VETERINARY HEALTHCARE MARKET ANALYSIS

Market Challenges And Opportunities

Global Veterinary Healthcare Market Drivers:

Increase in prevalence/incidence of zoonosis diseases across the globe is expected to boost the 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 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 the 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: 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 the growth of the global veterinary healthcare market. For instance, counterfeit pet medications are a growing problem, and they pose a real danger to 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.