Veterinary Healthcare Market Size, Share and Forecast 2026
The global Veterinary Healthcare market size was worth $ XX billion in 2018 and is forecasted to reach $ XX billion by 2026, at a CAGR of XX% during the forecast period (2019-2026).
(EMAILWIRE.COM, September 12, 2019 ) Market Overview
• Veterinary Healthcare includes veterinary services, animal medicine and Veterinary Medical Equipment. Veterinary medicine can be defined as the science associated with diagnosis, treatment and prevention of diseases in animals. The increasing importance for the production of Livestock Animals is generating growth in the veterinary healthcare market.
Market Dynamics
• The global veterinary healthcare market is growing due to several factors such as, increasing incidence of zoonotic diseases, rising awareness towards animal health, technological advancements in animal healthcare diagnostics and increasing government initiatives from global veterinary medical association. For instance, in April 2019, CVM launched the Center for Veterinary Business and Entrepreneurship (CVBE), a new inter-disciplinary program intended to spur research, training and outreach in veterinary business to improve animal healthcare.
• The veterinary healthcare market is growing due to increasing initiatives from governments and animal welfare associations globally. For instance, in December 2018, Boehringer Ingelheim, a global pharmaceutical company launched the ‘LastMile’ initiative, an integrated, solutions-driven programme that seeks to address crucial animal health challenges by creating consistent availability of animal medical resources in hard-to-reach areas.
• Also, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to improve both animal and human health. In 2017, Tata Trusts, in partnership with People for Animals, initiated the development of multi-specialty veterinary hospitals and emergency clinics to serve the needs of all domestic and farm animals. Hence, growing awareness programs and support from various organizations for veterinary healthcare s boosting the growth of the veterinary healthcare market globally.
• Growth in the pet population, increasing penetration of pet insurance, pet humanization within the growing global urban population and increased awareness of animal welfare needs due to social media are helping the veterinary industry to maintain growth at 6.2% a year. Increased awareness of preventative care and availability of specialty services has created higher demand for both routine and more sophisticated procedures. Government and industry organizations have taken the lead on increasing awareness of the benefits of preventative care, highlighting the importance of keeping pets healthy with regular check-ups.
• Major trends in the treatment center segment include the use of big data in veterinary care to diagnose and assess potential diseases, and wearable’s to monitor pet health. Wearable’s capture body temperature, heart rate, respiration rate, pH levels and other health parameters and transmit the information to farmers, owners and veterinarians. For instance, in June 2018, Fuzzy Pet Health Connect, a new telemedicine service was launched that provide a subscription vet care service providing in-home vet visits to subscribers in the greater San Francisco Bay Area.
Market Segmentation
• By product, the global veterinary healthcare market is segmented into therapeutics and diagnostics tools. Among these, the therapeutics is growing at a highest CAGR during the forecast period (2019-2026). The therapeutics market is further segmented into vaccines, parasiticides, medicinal feed additives, nutritional feed additives, anti infectives, and others.
• Recent advances in technologies and the improved understanding of pathogenicity, immunology and epidemiology have opened new opportunities for preventing infectious diseases at an unprecedented level. Improved understanding of the immunogenic and protective antigens of pathogens as well as the ability to produce recombinant proteins cost-effectively and at high quality have opened the door to Subunit and virus-like particle (VLP)-based vaccines that are based on relevant antigens only, Live vaccines using targeted deletions and modifications and vector-based veterinary vaccines.
• New product launches and strategic partnerships are the key strategies adopted by healthcare companies to increase their share in the untapped global market. For instance, in June 2018, Brazil-based Ceva Santé Animale Ltda and Wageningen Bioveterinary Research (Netherlands) announced an alliance to develop veterinary vaccines for re-emerging animal diseases like influenza.
• By animal type, companion animal is expected to hold the significant market share during the forecast period due to rising pet ownership along with increased consumer awareness of health issues affecting pets in the developed countries. According to the American Pet Products Association, 68% of U.S. households have a pet. More than 60 million households have dogs, while 47 million have cats. Growing companion animal care expectations and demand also plays an important role in development and growth of companion animal healthcare market. The amount spent on pets in 2017 is estimated at $69.36 million, up from $66.75 million in 2016.
• About $30 million was spent on pet food in 2017. Vaccines for pets provide immunity against diseases, providing a protective barrier for humans from contacting diseases from their animals who are more likely to come into contact with wildlife. New product development acts as a key strategy for companies. Elanco has developed a diagnostic tool, called Canine OsteoArthritis Staging Tool(COAST), to improve diagnosis and monitoring of osteoarthritis in companion animals, especially in dogs.
Geographical Analysis
• North America holds the dominant market share for Veterinary Healthcare in 2018, and it is expected to maintain the growth over the forecast period. The United States holds the largest market share of about 70% of the North America companion animal health market due to increasing number of pet ownership, growing advancement in animal healthcare facilities, and rising animal healthcare expenditure. For instance, in 2016, Americans spent over $75.5 billion on their pets, according to the Bureau of Labor Statistics. With 84.6 million households owning pets, the average household spends $892 per year on pets, with about $313 of that spent on pet food and the remainder on veterinary services (such as routine visits, surgery, treatments, and vaccinations), medicine, supplies, pet purchase, and other services.
• Hence, with rising pet healthcare expenditure with increasing pet ownership, the North American veterinary healthcare market is growing rapidly. Owing to increasing pet population, major companies are launching new products for companion animals. For instance, in Aug 2017, Henry Schein Animal Health, North America launched its Companion Animal Vaccine Resource Center, a web-based hub that provides veterinarians with the latest data on infectious diseases in cats and dogs, and critical information about the role regular vaccinations of pets play in protecting animal and human health.
Competitive Trends
• The Veterinary Healthcare market is highly competitive with presence of large number of players. Some of the major players in the global veterinary healthcare market are: MSD animal health, Novartis International AG, Bayer Healthcare, Cargill Inc., Merck Ltd., Boehringer Ingelheim International GmbH, Ceva Animal Health Inc., Zoetis Animal Healthcare, Elanco Animal Health, and Phibro Animal Health.
• The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the Veterinary Healthcare market globally. For instance,
• In January 2019, Boehringer Ingelheim, a global animal health company, launched a swine vaccine Ingelvac® PRRS MLV, produced by its veterinary vaccine manufacturing plant in the China Medical City.
• In June 2018, Wageningen Bioveterinary Research (WBVR) and Ceva Santé Animale (Ceva) announced a new collaboration to develop veterinary vaccines for the control of (re)emerging infectious animal diseases, such as Rift Valley fever and Influenza.
View full sample report: https://www.datamintelligence.com/research-report/veterinary-healthcare-market
Download free sample: https://www.datamintelligence.com/download-sample/veterinary-healthcare-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
• Veterinary Healthcare includes veterinary services, animal medicine and Veterinary Medical Equipment. Veterinary medicine can be defined as the science associated with diagnosis, treatment and prevention of diseases in animals. The increasing importance for the production of Livestock Animals is generating growth in the veterinary healthcare market.
Market Dynamics
• The global veterinary healthcare market is growing due to several factors such as, increasing incidence of zoonotic diseases, rising awareness towards animal health, technological advancements in animal healthcare diagnostics and increasing government initiatives from global veterinary medical association. For instance, in April 2019, CVM launched the Center for Veterinary Business and Entrepreneurship (CVBE), a new inter-disciplinary program intended to spur research, training and outreach in veterinary business to improve animal healthcare.
• The veterinary healthcare market is growing due to increasing initiatives from governments and animal welfare associations globally. For instance, in December 2018, Boehringer Ingelheim, a global pharmaceutical company launched the ‘LastMile’ initiative, an integrated, solutions-driven programme that seeks to address crucial animal health challenges by creating consistent availability of animal medical resources in hard-to-reach areas.
• Also, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to improve both animal and human health. In 2017, Tata Trusts, in partnership with People for Animals, initiated the development of multi-specialty veterinary hospitals and emergency clinics to serve the needs of all domestic and farm animals. Hence, growing awareness programs and support from various organizations for veterinary healthcare s boosting the growth of the veterinary healthcare market globally.
• Growth in the pet population, increasing penetration of pet insurance, pet humanization within the growing global urban population and increased awareness of animal welfare needs due to social media are helping the veterinary industry to maintain growth at 6.2% a year. Increased awareness of preventative care and availability of specialty services has created higher demand for both routine and more sophisticated procedures. Government and industry organizations have taken the lead on increasing awareness of the benefits of preventative care, highlighting the importance of keeping pets healthy with regular check-ups.
• Major trends in the treatment center segment include the use of big data in veterinary care to diagnose and assess potential diseases, and wearable’s to monitor pet health. Wearable’s capture body temperature, heart rate, respiration rate, pH levels and other health parameters and transmit the information to farmers, owners and veterinarians. For instance, in June 2018, Fuzzy Pet Health Connect, a new telemedicine service was launched that provide a subscription vet care service providing in-home vet visits to subscribers in the greater San Francisco Bay Area.
Market Segmentation
• By product, the global veterinary healthcare market is segmented into therapeutics and diagnostics tools. Among these, the therapeutics is growing at a highest CAGR during the forecast period (2019-2026). The therapeutics market is further segmented into vaccines, parasiticides, medicinal feed additives, nutritional feed additives, anti infectives, and others.
• Recent advances in technologies and the improved understanding of pathogenicity, immunology and epidemiology have opened new opportunities for preventing infectious diseases at an unprecedented level. Improved understanding of the immunogenic and protective antigens of pathogens as well as the ability to produce recombinant proteins cost-effectively and at high quality have opened the door to Subunit and virus-like particle (VLP)-based vaccines that are based on relevant antigens only, Live vaccines using targeted deletions and modifications and vector-based veterinary vaccines.
• New product launches and strategic partnerships are the key strategies adopted by healthcare companies to increase their share in the untapped global market. For instance, in June 2018, Brazil-based Ceva Santé Animale Ltda and Wageningen Bioveterinary Research (Netherlands) announced an alliance to develop veterinary vaccines for re-emerging animal diseases like influenza.
• By animal type, companion animal is expected to hold the significant market share during the forecast period due to rising pet ownership along with increased consumer awareness of health issues affecting pets in the developed countries. According to the American Pet Products Association, 68% of U.S. households have a pet. More than 60 million households have dogs, while 47 million have cats. Growing companion animal care expectations and demand also plays an important role in development and growth of companion animal healthcare market. The amount spent on pets in 2017 is estimated at $69.36 million, up from $66.75 million in 2016.
• About $30 million was spent on pet food in 2017. Vaccines for pets provide immunity against diseases, providing a protective barrier for humans from contacting diseases from their animals who are more likely to come into contact with wildlife. New product development acts as a key strategy for companies. Elanco has developed a diagnostic tool, called Canine OsteoArthritis Staging Tool(COAST), to improve diagnosis and monitoring of osteoarthritis in companion animals, especially in dogs.
Geographical Analysis
• North America holds the dominant market share for Veterinary Healthcare in 2018, and it is expected to maintain the growth over the forecast period. The United States holds the largest market share of about 70% of the North America companion animal health market due to increasing number of pet ownership, growing advancement in animal healthcare facilities, and rising animal healthcare expenditure. For instance, in 2016, Americans spent over $75.5 billion on their pets, according to the Bureau of Labor Statistics. With 84.6 million households owning pets, the average household spends $892 per year on pets, with about $313 of that spent on pet food and the remainder on veterinary services (such as routine visits, surgery, treatments, and vaccinations), medicine, supplies, pet purchase, and other services.
• Hence, with rising pet healthcare expenditure with increasing pet ownership, the North American veterinary healthcare market is growing rapidly. Owing to increasing pet population, major companies are launching new products for companion animals. For instance, in Aug 2017, Henry Schein Animal Health, North America launched its Companion Animal Vaccine Resource Center, a web-based hub that provides veterinarians with the latest data on infectious diseases in cats and dogs, and critical information about the role regular vaccinations of pets play in protecting animal and human health.
Competitive Trends
• The Veterinary Healthcare market is highly competitive with presence of large number of players. Some of the major players in the global veterinary healthcare market are: MSD animal health, Novartis International AG, Bayer Healthcare, Cargill Inc., Merck Ltd., Boehringer Ingelheim International GmbH, Ceva Animal Health Inc., Zoetis Animal Healthcare, Elanco Animal Health, and Phibro Animal Health.
• The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the Veterinary Healthcare market globally. For instance,
• In January 2019, Boehringer Ingelheim, a global animal health company, launched a swine vaccine Ingelvac® PRRS MLV, produced by its veterinary vaccine manufacturing plant in the China Medical City.
• In June 2018, Wageningen Bioveterinary Research (WBVR) and Ceva Santé Animale (Ceva) announced a new collaboration to develop veterinary vaccines for the control of (re)emerging infectious animal diseases, such as Rift Valley fever and Influenza.
View full sample report: https://www.datamintelligence.com/research-report/veterinary-healthcare-market
Download free sample: https://www.datamintelligence.com/download-sample/veterinary-healthcare-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results