The market for veterinary healthcare worldwide was priced at US$ 30,368.5 Mn in the year 2021 and is predicted to the extent of US$ 55,657.5 Mn by the year 2028 at a CAGR of 9.0% from 2022 to 2028. Globally, the market for veterinary healthcare is witnessing robust development owing to the rise in the occurrence of zoonosis infection worldwide and positive government initiatives and associations for animal welfare. Furthermore, rise in the emphasis on the welfare for the animal healthcare and rise in pet adoption at the time of pandemic is anticipated to fuel the development of the market growth. Still, factors like, solutions for veterinary healthcare cost is very high, and the availability imitated product in the market are anticipated to hinder the market growth.
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Global Veterinary Healthcare Market: Regional Insights:
On the basis of geography, the market for the welfare of the animal health is divided into Europe, North America, Latin America, Middle East & Africa and Asia Pacific.
Based on the region, North America is anticipated to have the major portion of the market share in the predicted period due to the rise in prevalence of zoonosis and the prolonged ailments and rise in the populace of the livestock in this region. For example, as per the Centers for Disease Control and Prevention (CDC), zoonotic illness is commonly seen worldwide. For about 6 in every 10 communicable diseases in persons is spread by animals, and 3 in every 4 novel/communicable diseases in person comes from animals. Therefore, CDC functions all throughout the time to safeguard people from zoonotic infections in the U.S. and worldwide.
Furthermore, Asia Pacific and Europe are anticipated to experience a strong development in the market of veterinary healthcare worldwide owing to the rise in emphasis on the welfare of the animal health and beneficial government creativities in the region. Therefore, the operating companies emphasizes on the growth and the introduction of the new products in the healthcare for the animals. For example, SeQuent pronounced the launch of the animal medicines Halufusol, an oral solution in 19 countries in Europe in December 2021. The medicine, Halufusol is an oral solution of 0.5 mg/ml to fight against protozoa & its prevention and reducing diarrhea in the new-born calves. This is consecutively anticipated to help in the market growth.
Global Veterinary Healthcare Market Drivers:
Rise in the prevalence of zoonotic infection worldwide, is anticipated to fuel the market growth of the animal welfare and its health worldwide in the predicted period. As defined by the World Health Organization, zoonosis is defined as an infection which can be transmitted from vertebrate animals to human beings. Several types of diseases linked to zoonosis resulted in an outbreak in the globe. For example, the COVID-19 pandemic and its outbreak is a relentless demo of the shattering effect of zoonotic infection, where, the viruses is transmitted very fast from animal to humans. Therefore, the emphasis on the healthcare for the animals is rising at a very fast pace.
Encouraging government initiatives and the associations for the welfare of the animals are anticipated to accelerate the global market growth for the veterinary healthcare in the predicted period. Several governments across the world are undertaking certain methods to increase the animal healthcare management concerning diagnosis/analysis and treatment. For example, the United States is a dominant region across the world which cares for the welfare and the healthcare of the animals, companion animals as well as animal production. This is consecutively anticipated to the rise in emphasis on the healthcare of the veterinary animals, pushing the global market growth of the veterinary healthcare.
Global Veterinary Healthcare Market Opportunities:
Rise in emphasis on the healthcare of the veterinary animals is anticipated to provide substantial opportunities of growth for the players in the global market for the healthcare of the veterinary animals. For example, companies functioning in the market are emphasizing on the growth and the launch of new products for efficient health and welfare of the veterinary animals. Antech Diagnostics, in July 2020, introduced that the new blood test for canine IBD or the inflammatory bowel disease, also known as CCE or canine chronic enterophathy, now, can be availed from the market. The test, non-invasive in type, helps in incorporating data from biomarkers, which offers impartial disease measurements, to enable fast, precise analysis of the consistent CE/IBD or the not consistent CE/IBD.
Rise in pet adoption at the time of pandemic COVID-19 is anticipated to give profitable opportunities for growth for the companies in the market for healthcare of the veterinary animals. For example, many pet stores, shelters for animals, non-profit rescue organizations for the pets and private breeders have observed a rise in the consumer need at the time of pandemic. A non-profit organization, Foster Inc., stated to record over 1,000% rise in applications of foster at the time of pandemic in New York, which is regarded as the epicenter for the cases in COVID-19 in United States. This is consecutively anticipated to raise the need of veterinary healthcare in U.S., pushing the market growth.
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Global Veterinary Healthcare Market Trends:
Expansions and developments in the arena of the healthcare of veterinary animals are anticipated to augment the market of the health and the welfare of the veterinary animals in the predicted period due to the corresponding benefits. 3D imaging, virtual reality (VR), artificial intelligence (AI), and wearable devices for medical imaging are some of the much technological advancement that are anticipated to lead the way for later expansions and developments in the arena of the imaging of veterinary diagnostics worldwide. This tendency is anticipated to last in the predicted period.
Furthermore, with the rise in need for meat across the world and rising consumer consciousness concerning the meat quality and also the by-products of animals, the need of healthcare for the veterinary animals is also rising with an increasing pace. This consecutively has raised or rising the need for the healthcare of the animals worldwide. This tendency is anticipated to last in the predicted period, pushing the market growth.
Global Veterinary Healthcare Market Restraints:
The solutions for the welfare and the healthcare of the veterinary animals are very high which is anticipated to hinder the global market growth of the veterinary healthcare. For example, expenditure on veterinary healthcare of the animals has risen steadily, with U.S consumers spending US$ 123.6 billion in the year 2021 on the care of veterinary animals and sale of product, as per the American Pet Products Association (APPA). Cost efficiency is vital in regards of the healthcare of the veterinary animals, which is restricting the growth of the market.
Imitated products or drugs can be availed easily is anticipated to hamper the global market growth of the healthcare of the veterinary animals. For example, fake medications for the pet are an increasing problem, and they create a threat to the human society. Fake and imitated medications not only lacks safety and efficiency for the animals, but is also a threat to the society at large. The incidence of illegal medicines for the veterinary animals is high in New Zealand, Japan and Australia as data given by Health for Animals.
Global Veterinary Healthcare Market Segmentation:
The market for the veterinary healthcare worldwide is divided into Product, Animal Type, and Geography.
On the basis of product, the market for the healthcare of the veterinary animals worldwide is divided into Therapeutics and Diagnostics. Among which, Therapeutics division is anticipated to control the global market of the healthcare fir the veterinary animals in the predicted period and this credited to the increase in occurrence of zoonosis infection worldwide. This, as a result, has raised the need for the therapeutics needed for the healthcare of the veterinary animals.
On the basis of animal type, the market is divided into horses and ruminants, dogs and cats, poultry, swine and other animals. Among which, the segment for dogs and cats is anticipated to control the market in the predicted period and this is credited to the rise in need fr adopting companion animals like dogs and cats.
The segment of horses is also anticipated to experience substantial development in the coming days ahead and this is due to the rise in horses’ orthopedic problems.
Global Veterinary Healthcare Market: Key Developments
Krka tovarna zdranil d Novo mesto is a European pharmaceutical company which announced its launch of Prinocate- moxidectin and imidacloprid, a prescription-only spot-on ectoparasiticide, for treatment of cats and dogs in May 2020.
Whistle Labs introduced Whistle Fit is sole designed to aid in the healthcare and fitness for pets, in January 2020. The medication is used as a tool to prevent, in order to detect itching and licking and bears the ability to monitor sleep in animals.
Boehringer Ingelheim in August 2019, introduced a digital tool named, Donstall.cm to aid the veterinarians to diagnose equine protozoal myeloencephalitis (EPM) which is a disease infected from protozoa, causing brain/spinal cord inflammation in horses.
Global Veterinary Healthcare Market: Key Companies Insights
The market for the healthcare of veterinary animals is very much competitive in form. This is accredited to the rise in consciousness among the masses about the healthcare of the veterinary animals, consequently, companies functioning in the market are emphasizing on the launch of new products.
The main companies in the market for the heathcare of the veterinary animals worldwide includes Zoetis Inc., Virbac SA, Vetoquinol SA, Phibro Animal Health, Merck & Co. Inc., IDEXX Laboratories, Ceva SantE Animale, BioMérieux SA, Elanco Animal Health Incorporated, and Boehringer Ingelheim International GmbH, among others.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Veterinary Healthcare Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Veterinary Healthcare Industry Impact
Chapter 2 Global Veterinary Healthcare Competition by Types, Applications, and Top Regions and Countries
2.1 Global Veterinary Healthcare (Volume and Value) by Type
2.3 Global Veterinary Healthcare (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Veterinary Healthcare Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Veterinary Healthcare Market Analysis
Chapter 6 East Asia Veterinary Healthcare Market Analysis
Chapter 7 Europe Veterinary Healthcare Market Analysis
Chapter 8 South Asia Veterinary Healthcare Market Analysis
Chapter 9 Southeast Asia Veterinary Healthcare Market Analysis
Chapter 10 Middle East Veterinary Healthcare Market Analysis
Chapter 11 Africa Veterinary Healthcare Market Analysis
Chapter 12 Oceania Veterinary Healthcare Market Analysis
Chapter 13 South America Veterinary Healthcare Market Analysis
Chapter 14 Company Profiles and Key Figures in Veterinary Healthcare Business
Chapter 15 Global Veterinary Healthcare Market Forecast (2023-2030)
Chapter 16 Conclusions
Research Methodology
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