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In 2024, U.S. pharmaceutical manufacturer Zoetis is the world’s leading company in the animal health sector, with total revenue of 9.2 billion U.S. dollars. Zoetis was formerly a part of Pfizer – under the name Pfizer Animal Health - until 2013, when it became an independent company. Two of the company’s largest product categories are vaccines and anti-infectives. Zoetis’ main competitors in the animal health market are German Boehringer Ingelheim, U.S.-based Merck & Co., and Elanco (Eli Lilly). Idexx Laboratories' Companion Animal Group (CAG) stands out in this ranking, as it focuses on diagnostics and related services. 

The global animal health market

Nearly ** billion U.S. dollars were spent on animal health products worldwide in 2021, more than double the size the market was valued at in 2006. Over ** percent of the market is generated through parasiticides and vaccines, while the rest is made up of biologicals and medicinal feed additives. On the other hand, more than half of global revenues are generated in the submarket of companion animals.

M&A activities within the industry

  The animal health market saw some major transactions in the past. One of the largest M&A deals was the takeover of the animal health division Merial of French pharmaceutical company Sanofi by Boehringer Ingelheim from Germany within a swap deal. Another remarkable transaction was the acquisition of Swiss-based Novartis’ animal health segment by the U.S. company Elanco (Eli Lilly) in 2014.