Veterinary Care Market | Industry Analysis Report, 2027
The global Veterinary Care market gathered revenue around USD 74.19 Billion in 2020 and market is set to grow USD 115.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 6.9% during the prediction period 2021 to 2027.
Growth Factors:
Increasing cases of chronic diseases in pets and livestock animals are fueling the demand for better veterinary care. Many awareness programs are being conducted around the world regarding better veterinary care, thus propelling the demand. For example, each year, during the first week of October, Canadian Veterinary Medical Association organizes Animal Health Week, a national public awareness campaign. The introduction of initiatives, such as the One Health Initiative for the improvement of healthcare standards for animals, has widened growth prospects for the market.
increasing number of government initiatives to safeguard food security is likely to boost the adoption of better veterinary care worldwide. A significant increase in pet adoption and humanization worldwide is mostly responsible for the high need for veterinary care, which is boosting the market growth.
Moreover, the COVID-19 pandemic resulted in increased adoption of pets. In June 2020, at the Society for the Prevention of Cruelty to Animals Los Angeles, pet adoptions were double their normal rate, with almost 10 or 13 adoptions a day. Furthermore, a waiting list had formed for certain types of canines and puppies, as so few were left. Increasing awareness among pet owners for primary check-ups of their pets is further boosting the market.
The demand for animal protein is growing across the globe owing to higher per capita income. According to the article OECD-FAO Agricultural Outlook 2020-2029, growth in consumption of meat in the next decade is expected to increase by 12.2% by 2029. As the demand for meat continues to increase, the demand for veterinary care is anticipated to grow rapidly. Key companies in the market are collaborating with animal welfare organizations to encourage awareness and advance veterinary healthcare, which is further bolstering the market growth.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Veterinary Care market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Veterinary Care market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 115.9 Billion by 2027 |
| Growth Rate | CAGR of 6.9% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Animal type, type of care and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Merck Animal Health; Ceva Santé Animale; Zoetis; Boehringer Ingelheim GmbH; Elanco; IDEXX Laboratories, Inc.; Heska Corporation; Virbac; Vetoquinol S.A.; Indian Immunologicals Ltd. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Veterinary Care market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Regional analysis:
North America dominated the market with a revenue share of over 42.3% in 2020. The rising incidence of canine disorders is one of the key factors responsible for the largest market share of the region. According to Banfield Pet Hospital’s 2018 State of Pet Health Report, over the past 10 years, there has been a significant increase in flea allergy cases and a 30.8% & 11.6% increase in environmental allergy cases in dogs and cats, respectively.
Rising consumption of proteins from animal sources in diets is driving the demand for veterinary care for livestock animals. Per capita consumption of beef and veal meat in the U.S. was 26.3 kg while that of pork meat was 24 kg in 2019. The utilization of contaminated meat is a risk for human health, thus consumer awareness regarding food safety coupled with an increase in the consumption of poultry-related food products is boosting the market growth.
Asia Pacific is expected to show the fastest CAGR over the forecast period. Since most of the nations are dependent on agricultural production and exports, there is high availability of poultry animals, thus the market is expected to witness significant growth. Furthermore, the increased prevalence of zoonotic diseases coupled with growing awareness about livestock diseases is fueling the market growth in the region.
Improved pet adoption is one of the key factors driving the pet care industry. Growing pet humanization and increasing adoption of the Western lifestyle are changing the perception of pet owners in the region. This altering behavior pertaining to pet adoption is expected to contribute to market growth.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Veterinary Care Market include: Merck Animal Health; Ceva Santé Animale; Zoetis; Boehringer Ingelheim GmbH; Elanco; IDEXX Laboratories, Inc.; Heska Corporation; Virbac; Vetoquinol S.A.; Indian Immunologicals Ltd.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Veterinary Care market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Veterinary Care market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Veterinary Care markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Veterinary Care Market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers