IMARC Group latest report titled “Veterinary Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on veterinary healthcare market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global veterinary healthcare market size reached US$ 40.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 64.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.75% during 2023-2028.
Veterinary Healthcare Market Overview:
Veterinary medicine is a specialized branch focused on the health and well-being of animals. Veterinarians diagnose, treat, and prevent illnesses, injuries, and diseases in a wide range of species, from pets to livestock and wildlife. Their role encompasses preventive care, surgery, medical treatments, and nutritional guidance.
Veterinary medicine also contributes to public health by monitoring and controlling diseases that can spread between animals and humans. The field continually evolves with advancements in technology, genetics, and pharmaceuticals, enhancing animal welfare and strengthening the bond between humans and their animal companions while supporting animal health, which is crucial to the food supply chain.
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Veterinary Healthcare Market Trends:
The global market is majorly driven by the increasing number of pet owners. In line with this, the rising technological innovations in diagnostics, imaging, and treatment options enhance the quality of veterinary care, attracting more pet owners. Furthermore, the growing awareness of the emotional connection between humans and animals fuels the demand for comprehensive and compassionate veterinary care. Apart from this, the expansion of specialized fields, such as veterinary dentistry, oncology, and orthopedics, drives growth in advanced treatments.
Moreover, the escalating need for healthy livestock for food production increases the demand for veterinary disease prevention and management expertise. Besides, the potential transmission of diseases from animals to humans emphasizes the importance of animal health, driving demand for veterinary services. Stringent animal health and welfare regulations necessitate veterinary involvement, particularly in food safety and animal production industries. Additionally, the popularity of pet insurance encourages pet owners to seek regular veterinary care, contributing to market growth.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Animalcare Group plc
- Boehringer Ingelheim International GmbH
- Ceva Animal Health LLC
- Dechra Pharmaceuticals PLC
- Elanco Animal Health Incorporated
- Heska Corporation
- IDEXX Laboratories Inc.
- INDICAL Bioscience GmbH (Vimian Group)
- Merck & Co. Inc.
- Norbrook Laboratories Ltd
- Vetoquinol India Animal Health Pvt Ltd (Vétoquinol S.A.)
- Virbac
- Zoetis Inc. (Pfizer Inc.)
Veterinary Healthcare Market Segmentation:
Breakup by Product:
- Therapeutics
- Vaccines
- Parasiticides
- Anti-Infectives
- Medical Feed Additives
- Others
- Diagnostics
- Immunodiagnostic Tests
- Molecular Diagnostics
- Diagnostic Imaging
- Clinical Chemistry
- Others
Breakup by Animal Type:
- Dogs and Cats
- Horses
- Ruminants
- Swine
- Poultry
- Others
Breakup by End User:
- Veterinary Hospitals
- Veterinary Clinics
- Veterinary Laboratory Testing Services
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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