Veterinary Healthcare
Veterinary Healthcare Market Forecasts to 2030 - Global Analysis By Product (Therapeutics/Drugs, Diagnostic Tool and Other Products), Disease (Gastrointestinal Diseases, Allergies and Arthritis), End User (Veterinary Pharmacies, Veterinary Hospitals and Other End Users) and By Geography
According to Stratistics MRC, the Global Veterinary Healthcare Market is accounted for $46.07 billion in 2024 and is expected to reach $86.69 billion by 2030 growing at a CAGR of 11.11% during the forecast period. Veterinary healthcare encompasses a broad spectrum of medical services aimed at promoting the well-being and health of animals. It involves preventive measures, diagnostics, treatment, and rehabilitation for various animal species, including pets, livestock, wildlife, and exotic animals. Veterinarians play a crucial role in safeguarding animal welfare, public health, and the environment through their expertise in areas such as surgery, internal medicine, dentistry, nutrition, and behavior. Their responsibilities extend beyond individual animal care to disease control, vaccination programs, and research aimed at advancing medical knowledge and improving healthcare outcomes.
According to the American Pet Products Association, veterinary care spending has been steadily rising, with U.S. consumers spent US$ 123.6 billion in 2021 on veterinarian care and product sales.
Market Dynamics:
Driver:
Rise in pet insurance coverage
With more individuals opting for pet insurance plans, there's an increased willingness to seek veterinary care, even for non-emergency situations. This shift reduces financial barriers that might otherwise deter pet owners from seeking preventive or routine medical attention for their animals. Consequently, veterinarians experience higher patient volumes, enabling them to invest in advanced equipment, facilities, and training, thereby elevating the overall quality of care. Moreover, insurance coverage incentivizes pet owners to adhere to treatment plans and follow-up appointments, leading to better health outcomes for their pets.
Restraint:
Economic downturns
Economic downturns can significantly impact the veterinary healthcare market. During tough economic times, pet owners may cut back on non-essential expenditures, including veterinary care, opting for cheaper alternatives or delaying routine visits. This leads to reduced demand for veterinary services and products, ultimately affecting the revenue streams of veterinary clinics and pharmaceutical companies. However, economic uncertainty may prompt consumers to postpone or forego adopting new pets, further dampening demand.
Opportunity:
Advancements in veterinary medicine
Innovations such as advanced imaging technologies like MRI and CT scans enable more accurate diagnoses of complex conditions in animals. Developments in pharmaceuticals have led to the availability of more effective medications with fewer side effects, improving treatment outcomes and quality of life for animals. Moreover, minimally invasive surgical techniques have reduced recovery times and post-operative complications, further advancing veterinary care. The integration of telemedicine allows for remote consultations and monitoring, increasing accessibility to veterinary services, particularly in underserved areas.
Threat:
Shortage of veterinarians
With fewer professionals available to provide care, there's an increased burden on existing veterinarians, leading to longer wait times for appointments, reduced accessibility to veterinary services, and potentially compromised quality of care due to overwhelmed practitioners. However, this shortage also limits the expansion of veterinary practices into underserved areas, exacerbating disparities in access to healthcare for both companion animals and livestock. It restricts the development and adoption of innovative treatments and technologies within the field, as there are fewer experts available to drive research and implement advancements.
Covid-19 Impact:
The Covid-19 pandemic significantly impacted the veterinary healthcare market as there was a noticeable shift in pet owner behavior, with many people spending more time at home during lockdowns, leading to increased attention to their pets' health and well-being. This surge in pet ownership and concern for pet health translated into higher demand for veterinary services, including preventive care, vaccinations, and telemedicine consultations. However, on the flip side, restrictions and safety measures also led to temporary closures of some veterinary clinics and reduced in-person visits, affecting routine procedures and non-urgent care.
The Allergies segment is expected to be the largest during the forecast period
Allergies segment is expected to be the largest during the forecast period. As pet ownership rises globally, so does awareness of pet health issues, including allergies. This awareness has led to increased investment in research and development of allergy treatments, diagnostics, and hypoallergenic products tailored specifically for pets. Veterinary clinics are expanding their services to include allergy testing and treatment options, attracting pet owners seeking comprehensive care for their furry companions. Moreover, pharmaceutical companies are introducing new medications and vaccines targeting pet allergies, further fueling market growth.
The Veterinary Pharmacies segment is expected to have the highest CAGR during the forecast period
Veterinary Pharmacies segment is expected to have the highest CAGR during the forecast period as these pharmacies offer a wide range of medications, supplements, and other healthcare products specifically formulated for various species, including pets, livestock, and exotic animals. By focusing solely on veterinary medications, these pharmacies ensure the availability of essential drugs that may not be readily accessible in traditional human pharmacies. Moreover, veterinary pharmacies often employ staff with expertise in animal health, enabling them to offer personalized guidance and advice to pet owners and livestock producers.
Region with largest share:
North America region is poised to hold the largest market share throughout the estimated period of time as these increasing investments in veterinary hospitals are leading to the establishment of state-of-the-art facilities equipped with advanced diagnostic tools, treatment options, and specialized care services for pets. The regional expansion of veterinary hospitals is not only improving access to quality healthcare for animals but also driving innovation in veterinary medicine. With a focus on preventive care, early detection, and advanced treatments, these hospitals are raising the standard of veterinary healthcare in the region.
Region with highest CAGR:
Asia Pacific region is estimated to gain profitable growth over the extrapolated period by ensuring the safety, efficacy, and quality of veterinary products and services. Government regulations often include guidelines for the registration, manufacturing, distribution, and marketing of veterinary medicines and healthcare products. By enforcing stringent regulatory standards, governments promote transparency and accountability within the industry, fostering trust among consumers and stakeholders across the region.
Key players in the market
Some of the key players in Veterinary Healthcare market include Zoetis Animal Healthcare, Ceva Animal Health Inc, Elanco Animal Health, Phibro Animal Health, Boehringer Ingelheim International GmbH, SeQuent Scientific Ltd, Cargill Inc, MSD Animal Health, Sanofi-Aventis, Bayer Healthcare and Novartis International AG.
Key Developments:
In September 2022, Merck Animal Health announced the new label indication for both Bravectoand BravectoPlus for topical use in cats to treat and control Asian long-horned tick infestations. Bravectoand BravectoPlus for cats is the first and only U.S. product labeled for treatment and control.
In January 2022, Zoetis announced that the U.S. Food and Drug Administration (FDA) had approved a new label indication for SimparicaTrio (sarolaner, moxidectin, and pyrantel chewable tablets) for the prevention of Borrelia burgdorferi infections as a direct result of killing Ixodes scapularis vector ticks (black-legged or deer ticks). SimparicaTrio is approved for dogs eight weeks of age and older.
Products Covered:
• Therapeutics/Drugs
• Diagnostic Tool
• Other Products
Diseases Covered:
• Gastrointestinal Diseases
• Allergies
• Arthritis
End Users Covered:
• Veterinary Pharmacies
• Veterinary Hospitals
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Veterinary Healthcare Market, By Product
5.1 Introduction
5.2 Therapeutics/Drugs
5.3 Diagnostic Tool
5.4 Other Products
6 Global Veterinary Healthcare Market, By Disease
6.1 Introduction
6.2 Gastrointestinal Diseases
6.3 Allergies
6.4 Arthritis
7 Global Veterinary Healthcare Market, By End User
7.1 Introduction
7.2 Veterinary Pharmacies
7.3 Veterinary Hospitals
7.4 Other End Users
8 Global Veterinary Healthcare Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Zoetis Animal Healthcare
10.2 Ceva Animal Health Inc
10.3 Elanco Animal Health
10.4 Phibro Animal Health
10.5 Boehringer Ingelheim International GmbH
10.6 SeQuent Scientific Ltd
10.7 Cargill Inc
10.8 MSD Animal Health
10.9 Sanofi-Aventis
10.10 Bayer Healthcare
10.11 Novartis International AG
List of Tables
1 Global Veterinary Healthcare Market Outlook, By Region (2022-2030) ($MN)
2 Global Veterinary Healthcare Market Outlook, By Product (2022-2030) ($MN)
3 Global Veterinary Healthcare Market Outlook, By Therapeutics/Drugs (2022-2030) ($MN)
4 Global Veterinary Healthcare Market Outlook, By Diagnostic Tool (2022-2030) ($MN)
5 Global Veterinary Healthcare Market Outlook, By Other Products (2022-2030) ($MN)
6 Global Veterinary Healthcare Market Outlook, By Disease (2022-2030) ($MN)
7 Global Veterinary Healthcare Market Outlook, By Gastrointestinal Diseases (2022-2030) ($MN)
8 Global Veterinary Healthcare Market Outlook, By Allergies (2022-2030) ($MN)
9 Global Veterinary Healthcare Market Outlook, By Arthritis (2022-2030) ($MN)
10 Global Veterinary Healthcare Market Outlook, By End User (2022-2030) ($MN)
11 Global Veterinary Healthcare Market Outlook, By Veterinary Pharmacies (2022-2030) ($MN)
12 Global Veterinary Healthcare Market Outlook, By Veterinary Hospitals (2022-2030) ($MN)
13 Global Veterinary Healthcare Market Outlook, By Other End Users (2022-2030) ($MN)
14 North America Veterinary Healthcare Market Outlook, By Country (2022-2030) ($MN)
15 North America Veterinary Healthcare Market Outlook, By Product (2022-2030) ($MN)
16 North America Veterinary Healthcare Market Outlook, By Therapeutics/Drugs (2022-2030) ($MN)
17 North America Veterinary Healthcare Market Outlook, By Diagnostic Tool (2022-2030) ($MN)
18 North America Veterinary Healthcare Market Outlook, By Other Products (2022-2030) ($MN)
19 North America Veterinary Healthcare Market Outlook, By Disease (2022-2030) ($MN)
20 North America Veterinary Healthcare Market Outlook, By Gastrointestinal Diseases (2022-2030) ($MN)
21 North America Veterinary Healthcare Market Outlook, By Allergies (2022-2030) ($MN)
22 North America Veterinary Healthcare Market Outlook, By Arthritis (2022-2030) ($MN)
23 North America Veterinary Healthcare Market Outlook, By End User (2022-2030) ($MN)
24 North America Veterinary Healthcare Market Outlook, By Veterinary Pharmacies (2022-2030) ($MN)
25 North America Veterinary Healthcare Market Outlook, By Veterinary Hospitals (2022-2030) ($MN)
26 North America Veterinary Healthcare Market Outlook, By Other End Users (2022-2030) ($MN)
27 Europe Veterinary Healthcare Market Outlook, By Country (2022-2030) ($MN)
28 Europe Veterinary Healthcare Market Outlook, By Product (2022-2030) ($MN)
29 Europe Veterinary Healthcare Market Outlook, By Therapeutics/Drugs (2022-2030) ($MN)
30 Europe Veterinary Healthcare Market Outlook, By Diagnostic Tool (2022-2030) ($MN)
31 Europe Veterinary Healthcare Market Outlook, By Other Products (2022-2030) ($MN)
32 Europe Veterinary Healthcare Market Outlook, By Disease (2022-2030) ($MN)
33 Europe Veterinary Healthcare Market Outlook, By Gastrointestinal Diseases (2022-2030) ($MN)
34 Europe Veterinary Healthcare Market Outlook, By Allergies (2022-2030) ($MN)
35 Europe Veterinary Healthcare Market Outlook, By Arthritis (2022-2030) ($MN)
36 Europe Veterinary Healthcare Market Outlook, By End User (2022-2030) ($MN)
37 Europe Veterinary Healthcare Market Outlook, By Veterinary Pharmacies (2022-2030) ($MN)
38 Europe Veterinary Healthcare Market Outlook, By Veterinary Hospitals (2022-2030) ($MN)
39 Europe Veterinary Healthcare Market Outlook, By Other End Users (2022-2030) ($MN)
40 Asia Pacific Veterinary Healthcare Market Outlook, By Country (2022-2030) ($MN)
41 Asia Pacific Veterinary Healthcare Market Outlook, By Product (2022-2030) ($MN)
42 Asia Pacific Veterinary Healthcare Market Outlook, By Therapeutics/Drugs (2022-2030) ($MN)
43 Asia Pacific Veterinary Healthcare Market Outlook, By Diagnostic Tool (2022-2030) ($MN)
44 Asia Pacific Veterinary Healthcare Market Outlook, By Other Products (2022-2030) ($MN)
45 Asia Pacific Veterinary Healthcare Market Outlook, By Disease (2022-2030) ($MN)
46 Asia Pacific Veterinary Healthcare Market Outlook, By Gastrointestinal Diseases (2022-2030) ($MN)
47 Asia Pacific Veterinary Healthcare Market Outlook, By Allergies (2022-2030) ($MN)
48 Asia Pacific Veterinary Healthcare Market Outlook, By Arthritis (2022-2030) ($MN)
49 Asia Pacific Veterinary Healthcare Market Outlook, By End User (2022-2030) ($MN)
50 Asia Pacific Veterinary Healthcare Market Outlook, By Veterinary Pharmacies (2022-2030) ($MN)
51 Asia Pacific Veterinary Healthcare Market Outlook, By Veterinary Hospitals (2022-2030) ($MN)
52 Asia Pacific Veterinary Healthcare Market Outlook, By Other End Users (2022-2030) ($MN)
53 South America Veterinary Healthcare Market Outlook, By Country (2022-2030) ($MN)
54 South America Veterinary Healthcare Market Outlook, By Product (2022-2030) ($MN)
55 South America Veterinary Healthcare Market Outlook, By Therapeutics/Drugs (2022-2030) ($MN)
56 South America Veterinary Healthcare Market Outlook, By Diagnostic Tool (2022-2030) ($MN)
57 South America Veterinary Healthcare Market Outlook, By Other Products (2022-2030) ($MN)
58 South America Veterinary Healthcare Market Outlook, By Disease (2022-2030) ($MN)
59 South America Veterinary Healthcare Market Outlook, By Gastrointestinal Diseases (2022-2030) ($MN)
60 South America Veterinary Healthcare Market Outlook, By Allergies (2022-2030) ($MN)
61 South America Veterinary Healthcare Market Outlook, By Arthritis (2022-2030) ($MN)
62 South America Veterinary Healthcare Market Outlook, By End User (2022-2030) ($MN)
63 South America Veterinary Healthcare Market Outlook, By Veterinary Pharmacies (2022-2030) ($MN)
64 South America Veterinary Healthcare Market Outlook, By Veterinary Hospitals (2022-2030) ($MN)
65 South America Veterinary Healthcare Market Outlook, By Other End Users (2022-2030) ($MN)
66 Middle East & Africa Veterinary Healthcare Market Outlook, By Country (2022-2030) ($MN)
67 Middle East & Africa Veterinary Healthcare Market Outlook, By Product (2022-2030) ($MN)
68 Middle East & Africa Veterinary Healthcare Market Outlook, By Therapeutics/Drugs (2022-2030) ($MN)
69 Middle East & Africa Veterinary Healthcare Market Outlook, By Diagnostic Tool (2022-2030) ($MN)
70 Middle East & Africa Veterinary Healthcare Market Outlook, By Other Products (2022-2030) ($MN)
71 Middle East & Africa Veterinary Healthcare Market Outlook, By Disease (2022-2030) ($MN)
72 Middle East & Africa Veterinary Healthcare Market Outlook, By Gastrointestinal Diseases (2022-2030) ($MN)
73 Middle East & Africa Veterinary Healthcare Market Outlook, By Allergies (2022-2030) ($MN)
74 Middle East & Africa Veterinary Healthcare Market Outlook, By Arthritis (2022-2030) ($MN)
75 Middle East & Africa Veterinary Healthcare Market Outlook, By End User (2022-2030) ($MN)
76 Middle East & Africa Veterinary Healthcare Market Outlook, By Veterinary Pharmacies (2022-2030) ($MN)
77 Middle East & Africa Veterinary Healthcare Market Outlook, By Veterinary Hospitals (2022-2030) ($MN)
78 Middle East & Africa Veterinary Healthcare Market Outlook, By Other End Users (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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