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Veterinary Healthcare Market Report Detailed Analysis On the Basis Of The Application, Region, And Forecast To 20023
The global veterinary healthcare market size reached a value of nearly $154.4 billion in 2019, having grown at a compound annual growth rate (CAGR) of 10.1% since 2015, and is expected to grow at a CAGR of 11.0% to nearly $234.0 billion by 2023. Growth in the historic period resulted from emerging markets growth, increased pet ownership by gen x and gen y adults, increased pet spending, increased disease prevalence, rise in meat consumption, and stringent regulations on meat products.
The key drivers of the veterinary healthcare market include
Increasing Penetration Of Pet Insurance– The increasing penetration of pet insurance is expected to drive the animal veterinary healthcare market. Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity. Increasing penetration of pet insurance will increase the number of visits at veterinary clinics, driving the market for veterinary healthcare.
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Veterinary Healthcare Market Segmentation
The veterinary healthcare market is segmented by type, and by geography
By Type- The veterinary healthcare market can be segmented by type into
1) Veterinary Services
2) Animal Medicine
3) Veterinary Medical Equipment
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By Geography - The veterinary healthcare market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the veterinary healthcare market are
1. Zoetis Inc
2. Boehringer Ingelheim Gmbh
3. Merck & Co. Inc.
4. Koninklijke DSM N.V
5. Mars Inc
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