Veterinary healthcare also known as veterinary science deals with preventing, controlling, diagnosing, and treating of ailments impacting the health of companion animals as well as for wild animals. Healthcare of the veterinary animals emphasizes on the efficacy of the health management of the animals by proper diagnosis and thereafter the required treatment. It comprises of vaccines, over-the-counter-drugs, antibiotics, nutraceuticals, parasiticides, and the supplements needed in treating the diseased animal linked with reproductive, digestive, respiratory, immunological, and animals’ urinary system.
Market Statistics
Globally, the market of veterinary healthcare is forecasted to report for US$ 33,095.6 million as per value by 2022.
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Drivers
Increase in need for the veterinary healthcare owing to the rise in consciousness in the healthcare of the animals is anticipated to fuel the market growth of veterinary healthcare worldwide in the predicted period. For example, the European Animal Health Agency in August 2022 extended its Stop African Swine Fever (ASF) awareness campaign, which got extended for three consecutive years. The campaign is in collaboration with the local authorities in countries like Bosnia and Herzegovina, Albania, Czechia, Bulgaria, Croatia, Hungary, Estonia, Kosovo, Greece, North Macedonia, Montenegro, Latvia, Serbia, Lithuania, Romania, Poland, Slovakia and Slovenia.
Opportunities
Rise in acceptance of the domestic animals and the rising animals’ health awareness is anticipated to provide substantial opportunities of growth for the companies in the market for veterinary healthcare worldwide. For example, as per the United States Department of Agriculure (USDA), in July 2020, the total number of cattle, beef cow was 103 Mn, 32.05 Mn respectively in U.S. and it is anticipated to rise substantially in the future. Furthermore, the Society for the Prevention of Cruelty to Animals, Los Angeles, accounted that the adoption rate was twice in June 2020, with every day adoption being 10 to 13 each day.
Restraints
The cost associated for the services in veterinary healthcare and the existence of the imitated drugs or the product are the main cause anticipated to hamper the market of veterinary healthcare worldwide. For example, as per the American Pet Products Association, the cost for the care of veterinary animals will continue rising, with the U.S consumers spending about US$ 123.6 billion in the year 2021 in areas of veterinary care and sale of product. Furthermore, the incidence of illegal medicines for veterinary purposes is high in Japan, New Zealand and Australia, as data given by Health for Animals.
Global Veterinary Healthcare Market- Impact of Coronavirus (Covid-19) Pandemic
As per the American Veterinary Medical Association, the COVID-19 outbreak had a severe effect on the veterinarians, who takes care of the animal in protecting them and public health, monitor zoonotic pathogens, up keeping supply of food, and backing up biomedical research and medical counter measures like growth of safe and accurate COVID-19 diagnostics, treatment and vaccines. Furthermore, supply interruptions and deficit of animal medicines were noticed in many countries, especially because of lockdown in many nations and the rise in need for safe and accurate treatment of COVID-19.
Key Takeaways
Globally, the market for the veterinary healthcare was priced at US$ 30,368.5 million in the year 2021 and is forecasted to the extent of US$ 55,657.5 million by the end of the year 2028 at a CAGR of 9.0% from 2022 to 2028.
Considering segment of product therapeutics hold a dominating position in the market for veterinary healthcare worldwide in the year 2021, reporting for 78.2%value of share, raising consent and the introduction of novel products is anticipated to boost the segment’s growth in the predicted period.
Market Trends
Several governments worldwide are taking up certain methods to increase the animal healthcare management in regard to diagnosis and treatment. Furthermore, governments and the welfare associations of the animals are introducing various veterinary health programs and alertness campaigns for the management of the animal health. For example, the veterinary healthcare of animals is supported highly by the U.S. This tendency is anticipated to last in the predicted period, pushing the growth of the market of veterinary healthcare worldwide.
Competitive Landscape
The main companies functioning in the market of veterinary healthcare worldwide are 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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Recent Developments
Virbac in February 2020 announced the introduction of Evicto which is a selamectin-based parasiticide for cats, kittens, dogs and puppies. It offers adulticidal, larvicidal, and ovicidal flea protection that aids in controlling the environmental flea infestations in areas where the pet has entrée.
Antech Diagnostics in October 2019 introduced Cadet BRAF and BRAF-PLUS liquid biopsy-based cancer diagnostics for cancer in canine in North America.
Dechra Veterinary Products in December 2019 pronounced the launch of Rominervin which is a novel, fast-acting injectable solution for equine sedation and premedication.
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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