Global AI In Animal Health Market By Solution(Hardware, Software, Services), By Animal Type(Companion Animals, Production Animals), By Applications (Diagnostics, Identification, Tracking And Monitoring), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2024-2033
- Published date: March 2024
- Report ID: 115835
- Number of Pages: 366
- Format:
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Quick Navigation
- Report Overview
- Key Takeaways
- Solution Analysis
- Application Analysis
- Animal Type Analysis
- Key Market Segments
- Market Drivers
- Market Restraints
- Opportunities
- Latest Trends
- Impact of Macroeconomic Factors
- Regional Analysis
- Key Regions and Countries
- Market Share & Key Players Analysis
- Recent Developments
- Report Scope
Report Overview
The global AI in Animal Health Market was valued at the USD 1,197.7 million in 2023 and is expected to register a substantial growth of the USD 7,477.9 million by 2033, with a CAGR of 20.1%.
The integration of artificial intelligence in animal health pertains to the usage of cutting edge computational methods such as machine learning and data analysis aiming augmentation of diagnosis, treatment and super vision of animal wellbeing. This integration helps to identify diseases coupled with accurate management of livestock and veterinary healthcare. The market growth of AI in animal health is primarily fueled by strategic initiatives by key market players. For instance, to accelerate R&D innovations, expanding accessibility of diagnostics and technology, Mars Incorporated acquired Heska Corporation in June 2023.
The market is further propelled by escalating research efforts with the aim to explore new applications of artificial intelligence in veterinary health coupled with use of machine learning algorithms in drug discovery and development.
Key Takeaways
- Based on solutions analysis, the market is fragmented into hardware, software, and services segments, with the hardware segment being a dominant portion commanding the global AI in animal health market and holding 65.6% market share.
- With respect to applications, a diagnostic segment holds a dominant market position and shares 52.4% in the year 2023.
- Depending upon the animal type, owing to the increasing pet expenditure coupled with AI-based pet health solutions, the companion animal segment dominates the market and holds a 73.9% market share.
- North America dominates the global AI in animal health market securing a remarkable market share of 37.8% in the year 2023.
- The vital ability of artificial intelligence to detect and prevent disease in veterinary sector significantly drives the market.
Solution Analysis
Hardware segment to dominate the market in 2023, and holds a significant market share of 65.6%
Based on solutions, the market for AI in Animal Health is broadly classified into hardware, software and services segment. Amongst these, hardware segment is accounted to hold a significant market share of 65.6%, dominating the market in the year 2023, while a fastest CAGR is expected to register by software and service segment.
The reason behind the dominance of the segment owes to the fact of continuous advancements in hardware and software technologies including sensor, imaging devices, wearables, computer vision and deep learning. In addition, the segment experiences a forward pull due to enhanced accessibility to animal owners by virtue of improved performance, cost reductions, and escalating processing power.
Application Analysis
Artificial intelligence is prominently used for diagnostic purposes
With respect to applications, the market is fragmented into diagnostics, identification and tracking and monitoring segments, with diagnostic segment acting as center stage in AI in animal health market, grabbing a prominent market share exceeding 47.8% in the year 2023.
Market witnesses an optimistic pull owing to a combination of factors including increasing integration of AI in veterinary diagnostics coupled with existence of AI powered diagnostics solutions. For instance, Signal-Pet is one of the key market player introducing its two important portfolios, i.e., Signal-Ray (an AI tool to filter clinical outcomes) and Signal-SMILE (AI based dental radiology test panel for customary pathologies)
Animal Type Analysis
Companion animals segment to occupy a significant market share
The market for AI animal health is broadly categorized into companion animal and production animal segments. Companion animal segment significantly occupied a major market portion of 73.9%, dominating the market in the year 2023. The segment being predominant is highly attributed to the hiking pet expenditure, humanization of pets and availableness of AI based pet health solutions. To exemplify the given statement, a U.S. based company Vetology LLC, offers veterinary artificial intelligence software and services for veterinary radiology. In 2022, approximately 155,101 AI reports with over 6.6 million images in its image bank were generated by the company.
On the flip side, owing to the scaling ultimatum for animal protein with continuous population rise coupled with fluctuating dietary preferences, the production animal segment is expected to register the fastest compound annual growth rate exceeding 20% during the prophecy period. The demand for AI based devices and wearables in order to track and monitor vital signs and nature of animals remotely increases with the rising need for efficient and sustainable livestock production.
Key Market Segments
By Solution
- Software
- Hardware
- Services
By Applications
- Diagnostics
- Identification
- Tracking and Monitoring
By Animal type
- Companion animals
- Production animals
Market Drivers
Technological advancements in AI pulled the market shares
The technological advancements in AI have triggered the veterinarians to utilize sophisticated tools for prognosis and treatment planning. These scaling technologies enabled the veterinarians to analyze vast datasets rapidly, thereby making them to precisely identify health issues, facilitating early intervention, thus ameliorating overall results. This not only accelerates treatment process but also significantly mitigates financial burden on pet owners.
In addition, the market experiences an upward swift with the rising ultimatum for personalized and preventive healthcare for animals. AI based solutions enables appropriate treatment plans depending upon individual health history and characteristics to each animal. This drives the adoption of AI in animal health sector as the shift towards a more personalized approach syncs well with pet owners, thus fostering the market dynamics at a considerable reach.
Market Restraints
Data breach forms a major constraint for robust market growth
The market for AI based in animal health is pessimistically affected by security and privacy concerns as the technology significantly rely on massive datasets for training and analysis, assembly and storage of private animal health data raising stress regarding misuse and data breaches. Thus, maintaining a robust balance between maintaining privacy protections and capitalizing on AI’s revolutionary potential forms a crucial constraint resulting into adoption of artificial intelligence in animal health market.
High cost of acquisition and implementation
Another considerable factor hindering the overall market expansion is the limited adoption of AI technologies due to hefty costs associated with acquisition and implementation of AI systems. This disables many small scale farmers in developing regions with compact financial resources to invest in these highly advanced and costly technologies. Thus, this forms a major barrier in the expansion of market share in the recent years.
Opportunities
Remote Monitoring and Telehealth
AI in animal health market witnesses outstanding growth with the robust adoption of artificial intelligence technology by diverse veterinary healthcare professionals. This scaled adoption is by virtue of the provision of remote monitoring and telehealth features. These advanced features allow remote access to animal health data, allowing veterinarians and farmers to monitor animals’ crucial signs and behavior, administer timely care and diagnose issues.
Rapid and accurate assessments are made with artificial intelligence being served as a most crucial technology. Hence, the logistical challenges are reduced linked with on-site inspections particularly in geographically dispersed farming operations by offering remote monitoring of animal health, thereby expanding the opportunities by improvements in animal health management.
Latest Trends
The market for AI in animal health is experiencing escalated growth with the adoption of diverse trends. Some of these include:
Data Integration
Seamless data interoperability is becoming a trending factor as it allows integration of several data sources such as electronic health records, genomic data and environmental sensors, which forms a vital portion for AI applications in animal health.
Precision Livestock Farming
Artificial intelligence has led to the improvements in animal welfare thereby increasing farm productivity and efficiency. This has become possible by virtue of AI powered systems monitoring and managing livestock farms, feeding optimization, environmental and healthcare conditions.
Impact of Macroeconomic Factors
The market landscape of AI in animal health is significantly shaped by a combination of macroeconomic factors. The primary factor affecting the market dynamics includes regulatory policies related to AI technologies and animal health. Complying with the regulatory framework is a crucial criterion to ensure safety and efficacy of innovations, fostering the growth of AI in animal health. On a contrary, the market may hinder due to stringent regulatory standards imposed by the regulatory agencies, resulting into delay of outcomes by the major market players.
Regional Analysis
North America to dominate AI in animal health market in 2023
North America leads the global AI based in animal health market in the year 2023, capturing a large market share of 37.8% and holding 32.3 Mn revenue for the year. The key factors contributing to the regions paramount success includes the growing integration of artificial intelligence in veterinary diagnostics coupled to well ameliorated veterinary healthcare infrastructure in the United States and Canada. The region is leveraged with AI based diagnostic platforms to analyze radiographs, CT scans, and MRI images enabling the veterinarians to diagnose the diseases and abnormalities.
On the other hand, Asia Pacific region is anticipated to witness the fastest CAGR in the foreseeable days owing to the heightened animal population and initiatives by the local players existing in the respective geography. For instance, ET Agricultural Brain by Alibaba Cloud makes use of AI technology in agriculture that assist in voice recognition, real time tracking and monitoring activity, growth indicators, pregnancy and other vital health conditions. In China, ET Agricultural Brain is already adopted by numerous key pig farming firms.
Key Regions and Countries
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Dominated by few major market players, AI in animal health market is fragmented with the presence of local and regional players strategizing their product portfolios. Some of the prominent key players includes IBM, Heska, VCA animal hospitals, Felcana, Pet insurance, Evidensia, VioVet, Anicura and others. The collaborational efforts among market players and veterinary healthcare sectors is further pulling the market forward, thereby expanding its market shares.
Industries are keen to provide the veterinary healthcare settings with outstanding innovations which can better provide them ease to carry out major operations. For instance, Vetscan Imagyst diagnostic platform was launced by Zoetis, allowing artificial intelligence-powered blood smear testing by veterinarians to diagnose pets with hematologic problems.
AI In Animal Health Market Key Market Players are
- Merck and Co., Inc.
- SignalPet
- OneCup AI
- ImpriMed, Inc.
- IDEXX laboratories, Inc
- Zoetis Services LLC
- VetCT
- Vetology LLC
- Petriage
- Evidensia
- VioVet
- NexVet
- Heska
Recent Developments
- In 2023: Heska Corporation (key participant in AI based diagnostics) was recently acquired by Mars, a global leader to advance animal health. The alliance between the organizations unleashed potential avenues by combining the expertise with the aim to create AI-powered innovative solutions.
- In May 2023: MYANIML launched new geolocation technologies as part of its AI enabled predictive health platform, to enhance security of dairy and beef supply chains. This aids in locating and following sick animals up to three days’ prior the appearance of symptoms, thus assisting in early diagnosis of diseases.
Report Scope
Report Features Description Market Value (2023) USD 1,197.7 million Forecast Revenue (2033) USD 7,477.9 million CAGR (2024-2033) 20.1% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, Macroeconomic factors Impact, Competitive Landscape, Recent Developments Segments Covered By Solution(Hardware, Software, Services), by Animal type(Companion animals, Production animals), by Applications (Diagnostics, Identification, Tracking and monitoring) Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherland, Rest of Europe; APAC – China, Japan, South Korea, India, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA. Competitive Landscape Merck and Co., Inc., SignalPet, OneCup AI, ImpriMed, Inc., IDEXX laboratories, Inc, Zoetis Services LLC, VetCT, Vetology LLC, Petriage, Evidensia, VioVet, NexVet, Heska Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) AI In Animal Health MarketPublished date: March 2024add_shopping_cartBuy Now get_appDownload Sample -
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- Merck and Co., Inc.
- SignalPet
- OneCup AI
- ImpriMed, Inc.
- IDEXX laboratories, Inc
- Zoetis Services LLC
- VetCT
- Vetology LLC
- Petriage
- Evidensia
- VioVet
- NexVet
- Heska
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