Global veterinary care market was worth USD 74.7 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 5.4%) between 2021 and 2028. The demand for better veterinary services is increasing due to the rising incidence of chronic diseases in animals and pets. There are many awareness programs being held around the globe to promote better veterinary care. This is driving the demand. The Canadian Veterinary Medical Association hosts an annual public awareness campaign called Animal Health Week every October. Market growth has been boosted by initiatives such as the One Health Initiative to improve animal healthcare.
This collaboration brings together clinical care, disease surveillance and control, education, research, and education to improve the management of epidemics. The market is likely to grow due to the increasing number of government initiatives that promote better veterinary care.
In September 2019, Agriculture and Horticulture Development Board created Ruminant Health and Welfare Group. This group was established to provide a coordinated approach to dealing with cattle and sheep health problems. The 2020 Healthy Pets Healthy Families Initiative was also launched by the Veterinary Public Health Program of the Los Angeles County Department of Public Health to monitor trends and improve animal and human health .
The industry has been severely affected by COVID-19. Many packing and processing facilities around the world had to temporarily close. Some plants also faced delivery problems, which meant that restaurants and food service workers had to close their doors. Additionally, many veterinary laboratories were unable to receive enough animal samples during the COVID-19 pandemic. This negatively impacted market growth. Veterinary visits also declined in the first quarter of 2020.
According to AmerisourceBergen Corporation, the number of veterinary dental services in the United States decreased by 31% in quarter one 2020 compared to last year. The number of vaccinations has decreased by 19% in the last year. The market recovered in a V-shaped fashion in the second quarter of 2020. Clinics began to rebound as dental services increased 10% in the second quarter of 2020 compared with last year. The highest percentage of positive growth in senior wellness bloodwork was 24% compared to the previous year. These factors will likely increase market revenue in the future.
In 2020, the companion animals segment accounted for 60.00% of global market revenue. This is due to market players' increasing initiatives, a growing pet population, as well as rising pet spending. Organizations such as European Scientific Counsel Companion Animal Parasites (Companion Animal Parasite Council) are urging organizations to take the appropriate steps to meet increasing demand for effective monitoring and to raise awareness about the pathogenesis and epidemiology of diseases in companion animals.
The COVID-19 pandemic encourages pet owners, health care providers, and payers to use telehealth for veterinary care. Chewy Inc., an online pet pharmacy, introduced telehealth to dogs and cats in October 2020. Dogs accounted for the largest percentage of companion animals in 2020. Canine healthcare is expected to offer significant growth opportunities for pet owners.
With a revenue share of more than 58%, the primary care segment commanded the highest revenue share among companion animals. Primary care includes, among other things, physical examinations and vaccinations. The American Veterinary Medical Association (AVMA) estimates that nearly 80% of dogs will develop periodontal disease before the age of three. Therefore, demand for dental services is expected to rise.
A rise in dog numbers and the death rate from rabies is expected to lead to an increase in vaccination programs. This will drive segment growth. Dogs are the main reservoir of virus. They are responsible for almost 99% of all rabies-related deaths in humans. A significant share of diagnostic services was also captured by the growing demand for portable devices and rapid tests for Point-of-Care services (POC). These factors will drive market growth during the forecast period.
In 2020, a large portion of the country's veterinary care services were provided to production animals. Many countries are working to achieve total food security. This is a way for policymakers to ensure that large-scale food production does not become a problem and allows for better livestock rearing. The Food and Agriculture Organization estimates that animal-based foods account for one third of the world's protein needs in emerging countries. This is leading to an increase of livestock productivity. These factors account for the large share of the global market held by the production animal sector.
North America was the dominant market, with a 42% revenue share in 2020. One of the main reasons for the market's largest share is the rising incidence of canine diseases. According to the 2018 State of Pet Health Report by Banfield Pet Hospital, there has been an increase in allergic reactions in cats and dogs over the past ten years.
The demand for veterinary treatment for livestock animals is increasing due to rising consumption of animal proteins in diets. In 2019, the US average per capita beef and veal meat consumption was 26.3kg, while pork meat consumption was 24kg. Market growth is being driven by increased awareness about food safety and increased consumption of poultry-related products.
Asia Pacific will show the fastest expected CAGR during the forecast period. The market will experience significant growth because most countries are dependent on agriculture and exports. The market is also growing due to the increasing prevalence of zoonotic disease and increased awareness about livestock diseases.
The key driver of the pet care industry is improved pet adoption. The perception of pet owners in the region is changing due to the increasing adoption of Western lifestyles and pet humanization. Market growth is likely to be influenced by this shift in behavior regarding pet adoption.
With the presence of large- and small-scale companies, the market is fragmented. To achieve their growth goals and increase market share, these players use a variety of strategic initiatives. Key companies have a variety of initiatives, including new product launches, partnerships and collaborations, expanding local and regional footprints, mergers and acquisitions, and expansion of local and national footprints. In April 2020, VetPartners Pty. Ltd. purchased National Veterinary Care Ltd. at USD 251.5 million. They would work together to improve veterinary services in Australia and New Zealand. PetIQ and whiskerDocs, an expert in veterinary telehealth, launched their telehealth platform in May 2020. Pet owners can now make more informed clinical and health decisions for their pets. The following are some of the most prominent players in the global market for veterinary care:
Merck Animal Health
Ceva Sante Animale
Zoetis
Boehringer Ingelheim GmbH
Elanco
IDEXX Laboratories, Inc.
Heska Corp.
Virbac
Vetoquinol S.A.
Indian Immunologicals Ltd.
Up Market Research published a new report titled “Veterinary Care Market research report which is segmented by Animal Type (Production, Companion), by Type Of Care (Critical, Primary), By Players/Companies Virbac, Vetoquinol SA, Indian Immunologicals Ltd , Heska Corp, Merck Animal Health, IDEXX Laboratories Inc, Ceva Sant© Animale, Zoetis, Elanco, Boehringer Ingelheim GmbH”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Veterinary Care Market Research Report |
By Animal Type | Production, Companion |
By Type Of Care | Critical, Primary |
By Companies | Virbac, Vetoquinol SA, Indian Immunologicals Ltd , Heska Corp, Merck Animal Health, IDEXX Laboratories Inc, Ceva Sant© Animale, Zoetis, Elanco, Boehringer Ingelheim GmbH |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 217 |
Number of Tables & Figures | 152 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Animal Type (Production, Companion), by Type Of Care (Critical, Primary).
Veterinary Care Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Veterinary Care Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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