Artificial Intelligence in Animal Health Market Size - By Animal Type (Companion Animals, Production Animals), By Solution (Hardware, Software & Services), By Application (Diagnostics, Identification, Tracking, and Monitoring, Others), By Region: Global & Forecast, 2024-2033
- PUBLISHED ON
- 2023-11-23
- NO OF PAGES
- 180
- CATEGORY
- Healthcare & Life Sciences
Market Overview
Artificial
Intelligence in Animal Health Market is projected to achieve a value of USD 1.44
Billion in 2023, with a linear behavior in the market growth it is forecasted
to achieve a value of USD 6.12 Billion by 2033 with a CAGR of 19.45% during the
forecast period 2024-2033.
The
market for artificial intelligence in animal health uses cutting-edge
technology to improve overall animal health, therapy, and diagnosis.
Large-scale datasets are analyzed by AI-powered solutions, which support
predictive analytics, tailored treatment, and illness detection. These
advancements in veterinary care for pets and livestock diagnosis and treatment
maximize animal healthcare by providing quick, precise diagnosis and treatment regimens.
As AI develops further, the industry is transformed by the ability to take
preventative action, enhance animal health outcomes, and promote sustainable
veterinary and animal husbandry methods.
Growing
uses of AI in animal health, the accessibility of AI-based solutions, major
firms' activities, rising animal-related costs, and the need to enhance animal
health outcomes are some of the major factors propelling the market's
expansion. In March 2023, Zoetis added the AI dermatology application and the AI
equine Fecal Egg Count (FEC) analysis to its AI-enabled Vetscan Imagyst
diagnostics platform, enhancing its capabilities.
One
of the main factor driving the artificial intelligence in animal health market growth
is the strategic initiatives taken by important market players. To increase
access to technology and diagnostics, grow its customer base, and spur R&D
and innovation, Mars Incorporated purchased Heska Corporation in June 2023.
Heska was integrated into Mars Petcare's Science & Diagnostics division
after the acquisition. Additionally, the business acquired Heska's extensive
line of diagnostic tools, which included the completely automated and AI-based
Element AIM Microscopy Analyzer. The U.S. Patent and Trademark Office granted
Petriage, a pet health technology business, an industry-first patent in
February 2021 for their AI-powered online pet symptom checker.
The
artificial intelligence in animal health Market was significantly affected by
the COVID-19 outbreak. The pandemic has had some good effects, such as a boost
to technology improvements in the field, greater digitization of the animal
health sectors, and end users' acceptance of veterinary technologies. However,
the market also saw lower demand and sales in certain regions as a result of difficulties
with operations, delays in installations, and restricted access to veterinary
care. The pandemic also made clear how critical it is to identify illnesses
early and respond quickly, which accelerated the adoption of AI-enabled
veterinary diagnostic products from major players like IDEXX and Zoetis.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2023 |
USD
1.44 Billion |
|
Market Forecast in 2033 |
USD 6.12
Billion |
|
CAGR % 2024-2033 |
19.45% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2033 |
|
Report USP |
Production,
Consumption, company share, company heatmap, company production capacity,
growth factors and more |
|
Segments Covered |
By Animal Type, By Solution, By
Application and By Region |
|
Growth Drivers |
AI plays a
significant role in enhancing diagnostic imaging in veterinary practices.
Image recognition and analysis algorithms aid in interpreting radiographic,
ultrasonographic, and other imaging data, assisting veterinarians in accurate
and efficient diagnoses. The use of AI facilitates remote monitoring of animals, allowing for continuous health tracking. Telehealth solutions for animals, including remote consultations and health monitoring applications, are becoming more prevalent, especially in regions where access to veterinary services is limited. With the global increase in demand for animal protein, there is a growing focus on optimizing animal health and productivity in the agriculture and livestock sectors. AI helps in managing and maintaining the health of large animal populations efficiently. |
|
Regional Scope |
North America, Europe, APAC, South
America and Middle East and Africa |
|
Country Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
|
Key Companies |
IBM, Zoetis, IDEXX Laboratories, Heska,
VCA Animal Hospitals, Felcana, Nexvet, Agria Pet Insurance, Microsoft, Antelliq
Corporation, Evidensia, Mindray, PetPace, VioVet, AniCura and Other. |
Market Dynamics
Market Drivers
Data
Analytics and Insights
The
Artificial Intelligence in Animal Health Market landscape is being advanced in
large part by data analytics and insights. AI systems can scan massive volumes
of data to spot trends, forecast diseases, and improve treatment strategies.
These sources of data include genetic information, animal behavior patterns,
health records, and environmental factors. These insights help with proactive
strategies for disease prevention and herd management, in addition to improving
individualized care and diagnostics. The Animal Health Market benefits from
enhanced decision-making, quicker procedures, and faster innovation thanks to data-driven
AI, which ultimately promotes better animal outcomes and advances veterinarian
care.
Remote
Monitoring and Telemedicine
Artificial
intelligence (AI) combined with remote monitoring and telemedicine transforms
the Artificial Intelligence in Animal Health Market market. These technologies
enable continuous health surveillance and prompt action by facilitating
real-time data collecting via wearable devices and remote diagnostic
instruments. This flood of data is processed by AI systems, which provide
predictive analytics for early disease detection and individualized therapy
suggestions. AI improves diagnosis precision and treatment effectiveness, while
telemedicine technologies connect vets with pet owners worldwide through
virtual consultations. This integration guarantees prompt interventions and
improves the general well-being of animals by increasing accessibility to
animal healthcare, lowering geographic obstacles, and enabling AI-driven
decision-making.
Market Restrains
Data
Privacy and Security Concerns
Significant
barriers to the advancement of artificial intelligence (AI) in the field of
animal health are security and privacy concerns. As artificial intelligence
(AI) relies heavily on massive datasets for training and analysis, the
collection and storage of private animal health data raises worries about data
breaches and misuse. Ethical and regulatory issues complicate the use of AI by
impeding seamless data sharing between parties. A significant barrier to the
further adoption of AI in animal health procedures is striking a balance
between ensuring robust privacy protections and capitalizing on AI's
revolutionary potential, thereby proving a boost for the overall growth of Artificial
Intelligence in Animal Health Market.
Market By Animal Type
By Animal Type, the Artificial Intelligence in Animal Health Market is Categories into Companion Animals, Production Animals. The Companion Animals segment accounts for the largest share of around 70% in 2022.
The
animal health industry uses a significant amount of artificial intelligence
(AI) in the companion animal market for a variety of reasons. First of all, as
more individuals acquire pets, there is an increasing need for these animals to
have state-of-the-art medical care. Moreover, the emotional bond that pet
owners have with their animals motivates investment in AI solutions for their
care.
Market- By Solution Analysis
By
Solution, the Artificial Intelligence in Animal Health Market is Categories
into Hardware, Software & Services. The Hardware segment accounts for the
largest share of around 64% in 2022.
The
hardware industry asserts a significant portion of the artificial intelligence
(AI) market for animal health, largely because of its essential function in
promoting the efficacy and adoption of AI solutions. Sensors, cameras, and
monitoring tools are examples of hardware components that are crucial to the
collection and transmission of vital data. These gadgets provide real-time data
from animals, such as vital signs and behavioral patterns, which forms the
basis of analytics and decision assistance driven by artificial intelligence.
Market- By Application Analysis
By
Application, the Artificial Intelligence in Animal Health Market is Categories
into Diagnostics, Identification, Tracking, and Monitoring, Others. The Diagnostics
segment accounts for the largest share of around 50% in 2022.
Artificial
intelligence (AI) is largely owned by the diagnostics segment of the animal
health market because of its critical role in enhancing disease identification
and prevention. AI-powered diagnostics swiftly, precisely, and affordably
identify health issues in animals, ensuring early treatments and reducing treatment
costs.
Market Regional Analysis
North
America dominate the Artificial Intelligence in Animal Health Market with the
highest revenue generating market with share of more than 38%. This is due to
the region's strong emphasis on animal welfare, robust healthcare ecosystem,
and cutting-edge technological infrastructure. The US market is the largest in
North America, followed by Canada's.
Europe
is the second-largest market for AI in animal health. The area is home to
several well-known AI companies as well as a substantial and growing veterinary
sector. The UK, Germany, and France are the three largest marketplaces in
Europe.
The
Asia Pacific region is seeing the highest growth in the AI industry for animal
health. This expansion is being attributed to a number of factors, including
the rise in pet ownership, rising disposable incomes, and government
initiatives to promote animal welfare. China, India, and Japan are the three
largest markets in the Asia-Pacific area.
Competitive Analysis
The
Artificial Intelligence in Animal Health Market is dominated by a few large
companies, such as IBM, Zoetis, IDEXX Laboratories, Heska, VCA Animal
Hospitals, Felcana, Nexvet, Agria Pet Insurance, Microsoft, Antelliq
Corporation, Evidensia, Mindray, PetPace, VioVet, AniCura and Other.
There
are some of the key trends that are shaping the competitive landscape of the Artificial
Intelligence in Animal Health Market.
In
April 2022, Veterinarians may now diagnose pets with hematologic problems more
quickly thanks to Zoetis' addition of artificial intelligence-powered blood
smear testing to its Vetscan Imagyst portfolio.
Research Report Following Segments:
By Animal Type
·
Companion Animals
·
Production Animals
By Solution
·
Hardware
·
Software & Services
By Application
·
Diagnostics
·
Identification
·
Tracking
·
Monitoring
·
Others
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size of Artificial Intelligence in Animal Health Market in 2022?
Artificial Intelligence in Animal Health Market was valued at USD 1.10 Billion in 2022.
What is the growth rate for the Artificial Intelligence in Animal Health Market?
Artificial Intelligence in Animal Health Market size will increase at approximate CAGR of 19.45% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the Artificial Intelligence in Animal Health Market are IBM, Zoetis, IDEXX Laboratories, Heska, VCA Animal Hospitals, Felcana, Nexvet, Agria Pet Insurance, Microsoft, Antelliq Corporation, Evidensia, Mindray, PetPace, VioVet, AniCura and Other.
Which region dominates the Artificial Intelligence in Animal Health Market?
North America dominates the market with an active share of 38%.
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