Press release
Veterinary Eye Care Industry Outlook 2025-2029: Market Set to Cross $87.63 Billion Milestone
Veterinary Eye Care Market
How Large Will the Veterinary Eye Care Market Size By 2025?
With a notable expansion in recent years, the veterinary eye care market will enhance from $68.25 billion in 2024 to $71.97 billion in 2025. It is displaying a compound annual growth rate (CAGR) of 5.4%. The growth during the historic period can be linked to the advancements in veterinary medicine, the increasing trend of pet ownership, preventive healthcare measures, technological innovations, and increased levels of education and awareness.
How Big Is the Veterinary Eye Care Market Size Expected to Grow by 2029?
The market size of veterinary eye care is projected to experience a robust expansion in the coming years, soaring to $87.63 billion in 2029 with a compound annual growth rate (CAGR) of 5.0%. The accessibility to healthcare and insurance, emerging diseases and conditions, population trends, consumer preference and expenditure, regulatory environment are contributing to this growth in the forecast period. The period is also expected to witness the rise of breakthrough imaging techniques, minimally invasive surgical methods, and gene therapies.
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Which Key Market Drivers Powering Veterinary Eye Care Market Expansion and Growth?
The veterinary eye care market is predicted to expand, fuelled by a growing population of pets. The pet population encompasses all companion animals that humans keep for companionship, emotional support, recreation, or other non-utilitarian reasons. The escalating number of pets stems from societal trends towards pet ownership, progressions in veterinary medicine, and amplified recognition of the significance of pet healthcare. Veterinary eye care plays a pivotal role in diagnosing and treating eye issues in pets, thereby ensuring their overall eye health and quality of life. For example, in December 2023, the National Pet Owners survey conveyed by the American Pet Products Association (APPA), a non-profit association based in the US revealed that 66% of U.S households had a pet, translating to about 86.9 million pet-owning homes. This includes around 46.5 million cats, 65.1 million dogs, and 2.2 million horses. Consequently, the rising pet population is fuelling the expansion of the veterinary eye care market.
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Which Fast-Growing Trends Are Poised to Disrupt the Veterinary Eye Care Market?
Key companies in the veterinary eye care market are concentrating on creating inventive products, like ocular lubricants, to improve the ocular health and comfort of animals, enhance treatment results, and address an array of eye conditions. Specifically designed to moisturize and defend the animals' eye surface, ocular lubricants assist in maintaining the right hydration of the cornea and conjunctiva, offering relief from dryness, irritation, and discomfort. For instance, in April 2024, Millpledge Veterinary, a UK-based company specializing in veterinary products, introduced a new ocular lubricant called Oculeze, aimed at promoting eye health in different species such as dogs, cats, horses, and rabbits. This product is highly beneficial in managing conditions that require extra moisture or lubrication to support ocular health. It includes natural active components like glycerin (0.8%), aloe vera, chamomile, and propolis extract that are recognized for their soothing and hydrating qualities. Moreover, Oculeze is phosphate-free, maintains a neutral pH, and is applicable for a variety of conditions that need added moisture or lubrication for optimal eye health.
What Are the Emerging Segments in 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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Who Are the Global Leaders in 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.
Which are the Top Profitable Regional Markets for the Veterinary Eye Care Industry?
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.
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