Artificial Intelligence (AI) in Animal Health Global Market Report 2024

The artificial intelligence (AI) in animal health market size has grown exponentially in recent years. It will grow from $1.21 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth observed in the historical period can be attributed to several factors. These include the increasing adoption of AI across various applications, the availability of AI-based solutions in the market, strategic initiatives undertaken by key companies, rising expenditure on animal welfare, and the integration of AI technology into veterinary diagnostics processes.

The artificial intelligence (AI) in animal health market size is expected to see rapid growth in the next few years. It will grow to $2.98 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The projected growth in the forecast period is expected to stem from various factors, notably the precision management of livestock and veterinary healthcare, the emergence of data-informed insights and innovative solutions, the implementation of remote monitoring and diagnosis capabilities, early disease detection, and anomaly identification. Additionally, proactive healthcare measures and personalized medicine approaches are anticipated to drive growth. Furthermore, significant trends anticipated in the forecast period include advancements in veterinary diagnostics, a notable uptick in the adoption of AI technologies within the industry, improved disease detection and monitoring capabilities, and an increasing emphasis on animal welfare and conservation efforts.

The upward trend in expenditure on animal health is set to drive the growth of the artificial intelligence (AI) in the animal health market in the foreseeable future. Expenditure on animal health encompasses the total investment made in maintaining and enhancing the health and well-being of animals. This expenditure is on the rise due to heightened awareness, a growing inclination towards pet humanization, and the increasing demand for advanced veterinary care services, including innovative technologies such as artificial intelligence. Pet owners with greater spending capacity can now access AI-powered telehealth services and remote monitoring solutions, enabling continuous health monitoring of their pets and virtual consultations with veterinarians. For instance, according to the American Pet Products Association, a US-based trade association representing the pet industry, Americans spent $136.8 billion on pet health in 2022, marking a 10.68% increase from the previous year ($123.6 billion). Notably, vet care services accounted for $35.9 billion. Therefore, the escalating expenditure on animal health is propelling the growth of the artificial intelligence (AI) in the animal health market.

Prominent companies operating in the artificial intelligence (AI) animal health market are actively developing advanced technologies such as AI solutions for cattle feed recommendations to enhance livestock nutrition and farm management practices. This technology aims to bolster the efficiency of livestock farming by customizing feed plans according to the specific needs of individual animals or groups, taking into account factors such as their age, weight, health status, and nutritional requirements. For instance, in January 2024, Precision Livestock Technologies, a US-based provider of software and hardware solutions for livestock feeding and health, introduced the first system utilizing artificial intelligence to predict cattle feed intake and provide feeding recommendations. This system generates daily quantitative feeding predictions based on hundreds of data points gathered from PLT's machine vision bunk management system and external data sources. It considers feeding rates, feeding times, feeding cycles, cattle behavior, ration type, weather, and other relevant factors to optimize cattle feed management.

In April 2021, Pathway Vet Alliance LLC, a veterinary management group based in the United States, successfully acquired Vetspire for an undisclosed sum. The primary objective of this acquisition was to leverage Vetspire's AI platform to enhance veterinary care within Pathway's hospitals. Notably, Vetspire retained its independence, continuing to serve both Pathway Vet Alliance and external hospitals. Vetspire, a US-based company, is recognized for providing an AI-driven cloud-based veterinary practice management platform.

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.

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. The countries covered in the artificial intelligence (ai) in animal health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence (AI) in the realm of animal health encompasses the utilization of cutting-edge computational techniques to analyze, interpret, and enhance various facets of animal healthcare. This entails employing algorithms, machine learning, and data analytics to process extensive datasets concerning animal health and welfare.

The primary offerings in the field of artificial intelligence (AI) for animal health consist of hardware, software, and services. Hardware pertains to the tangible components of AI systems utilized in animal health, encompassing sensors, devices, and equipment responsible for gathering data from animals. These facilitate the application of AI algorithms for health monitoring and diagnostics. Under the technology category, one finds machine learning, natural language processing (NLP), computer vision, and other technologies tailored for different animal types such as companion animals and production animals. Applications are further categorized into areas such as diagnostics, identification, tracking, monitoring, and others, serving a diverse range of end users including veterinary clinics and hospitals, research institutions, and farms and livestock producers.

The artificial intelligence (AI) in animal health research report is one of a series of new reports that provides artificial intelligence (AI) in animal health market statistics, including the artificial intelligence (AI) in animal health industry's global market size, regional shares, competitors with an Artificial intelligence (AI) in animal health market share, detailed artificial intelligence (AI) in animal health market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in animal health industry. This artificial intelligence (AI) in animal health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The artificial intelligence (AI) in animal health market consists of revenues earned by entities by providing services such as telemedicine and remote monitoring, treatment planning and personalized medicine, data management and analytics, genomic analysis and breeding services, image analysis services. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in animal health market also includes sales of diagnostic tools, treatment planning software, and telemedicine platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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