Veterinary Healthcare Market to Surpass US$ 55,657.5 Mn by 2028

Veterinary healthcare, or veterinary science, is a medical specialty concerned with the prevention, control, diagnosis, and treatment of diseases affecting the health of domestic and wild animals. Veterinary healthcare focuses on effective animal health management by diagnosing and treating diseases. It includes over-the-counter drugs, vaccines, nutraceuticals, parasiticides, antibiotics, and supplements, used to treat animal diseases associated with digestive, reproductive, immunological, respiratory, and urinary system of animals.

Market Statistics:

The Global Veterinary Healthcare Market is estimated to account for US$ 33,095.6 Mn in terms of value by the end of 2022.

Drivers:

Rise in demand for veterinary healthcare due to increase in awareness about veterinary healthcare is expected to propel the growth of the global veterinary healthcare market over the forecast period. For instance, in August 2022, the European Animal Health Agency extended its ASF (Stop African Swine Fever) awareness campaign. The campaign has been extended for the 3^rd consecutive year. It is run in partnership with local authorities in countries, such as Albania, Bosnia and Herzegovina, Bulgaria, Czechia, Croatia, Estonia, Hungary, Greece, Kosovo, Montenegro, North Macedonia, Lithuania, Latvia, Poland, Romania, Slovakia, Serbia, and Slovenia.

Opportunities:

Increase in adoption of companion animals and increasing health concerns in animals is expected to offer significant growth opportunities for players in the global veterinary healthcare market. For instance, according to the United States Department of Agriculture (USDA), in July 2020, there were around 103 million cattle and 32.05 million beef cows in the U.S. and the number is expected to increase significantly in the coming years. Moreover, the Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption was doubled in June 2020, with daily adoptions of about 10 to 13 per day.

Restraints:

High cost of veterinary healthcare services and the availability of counterfeit products or drugs are major factors expected to hinder growth of the global veterinary healthcare market. For instance, according to the American Pet Products Association, veterinary care costs continue to rise, with the U.S. consumers spent around US$ 123.6 billion in 2021 on veterinarian care and product sales. Moreover, the prevalence of illegal veterinary medicine is quite high in Japan, New Zealand, and Australia, as per the data provided by Health for Animals.

Global Veterinary Healthcare Market- Impact of Coronavirus (Covid-19) Pandemic:

According to the American Veterinary Medical Association, the outbreak COVID-19 has had an unprecedented impact on veterinarians, who play a vital role in protecting animal and public health, monitoring for zoonotic pathogens, safeguarding food supply, and supporting biomedical research and medical countermeasures, such as development of safe and effective COVID-19 diagnostics, treatment, and vaccines. Moreover, supply disruptions and shortages of veterinary medicines were observed in several countries, mainly due to nationwide lockdown and increase in demand for safe and effective COVID-19 treatment.

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https://www.coherentmarketinsights.com/market-insight/veterinary-healthcare-market-5420

Key Takeaways:

The global veterinary healthcare market was valued at US$ 30,368.5 Mn in 2021 and is forecast to reach a value of US$ 55,657.5 Mn by 2028 at a CAGR of 9.0% between 2022 and 2028.

Among product therapeutics segment held dominant position in the global veterinary healthcare market in 2021, accounting for 78.2% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

Many governments around the world are taking definite measures to enhance the management of animal healthcare in terms of diagnosis and treatment. Moreover, governments and animal welfare associations are launching several veterinary health programs and awareness campaigns for animal health management. For instance, U.S. highly support the healthcare of veterinary animals, both companion and production animals. This trend is expected to continue during the forecast period, driving the growth of the global veterinary healthcare market.

Competitive Landscape:

Major players operating in the global veterinary healthcare market include 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.

Recent Developments:

In February 2020, Virbac announced the launch of Evicto, selamectin-based parasiticide for cats, dogs, kittens, and puppies. Evicto provides adulticidal, larvicidal, and ovicidal flea protection that helps control environmental flea infestations in areas where the pet has access.

In October 2019, Antech Diagnostics introduced Cadet BRAF and BRAF-Plus liquid biopsy-based cancer diagnostics for canine cancer in North America.

In December 2019, Dechra Veterinary Products announced the launch of Rominervin, a new, fast-acting injectable solution for equine sedation and premedication.