Press release
Global Veterinary Healthcare Market To Be Driven By Rapid Adoption Of Digital Technology In Veterinary Healthcare In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 30.2 Billion
• Forecast CAGR (2023-2028): 8.4%
• Forecast Market Size (2027): USD 49 Billion
Growing pet ownership, particularly among millennials and Gen-Z, is helping to boost the veterinary healthcare business. Pet parents are increasingly focusing on improving their pets' quality of life, which has resulted in a major increase in the demand for pet immunizations. The growing trend of pet therapy and pet humanisation is fueling demand for optimal animal health. The market for veterinary healthcare is set to rise as pet therapy as an alternative treatment becomes more popular among the youthful population.
The increasing frequency of many chronic conditions in pets is driving up demand for high-quality veterinarian treatment. The use of ultrasonography and X-ray technology for diagnosis in dogs is increasing in response to the growing demand for clinical assessment by pet parents.
Because cancer is one of the most frequent diseases in cats and dogs, there is a growing demand for efficient therapeutic treatments. Furthermore, the increasing availability of technology such as computed axial tomography and magnetic resonance imaging for dogs is improving the quality of veterinary care and thereby contributing considerably to market growth.
Industry Definition and Major Segments
The control, diagnosis, and prevention of diseases, treatments, and injuries in animals is referred to as veterinary healthcare. It is critical to maintain animal health at its best. Toxicology, microbiology, pathology, radiography, and surgery are only a few of the scientific topics covered by veterinary medicine. It also helps to avoid the spread of zoonotic illnesses to humans.
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On the basis of major products of veterinary healthcare, market is segmented into are:
• Therapeutics
• Diagnostics
Therapeutics segment can further be classified into:
• Vaccines
• Parasiticides
• Anti-infectives
• Medical-feed additives
• Others
Diagnostics segment can further be classified into:
• Immunodiagnostic Tests
• Molecular Diagnostics,
• Diagnostic Imaging
• Clinical Chemistry
On the basis of its animal types,the market can be broadly segmented into:
• Dogs and Cats
• Horses
• Ruminants
• Swine
• Poultry
• Others
On the Basis of region, the market can be divided into:
• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
The veterinary healthcare sector is growing due to the increasing use of digital technologies to monitor animal well-being and health. Furthermore, the growing trend of preventative healthcare to cut health-care expenses is driving up demand for animal wearable sensors. Wearable devices are increasingly favoured by veterinarians to improve healthcare quality since they may provide vital animal health statistics such as heart rate, pH levels, and respiration rate, among others. Furthermore, advancements in veterinary practice management are enhancing the accessibility and cost-effectiveness of veterinary care, which is expected to boost market growth.
Artificial intelligence (AI) in veterinary medicine offers real-time predictive analysis and detects disease causes, which is why it is becoming more widely utilised in diagnostics. Furthermore, artificial intelligence (AI) is predicted to be widely used in medical image processing to improve veterinary diagnosis accuracy and cost-effectiveness. Artificial intelligence (AI) is increasingly being integrated into various veterinary healthcare research and development (R&D) operations to better analyse data, which is fueling market expansion.
Key Market Players
The major players in the market are Elanco Animal Health, Ceva Sante Animale, Vetoquinol S.A., Zoetis Inc, Boehringer Ingelheim International GmbH, Biochek Group, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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