Animal Health

The Animal Health industry encompasses pharmaceuticals, vaccines, biologics, parasiticides, nutritional health, and related services that improve the health, productivity, and well-being of companion and farm animals. The global animal health market was valued at approximately USD 44 billion in 2025 and is projected to reach USD 57 billion by 2030, with growth driven by rising pet ownership, increasing medicalization of companion animals, and sustained demand for safe, sustainable animal protein production.

Companion animal - covering canine, feline, and equine - is a faster-growing segment expanding at approximately 6% CAGR through 2030, driven by humanization of pets, rising spend per pet, and rapid adoption of advanced therapeutics, biologics, and parasiticides. Farm animal - spanning pig, poultry, cattle, sheep, and aquaculture - is a more stable-growth market shaped by species-specific economics, regional production patterns, regulatory pressures around antimicrobial use, and the shift toward preventive health, nutritional health, and digital monitoring solutions.

Several forces are converging: a rapidly medicalizing companion animal population, the rise of biologics and high-valency vaccines, accelerating generic competition in mature therapeutic categories, AI-enabled commercial models and diagnostics, growing investor activity across the value chain, and a structural shift toward preventive and data-driven veterinary medicine. Sustainability and antimicrobial stewardship are also reshaping farm animal product development, while specialty therapeutics, pet insurance, and corporate veterinary clinic groups are expanding the addressable market.

The market is led by a small group of large, specialized Animal Health companies - including Zoetis, MSD Animal Health, Boehringer Ingelheim Animal Health, Elanco, Ceva, Virbac, Vetoquinol, and Dechra - alongside a long tail of mid-cap and emerging companies operating in companion animal therapeutics, livestock biologics, parasiticides, animal genetics, and specialty nutrition. Generics players, contract manufacturers (CDMOs), CROs, veterinary clinic corporates, and distributors form the broader ecosystem.

Animal Health M&A is driven by three patterns: large strategics acquiring innovation assets and bolt-on therapeutic franchises, Private Equity companies building platforms in fragmented sub-sectors such as veterinary clinics, diagnostics, and pet care, and mid-cap consolidation in generics and contract services. Successful transactions typically require deep commercial due diligence on species-specific demand drivers, distribution economics, and competitive positioning - areas where generalist diligence approaches frequently miss the value drivers that determine deal outcomes.

We support Animal Health companies, investors, and emerging challengers across the full commercial lifecycle - including commercial growth strategy, product assessments, go-to-market and launch planning, segmentation and resource allocation, M&A due diligence, transaction advisory, and post-acquisition value creation. With more than 350 Animal Health engagements completed and a 300+ expert network spanning the whole value chain, our work is grounded in proprietary data assets, including the Animal Health Market Model, Veterinary Practice Profiling, Epidemiology data, and more.