According to the latest report by IMARC Group, titled "Veterinary Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global veterinary healthcare market reached a value of US$ 36.57 Billion in 2021. Veterinary healthcare refers to the medical specialty primarily involved in the treatment of domestic and wild animals. Additionally, it is engaged in the prevention of illnesses affecting the health of animals and controlling the transmission of zoonotic diseases to humans. Along with this, it offers other services, such as animal procurement and transportation, surgery and perioperative care, laboratory testing, and animal biosecurity and surveillance. It is widely practiced across military services, academic programs, and private and government industries that are supported by veterinary technicians and nurses. The demand for veterinary healthcare is rising across the globe due to the growing production of livestock animals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Veterinary Healthcare Market Trends:
The global market is primarily driven by the increasing pet humanization trend among the masses. The rising concerns regarding animal health among pet owners, along with the inflating disposable income levels of individuals, are creating a positive market outlook. In line with this, the growing prevalence of chronic diseases among animals is providing a boost to the demand for veterinary healthcare facilities across the globe. Moreover, the increasing investments by private and public agencies to upgrade the existing animal healthcare infrastructure is acting as a major growth-inducing factor. Additionally, extensive research and development (R&D) activities conducted by key players for introducing improved and safe animal vaccines and treatment methods are significantly supporting the growth of veterinary healthcare. Other factors, including the easy accessibility to sophisticated veterinary services and diagnostics treatments, the deployment of advanced technologies that assist in diagnosing animal health and the rising strategic collaboration between major players in an attempt to expand their market position, are also favorably influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 59.37 Billion by 2027, registering a CAGR of 8.10% during 2022-2027.
- On the basis of the product, the market has been segregated into therapeutics (vaccines, parasiticides, anti-infectives, medical feed additives and others) and diagnostics (immunodiagnostic tests, molecular diagnostics, diagnostic imaging, clinical chemistry and others).
- Based on the animal type, the market has been segmented into dogs and cats, horses, ruminants, swine, poultry and others.
- On the basis of the end-user, the market has been categorized into veterinary hospitals, veterinary clinics, veterinary laboratory testing services and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Animalcare Group plc, Boehringer Ingelheim International GmbH (C. H. Boehringer Sohn AG & Co. KG), Ceva Animal Health LLC, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, Heska Corporation, IDEXX Laboratories Inc., INDICAL Bioscience GmbH (Vimian Group), Merck & Co. Inc., Norbrook Laboratories Ltd, Vetoquinol India Animal Health Pvt Ltd (Vétoquinol S.A.), Virbac and Zoetis Inc. (Pfizer Inc.).
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