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 veterinary healthcare and increase in the adoption of pets during the pandemic is expected to boost the growth of the market. However, factors such as the high cost of veterinary healthcare services/solutions and the availability of counterfeit products or drugs are expected to hamper the growth of the market.

Global Veterinary Healthcare Market: Regional Insights

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

Global Veterinary Healthcare Market Trends:

Advancements in the field of veterinary healthcare are expected to flourish in 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 a 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 keeping up with a rapid pace. This in turn has increased or increased 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.