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In-Depth Analysis of the Veterinary Eye Care Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Veterinary Eye Care Market Size
The market size for veterinary eye care has witnessed robust growth in the past years. The forecast predicts an increase from $68.25 billion in 2024 to $71.97 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. The observed growth during the historical period can be ascribed to improvements in veterinary medicine, trends in pet ownership, preventive healthcare measures, technological innovations, and heightened levels of education and awareness.
Strong expansion is anticipated for the veterinary eye care market in the upcoming years, with expectations to surge to $87.63 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.0%. Contributing factors to this growth forecast include population demographics, regulatory frameworks, consumer tastes and expenditure, healthcare availability and coverage, as well as the rise of novel diseases and conditions. The period of forecast will also see significant trends such as the advent of sophisticated imaging methods, minimally invasive surgery practices, and gene therapy developments.
What Is Driving the Growth Trajectory of the Veterinary Eye Care Market?
The growth of the veterinary eye care market is anticipated to be driven by an expanding pet population. The term pet population refers to the collective number of domestic animals that humans keep for companionship, psychological support, leisure activities, or other non-practical reasons. Societal trends promoting pet ownership, advancements in veterinary science, and heightened pet healthcare consciousness contribute to the escalation of the pet population. Veterinary eye care plays a vital role in identifying and managing eye-related disorders in pets, which in turn upholds their overall visual health and quality of living. For example, a survey carried out by the American Pet Products Association (APPA), a non-profit organization in the US, revealed in December 2023 that 66% of U.S. households, an estimated 86.9 million, owned a pet. This statistic includes 46.5 million cats, 65.1 million dogs, and 2.2 million horses. Hence, the burgeoning pet population serves as a catalyst for the expansion of the veterinary eye care market.
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Which Leading Companies Are Shaping the Growth of the Veterinary Eye Care Market?
Major companies operating in the veterinary eye care market are Boehringer Ingelheim, Zoetis Inc., Merck Animal Health, Bausch & Lomb Incorporated, Virbac, Menicon Co. Ltd., Nutramax Laboratories Inc., Manna Pro Products LLC, Farnam Companies, Bayer Animal Health, Beaphar, Revival Animal Health, MiracleCorp Products, Zymox, Domes Pharma, Epicur Pharma, TVM UK Animal Health Ltd., I-MED Animal Health, an-vision GmbH, Optixcare, MENFORSAN, Nutri-Vet, Boss Pet Products Inc.
What Are the Major Trends Shaping the Veterinary Eye Care Market?
Key players in the veterinary eye care market are ramping up their innovations with products like ocular lubricants to improve the ocular health and comfort of animals, streamline treatment outcomes, and tackle a broad spectrum of eye ailments. These lubricants, specifically modified for animal use, serve a protective and hydrating role for the animal's eye surface. They aid in the necessary hydration of the cornea and conjunctiva, providing relief from dryness, irritation, and unease. A case in point was in April 2024 when Millpledge Veterinary, a British producer of veterinary goods, unveiled their new ocular lubricant, Oculeze, engineered to promote the ocular wellness of animals. Suitable for a variety of species such as dogs, cats, horses, and rabbits, this product is particularly helpful for managing conditions that necessitate added lubrication or moisture for maintaining eye health. The ocular lubricant comprises natural components like glycerin (0.8%), aloe vera, chamomile, and propolis extract which are recognized for their soothing and moisturizing attributes. It is completely free from phosphate, pH-balanced, and fits a multitude of conditions requiring added moisture or lubrication for preserving eye health.
What Are the Key Segments of the Veterinary Eye Care Market?
The veterinary eye care market covered in this report is segmented -
1) By Product Type: Ophthalmic Drugs, Ophthalmic Devices, Ophthalmic Surgery
2) By Animal Type: Companion Animal, Livestock Animals
3) By Indication: Eyelid Abnormalities, Cataract, Glaucoma, Retinal Complications, Uveitis, Conjunctivitis, Corneal Complications, Other indications
4) By End User: Veterinary Hospital, Veterinary Clinics, Other End Users
Subsegments:
1) By Ophthalmic Drugs: Anti-Inflammatory Drugs, Antibacterial Drugs, Antifungal Drugs, Lubricating Agents
2) By Ophthalmic Devices: Intraocular Lenses, Tonometers, Ophthalmoscopes, Retina Imaging Systems
3) By Ophthalmic Surgery: Cataract Surgery, Glaucoma Surgery, Retinal Surgery, Corneal Transplantation
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Which Region Dominates the Veterinary Eye Care Market?
North America was the largest region in the veterinary eye care market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary eye care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Veterinary Eye Care Global Market Report?
- Market Size Analysis: Analyze the Veterinary Eye Care Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Veterinary Eye Care Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Veterinary Eye Care Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Veterinary Eye Care Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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