VETERINARY HEALTHCARE MARKET ANALYSIS

The global veterinary healthcare market was valued at US$ 30,368.5 Mn in 2021 and is forecast to reach the value of US$ 55,657.5 Mn by 2028 at a CAGR of 9.0% between 2022 and 2028. The global veterinary healthcare market is experiencing strong growth due to the increase in incidence or prevalence of zoonosis diseases across the globe and favorable initiatives by governments and animal welfare associations. Moreover, increase in focus on the veterinary healthcare and increase in adoption of pets during the pandemic is expected to boost the growth of the market. However, factors such as high cost of veterinary healthcare services/solutions and availability of counterfeit products or drugs are expected to hamper growth of the market.

Global Veterinary Healthcare Market: Regional Insights

Based on geography, the global veterinary healthcare market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing incidence of zoonotic and chronic diseases and increase in livestock population in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), zoonotic diseases are very common around the world. More than 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new and/or emerging infectious diseases in people come from animals. Thus, CDC works 24/7 to protect people from zoonotic diseases in the United States and around the world.

Moreover, Europe and Asia Pacific are expected to witness robust growth in the global veterinary healthcare market due to the increase in focus on veterinary healthcare and favorable government initiatives in these regions. Thus, market players are focusing on developing and launching novel veterinary healthcare products. For instance, in December 2021, SeQuent Scientific announced the launch of veterinary medicine Halofusol (oral solution) in 19 European countries. Halofusol is 0.5 mg/ml oral anti-protozoal solution for the prevention and reduction of diarrhea in new-born calves. This in turn is expected to aid in the growth of the market.

Figure 1. Global Veterinary Healthcare Market Share (%), by Region, 2022

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Global Veterinary Healthcare Market Drivers:

Increase in prevalence/incidence of zoonosis diseases across the globe is expected to boost growth of the global veterinary healthcare market over the forecast period. The World Health Organization (WHO) defines zoonosis as any infection that is naturally transmissible from vertebrate animals to humans. Many diseases related to zoonoses have led to a major outbreak in the world. For instance, the outbreak of COVID-19 (global pandemic) is an unrelenting demonstration of the devastating impact of zoonotic disease, whereby viruses jump from animals to infect humans. Thus, the focus on veterinary health care is increasing at a rapid pace.

Favorable initiatives by governments and animal welfare associations are expected to augment the growth of the global veterinary healthcare market during the forecast period. Many governments around the world are taking definite measures to enhance the management of animal healthcare in terms of diagnosis and treatment. For instance, the United States is among the major regions across the world which highly support the healthcare of veterinary animals, both companion animals and production animals. This in turn is expected to increase the focus on veterinary healthcare, driving the growth of the global veterinary healthcare market.

Global Veterinary Healthcare Market Opportunities:

Increase in focus on the veterinary healthcare is expected to offer significant growth opportunities for players in the global veterinary healthcare market. For instance, market players are focusing on developing and launching novel products in the market for effective veterinary healthcare. In July 2020, Antech Diagnostics announced that the novel blood test for canine inflammatory bowel disease (IBD), also called canine chronic enteropathy (CCE), is now available. It is a non-invasive test that incorporates data from biomarkers, which provide objective measurements of disease, to allow rapid, accurate diagnosis of consistent with CE/IBD or not consistent with CE/IBD.

Increase in adoption of pets during the pandemic (COVID-19) is expected to offer lucrative growth opportunities for players in the veterinary healthcare market. For instance, several animal shelters, pet stores, private breeders, and non-profit rescue organizations have seen an increase in consumer demand during the pandemic. Foster Inc., a non-profit organization, claimed to register more than 1,000% increase in foster applications during the pandemic in New York, the epicenter of COVID-19 cases in the United States. This in turn is expected to increase demand for veterinary healthcare in the U.S., driving the growth of the market.

Global Veterinary Healthcare Market Trends:

Advancements in the field of veterinary healthcare is expected to flourish the veterinary healthcare market during the forecast period owing to respective benefits. Artificial intelligence (AI), virtual reality (VR), 3D imaging, and wearable medical imaging devices are few of the technologies that are expected to pave the way for future advancements in the field of veterinary diagnostic imaging around the world. This trend is expected to continue over the forecast period.

Moreover, with the increase in demand for meat worldwide and increasing consumer awareness regarding the quality of meat as well as animal by-products, the demand for veterinary healthcare is also increasing with a rapid pace. This in turn has increased or increasing the demand for animal or veterinary healthcare across the globe. This trend is also expected to continue during the forecast period, driving the growth of the market.

Global Veterinary Healthcare Market Restraints:

High cost of veterinary healthcare services/solutions is expected to hamper the growth of the global veterinary healthcare market. For instance, veterinary care spending has been steadily rising, with U.S. consumers spent US$ 123.6 billion in 2021 on veterinarian care and product sales, according to the American Pet Products Association (APPA). Cost effectiveness is a major concern regarding veterinary healthcare, which in turn is restraining the market growth.

Availability of counterfeit products or drugs is expected to hinder growth of the global veterinary healthcare market. For instance, counterfeit pet medications are a growing problem, and they pose a real danger to the beloved animals. Counterfeit medications not only lack safety and efficacy for animals, but also pose a risk to human safety. The prevalence of illegal veterinary medicine is quite high in Japan, New Zealand, and Australia, as per the data provided by Health for Animals.

Figure 2. Global Veterinary Healthcare Market Share (%), by Product, 2022

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Global Veterinary Healthcare Market Segmentation:

The global veterinary healthcare market report is segmented into Product, Animal Type, and Geography.

Based on Product, the global veterinary healthcare market is segmented into Therapeutics and Diagnostics. Out of which, Therapeutics Segment is expected to dominate the global veterinary healthcare market over the forecast period and this is attributed to the rise in prevalence/incidence of zoonosis diseases across the globe. This in turn has increased and/or increasing the demand for veterinary healthcare therapeutics.

Based on Animal Type, the market is segmented into Dogs and Cats, Horses, Ruminants, Swine, Poultry, and Other Animals. Out of which, Dogs and Cats Segment is expected to dominate the market during the forecast period and this is attributed to the increase in adoption of companion animals, such as cats and dogs.

Horses Segment is also expected to witness significant growth in the near future and this is owing to the increase in cases of orthopedic problems in horses.

Global Veterinary Healthcare Market: Key Developments

In May 2020, Krka tovarna zdravil d Novo mesto, European pharmaceutical company, announced the launch of Prinocate (moxidectin and imidacloprid), prescription-only spot-on ectoparasiticide, for cats and dogs.

In January 2020, Whistle Labs launched Whistle Fit, which is specifically designed for pet health and fitness. It works as a preventative tool for the detection of itching and licking, and it has the capability of monitoring sleep in animals.

In August 2019, Boehringer Ingelheim launched a digital tool Dontstall.com, to help veterinarians diagnose equine protozoal myeloencephalitis (EPM), a protozoal disease that causes inflammation of the brain and/or spinal cord in horses.

Global Veterinary Healthcare Market: Key Companies Insights

The global veterinary healthcare market is highly competitive. This is attributed to the increase in awareness among people about veterinary healthcare, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global veterinary healthcare market 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.

*Definition: Veterinary healthcare focuses on effective animal health management by diagnosing and treating diseases. It is a medical specialty concerned with the prevention, diagnosis, control, and treatment of diseases affecting the health of both domestic and wild animals.