: Next frontiers in pharmaceuticals

Next-Gen technologies that are transforming animal care

Uptrend of AI Technology in Veterinary Medicine Today

The Promising Potential of AI Tools in Veterinary Medicine

Biotech firms are looking to extend the lives of our pets

From artificial intelligence to new vaccines, breakthroughs are transforming animal health into one of the world’s most innovative industries.

LOOKING AHEAD – GROWTH DRIVERS

Growth fueled by pets, protein, innovation, and sustainability.

Four Megatrends

Rising pet ownership
 
Growing global demand for animal protein
Robust innovation pipelines
Opportunity to drive sustainability

These trends position animal health as a long-term growth sector

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