PUBLISHER: The Business Research Company | PRODUCT CODE: 1387666
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387666
“Veterinary Healthcare Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary healthcare? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The veterinary healthcare market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Veterinary healthcare pertains to a range of healthcare services that encompass the diagnosis, treatment, and prevention of diseases in animals. It also includes the responsibilities of individuals dedicated to providing medical care to sick or injured animals, as well as implementing measures to reduce the transmission of infectious diseases among pets.
The primary categories within veterinary healthcare encompass veterinary services, veterinary medical equipment, and animal medicine. These services and products cater to a variety of animals, including dogs and cats, horses, ruminants, swine, poultry, and various other animals. Veterinary services involve the provision of healthcare services for animals, while the products encompass instruments, equipment, and disposables used in the veterinary field.
The veterinary healthcare research report is one of a series of new reports from The Business Research Company that provides veterinary healthcare statistics, including veterinary healthcare industry global market size, regional shares, competitors with veterinary healthcare share, detailed veterinary healthcare segments, market trends and opportunities, and any further data you may need to thrive in the veterinary healthcare industry. This veterinary healthcare research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary healthcare market size has grown strongly in recent years. It will grow from $192.55 billion in 2023 to $206.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The historical growth in this context can be attributed to several factors, including the rise in pet ownership, concerns about zoonotic diseases, the expansion of the livestock industry, and increased attention to regulatory compliance.
The veterinary healthcare market size is expected to see strong growth in the next few years. It will grow to $270.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to several key factors, including the adoption of a one health approach, the utilization of telemedicine and remote consultations in veterinary care, the application of personalized medicine for pets, the expansion of emerging markets, and the use of genomic medicine. Notable trends in this projected period encompass a focus on preventive healthcare, the increasing prevalence of pet insurance, the use of nutraceuticals for pets, the development of animal rehabilitation and physical therapy services, and a growing emphasis on environmental sustainability in veterinary healthcare.
The veterinary healthcare market is poised for growth in the forecast period, driven by the expected increase in global meat production. According to the US Department of Agriculture, the USA saw record-high beef production in 2020, reaching 27.5 billion pounds. This growth trend is particularly evident in developing countries like China, India, and Brazil, where growing populations and rising incomes are boosting the demand for meat products. Meat and poultry production in emerging markets is projected to surge by 76% by 2027. Additionally, China's meat imports are forecasted to increase over 3,500% by 2050, reaching $150 billion, driven by the rising middle-class population's consumption of chicken, pork, and beef. This expanding meat production, bolstered by population growth, will drive the demand for feed additives in the livestock industry, thereby supporting the veterinary healthcare market.
The veterinary healthcare market is also set to grow due to the increased prevalence of zoonotic diseases. Zoonotic diseases are those that can be transmitted between animals and humans or vice versa. Veterinary healthcare plays a critical role in the prevention and management of such diseases by monitoring animal health and implementing measures to reduce their transmission to humans. For instance, in December 2022, the European Food Safety Authority (EFSA) reported 127,840 cases of zoonotic diseases in Europe in 2021, compared to 120,946 in 2020. Notably, salmonellosis, which affected 52,702 individuals in 2020, became the second-most commonly reported zoonotic disease, impacting 60,050 people in 2022. Therefore, the rising prevalence of zoonotic diseases is a key driver of the veterinary healthcare market's expansion.
The outbreak of COVID-19 significantly impacted the veterinary healthcare market in 2020 due to disruptions in supply chains from trade restrictions and reduced consumption during global lockdowns. While COVID-19 caused widespread economic disruptions, it is expected that the veterinary healthcare market will recover from this shock during the forecast period. This impact is considered a 'black swan' event and is not linked to ongoing or fundamental weaknesses in the market or the global economy.
Nanotechnology is gaining prominence in the animal medicine market as a substitute for veterinary antibiotics to address antibiotic resistance. Nanotechnology involves the manipulation of matter at an atomic and molecular scale. In the animal medicine industry, nanotechnology is applied to enhance diagnosis, treatment, animal growth promotion, and production. Nanoparticles are used as alternative antimicrobial agents to reduce antibiotic use, improve the detection of pathogenic bacteria, and serve as drug delivery agents for new drugs and vaccines. This approach aims to enhance their properties and performance while reducing drug resistance in animal organisms.
Leading companies in the veterinary healthcare market are concentrating on developing technology-driven solutions for health and well-being monitoring, aiming to gain a competitive advantage. These innovative systems offer several benefits, including early, accurate, and efficient illness detection compared to traditional visual observation methods. For instance, in February 2022, Merck Animal Health introduced the SenseHub Feedlot, based on electronic ear tag technology. This system includes a reusable ear tag, an installed antenna, and an infrared thermistor for data collection, storage, and sharing. It enables faster illness detection, more reliable disease diagnosis, and early health issue identification in cattle, surpassing traditional visual inspections.
Major companies operating in the veterinary healthcare market include Veterinary Healthcare, Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co Inc., IDEXX Laboratories Inc., Evonik Industries AG, Patterson Companies Inc., Ceva Animal Health LLC, Pets at Home Group PLC, National Veterinary Associates Inc., Phirbo Animal Health, MSD Animal Health UK Ltd., C.H. Boehringer Sohn AG & Co, Eli Lilly and Company, Vetoquinol India Animal Health Pvt Ltd., Virbac Group, Dechra Pharmaceuticals PLC, Heska Corp, Phillip Brothers Chemicals Inc., Neogen Corp, Kindred Biosciences Inc., Animalcare Group PLC, Biogenesis Bago Saude Animal Ltd., Nexvet Biopharma PLC, Norbrook Laboratories Ltd., Ouro Fino Saude Animal Participacoes SA, PetIQ Inc., Veterinary Centers of America. Clinical Veterinary Labs, Inc., Greencross Pty Ltd., Consumer Value Stores Group PLC, Independent Vetcare Ltd., AniCura AB, VetPartners UK Holdings Ltd., VetCor Professional Practices LLC .
North America was the largest region in the veterinary healthcare market in 2023. Asia-Pacific was the second-largest region in the veterinary healthcare market. The regions covered in the veterinary healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the veterinary healthcare market report are: Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The veterinary healthcare market includes revenues earned by entities by providing treatment for diseases that influence the health of domestic and wild animals and must be prevented, controlled, diagnosed, and treated, along with the human transmission of animal diseases. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.