Veterinary Healthcare Market Size, Opportunities And Scope By 2033

The Business Research Company recently released a comprehensive report on the Global Veterinary Healthcare Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The veterinary healthcare market size has grown strongly in recent years. It will grow from $192.55 billion in 2023 to $206.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to the increase in pet ownership, zoonotic diseases, livestock industry growth, regulatory compliance.

The veterinary healthcare market size is expected to see strong growth in the next few years. It will grow to $270.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to one health approach, telemedicine and remote consultations, personalized medicine for pets, emerging markets growth, genomic medicine. Major trends in the forecast period include preventive healthcare, pet insurance, nutraceuticals for pets, animal rehabilitation and physical therapy, environmental sustainability.

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Market Drivers and Trends:

Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary healthcare market. According to the US Department of Agriculture, in 2020, the beef production in the USA reached 27.5 billion pounds, the highest production volume registered in the country. Rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing populations and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China's meat imports are expected to grow by over 3,500% to $150 billion as consumption of chicken, pork, and beef will surge due to the country's rising middle class. The rising production of meat products supported by the growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.

Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute for veterinary antibiotics to tackle antibiotic resistance. Nanotechnology is the study of controlling matter on an atomic and molecular scale. In the animal medicine industry is used to improve diagnosis, treatment, animal growth promotion, and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria. They are also used as drug delivery agents for new drugs and vaccine candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.

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Major Key Players of the Market:

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., VetCor Professional Practices LLC .

Veterinary Healthcare Market 2024 Key Insights:

• The veterinary healthcare market size is expected to see strong growth in the next few years. It will grow to $270.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Global Meat Production Boosts Veterinary Healthcare Market
• Nanotechnology's Growing Role In Veterinary Healthcare Market
• North America was the largest region in the veterinary healthcare market in 2023

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