Artificial Intelligence (AI) In Animal Health Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Posted by ramacharitbrc on May 22nd, 2024

Overview and Scope

Artificial intelligence (AI) in animal health refers to the application of advanced computational techniques to analyze, interpret, and improve various aspects of animal healthcare. This involves the use of algorithms, machine learning, and data analytics to process large sets of data related to animal health and well-being.

Sizing and Forecast

The artificial intelligence (AI) in animal health market size has grown exponentially in recent years. It will grow from .21 billion in 2023 to .45 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%.  The growth in the historic period can be attributed to increasing applications of AI, availability of ai-based solutions, initiatives by key companies, growing expenditure on animals, integration of ai in veterinary diagnostics.

The artificial intelligence (AI) in animal health market size is expected to see rapid growth in the next few years. It will grow to .98 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%.  The growth in the forecast period can be attributed to precision management of livestock and veterinary healthcare, data-informed insights and innovative solutions, remote monitoring and diagnosis, early disease detection and anomaly identification, proactive healthcare and personalized medicine. Major trends in the forecast period include advancements in veterinary diagnostics, increased adoption of ai technologies, enhanced disease detection and monitoring, growing emphasis on animal welfare and conservation.

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Segmentation & Regional Insights

The artificial intelligence (AI) in animal health market covered in this report is segmented –

1) By Solution: Hardware, Software And Services

2) By Technology: Machine Learning, Natural Language Processing (NLP), Computer Vision, Other Technologies

3) By Animal Type: Companion Animals, Production Animals

4) By Application: Diagnostics, Identification, Tracking, And Monitoring, Other Applications

5) By End-Use: Veterinary Clinics And Hospitals, Research Institutions, Farms And Livestock Producers

North America was the largest region in the artificial intelligence (AI) in animal health market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in animal health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing expenditure on animal health is expected to propel the growth of artificial intelligence (AI) in animal health market going forward. Expenditure on animal health refers to the total amount of money spent on maintaining and improving the health and well-being of animals. Expenditure on animal health is rising due to increased awareness, a growing trend of pet humanization, and the demand for advanced veterinary care services, including innovative technologies such as artificial intelligence. Pet owners with higher spending capacity can afford AI-powered telehealth services and remote monitoring solutions, allowing for continuous monitoring of their pets' health and virtual consultations with veterinarians. For instance, in June 2023, according to the American Pet Products Association, a US-based trade association representing the pet industry, Americans spent 6.8 billion on pet health in 2022, which is an increase of 10.68% from the previous year (3.6 billion). Moreover, Vet Care services accounted for .9 billion. Therefore, increasing expenditure on animal health is driving the growth of artificial intelligence (AI) in animal health market.

Key Industry Players

Major companies operating in the artificial intelligence (AI) in animal health market are Microsoft Corporation, International Business Machines Corporation, Zoetis Inc., VCA Animal Hospitals Inc., IVC Evidensia, IDEXX Laboratories Inc., Merck Animal Health, Heska Corporation, Agria Pet Insurance, PrecisionHawk, SignalPET, ImpriMed Inc., PetPace Ltd., VetNOW, Shenzhen Mindray Animal Medical Technology Co. Ltd., EIO Diagnostics Inc., Connecterra, GuardianVets, Halter USA Inc., Petriage Inc., Moichor Inc., OneCup Al, AgGenetics Inc., IMV Technologies, Felcana, Vet-Al, Alpha Phenomics Inc.

The artificial intelligence (ai) in animal health market report table of contents includes:
1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis