Press release
Veterinary Healthcare Market: Thriving Growth Fueled by Global Meat Production and Zoonotic Disease Management
Veterinary Healthcare Marke
The veterinary healthcare market has experienced robust expansion, escalating from $192.55 billion in 2023 to an estimated $206.49 billion in 2024, with a notable compound annual growth rate (CAGR) of 7.2%. Projections indicate sustained vigorous growth, with the market size anticipated to reach $270.68 billion by 2028, maintaining a robust CAGR of 7.0%.
Global Meat Production Drive Veterinary Healthcare Market:
The anticipated surge in global meat production stands as a key driver propelling the veterinary healthcare market. Notably, beef production in the USA reached a peak of 27.5 billion pounds in 2020, showcasing the highest production volume recorded. Emerging economies like China, India, and Brazil are witnessing a significant rise in meat production, stimulated by growing populations and increasing income levels. Projections indicate a 76% increase in meat and poultry production in emerging markets by 2027. China, in particular, is expected to witness a staggering 3,500% growth in meat imports to $150 billion by 2050. The escalating demand for meat products, coupled with population growth, is driving the veterinary healthcare market through increased demand for feed additives in the livestock industry.
Zoonotic Disease Surge Boosts Veterinary Healthcare Market:
The rise in the prevalence of zoonotic diseases is identified as a significant factor fueling the expansion of the veterinary healthcare market. Zoonotic diseases, capable of transmission between animals and humans, have witnessed a notable increase. Veterinary healthcare plays a pivotal role in preventing and managing these diseases by monitoring animal health and implementing measures to reduce transmission to humans. In 2021, Europe reported 127,840 cases of zoonotic diseases, marking an increase from 2020. Salmonellosis, a notable zoonotic disease, impacted 60,050 individuals in 2022, highlighting the growing concern. The surge in zoonotic diseases contributes to the overall growth of the veterinary healthcare market.
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Key Market Players:
Major companies driving 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., and VetCor Professional Practices LLC.
Nanotechnology's Role in Veterinary Healthcare:
Nanotechnology is emerging as a pivotal component in veterinary medicine, particularly in addressing antibiotic resistance. Nanotechnology involves manipulating matter on an atomic and molecular scale. In animal medicine, nanoparticles are employed as alternative antimicrobial agents, reducing reliance on antibiotics and enhancing the detection of pathogenic bacteria. Additionally, nanotechnology serves as a key player in drug delivery, improving the characteristics and performance of new drugs and vaccine candidates. This approach contributes to reducing drug resistance in animal organisms.
Technology-Enabled Solutions Transforming Veterinary Healthcare:
Companies in the veterinary healthcare market are strategically focusing on developing technology-enabled solutions for monitoring health and well-being, gaining a competitive edge. Merck Animal Health, for instance, introduced the SenseHub Feedlot, leveraging electronic ear tag technology. This innovative system enables early detection of illness, more accurate disease diagnosis, and efficient monitoring of health issues in cattle compared to traditional methods.
Regional Overview:
In 2023, North America emerged as the largest region in the veterinary healthcare market, with Asia-Pacific securing the second-largest market share. The report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation:
The veterinary healthcare market covered in this report is segmented -
1) By Type: Veterinary Services, Veterinary Medical Equipment, Animal Medicine
2) By Animal Type: Dogs and Cats, Horses, Ruminants, Swine, Poultry, Other Animals
3) By Product: Instruments/Equipment, Disposables
Subsegments Covered: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services, Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment, Veterinary Pharmaceuticals, Feed Additives
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Veterinary Healthcare Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Veterinary Healthcare Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on veterinary healthcare market size, veterinary healthcare market drivers and trends, veterinary healthcare market major players, competitors' revenues, veterinary healthcare market positioning, and veterinary healthcare market growth across geographies. The veterinary healthcare market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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