The Business Research Company’s market reports offer an in-depth analysis on the market’s growth potential, major drivers, key trends and more.

Market Overview

• Current Market Size: The AI in animal health market grew from $1.21 billion in 2023 to $1.45 billion in 2024.
• Growth Rate: This reflects a compound annual growth rate (CAGR) of 20.1%.
• Historic Drivers:
  • Increasing applications of AI in veterinary diagnostics
  • Availability of AI-based solutions
  • Initiatives by key companies
  • Rising expenditure on animal health

Future Projections

• Forecasted Growth: The market is expected to reach $2.98 billion by 2028.
• Forecast CAGR: Anticipated CAGR of 19.7%.
• Forecast Drivers:
  • 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:
  • Advancements in veterinary diagnostics
  • Increased adoption of AI technologies
  • Enhanced disease detection and monitoring
  • Growing emphasis on animal welfare and conservation

Read More On The Artificial Intelligence (AI) In Animal Health Market Report 2024 – https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-in-animal-health-global-market-report

Surge of Animal Health Expenditure and Its Impact

• Rising Expenditure: The increase in spending on animal health is a major driver for market growth.
• Contributing Factors:
  • Increased awareness of animal health
  • Pet humanization trends
  • Demand for advanced veterinary care services
• Example: In June 2023, the American Pet Products Association reported $136.8 billion spent on pet health in 2022, a 10.68% increase from the previous year. Vet care services accounted for $35.9 billion.
• Impact: Higher spending on advanced technologies like AI-powered telehealth and remote monitoring solutions is driving the market.

Innovations in AI-Driven Livestock Health Management

• Technological Advancements: Companies are developing AI solutions to enhance livestock nutrition and farm management.
• Example: In January 2024, Precision Livestock Technologies introduced an AI system for predicting cattle feed intake and making recommendations. This system uses data from machine vision and external sources to optimize feeding based on various factors like behavior and weather.

Strategic Acquisitions and Expansions

• Pathway Vet Alliance Acquisition: In April 2021, Pathway Vet Alliance acquired Vetspire to enhance its veterinary care using Vetspire’s AI platform.
• Vetspire: A US-based company providing an AI-driven cloud-based veterinary practice management platform.
• Strategic Impact: This acquisition aims to improve veterinary care across Pathway’s hospitals and expand its AI capabilities.

Market Segmentation

• By Solution:
  • Hardware
  • Software
  • Services
• By Technology:
  • Machine Learning
  • Natural Language Processing (NLP)
  • Computer Vision
  • Other Technologies
• By Animal Type:
  • Companion Animals
  • Production Animals
• By Application:
  • Diagnostics
  • Identification
  • Tracking and Monitoring
  • Other Applications
• By End-Use:
  • Veterinary Clinics and Hospitals
  • Research Institutions
  • Farms and Livestock Producers

Regional Insights

• Current Leading Region: North America was the largest market for AI in animal health in 2023.
• Future Growth: Asia-Pacific is expected to be the fastest-growing region during the forecast period.

The AI in animal health market is on a rapid growth trajectory, driven by increasing expenditure on animal health, advancements in technology, and strategic industry developments. As the market evolves, innovations in AI technology and expanding applications in veterinary care will continue to shape its future landscape.

Request for A Sample Of The Global Artificial Intelligence (AI) In Animal Health Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=14250&type=smp