Healthcare

Veterinary Healthcare Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Veterinary healthcare refers to a healthcare service that is associated with the diagnosis, treatment, and prevention of diseases in animals and the duties of an individual whose job it is to provide medical care for animals who are ill or injured, or to describe such care to reduce transmission of infectious disease from one pet to another.

Sizing and Forecast
The veterinary healthcare market size has grown strongly in recent years. It will grow from $192.55 billion in 2023 to $206.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to the increase in pet ownership, zoonotic diseases, livestock industry growth, regulatory compliance, .

The veterinary healthcare market size is expected to see strong growth in the next few years. It will grow to $270.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to one health approach, telemedicine and remote consultations, personalized medicine for pets, emerging markets growth, genomic medicine. Major trends in the forecast period include preventive healthcare, pet insurance, nutraceuticals for pets, animal rehabilitation and physical therapy, environmental sustainability.

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Segmentation & Regional Insights
The veterinary healthcare market covered in this report is segmented –

1) By Type: Veterinary Services, Veterinary Medical Equipment, Animal Medicine
2) By Animal Type: Dogs and Cats, Horses, Ruminants, Swine, Poultry, Other Animals
3) By Product: Instruments/Equipment, Disposables

Subsegments Covered: Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services, Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment, Veterinary Pharmaceuticals, Feed Additives

North America was the largest region in the veterinary healthcare market in 2023. Asia-Pacific was the second-largest region in the veterinary healthcare market. The regions covered in the veterinary healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Major Driver Impacting Market Growth
Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary healthcare market. According to the US Department of Agriculture, in 2020, the beef production in the USA reached 27.5 billion pounds, the highest production volume registered in the country. Rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing populations and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China’s meat imports are expected to grow by over 3,500% to $150 billion as consumption of chicken, pork, and beef will surge due to the country’s rising middle class. The rising production of meat products supported by the growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.

Key Industry Players
Major companies operating in the veterinary healthcare market include Veterinary Healthcare, Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co Inc., IDEXX Laboratories Inc., Evonik Industries AG, Patterson Companies Inc., Ceva Animal Health LLC, Pets at Home Group PLC, National Veterinary Associates Inc., Phirbo Animal Health, MSD Animal Health UK Ltd., C.H. Boehringer Sohn AG & Co, Eli Lilly and Company, Vetoquinol India Animal Health Pvt Ltd., Virbac Group, Dechra Pharmaceuticals plc, Heska Corp, Phillip Brothers Chemicals Inc., Neogen Corp, Kindred Biosciences Inc., Animalcare Group plc, Biogenesis Bago Saude Animal Ltd., Nexvet Biopharma plc, Norbrook Laboratories Ltd., Ouro Fino Saude Animal Participacoes SA, PetIQ Inc., Veterinary Centers of America. Clinical Veterinary Labs, Inc., Greencross Pty Ltd., Consumer Value Stores Group plc, Independent Vetcare Ltd., AniCura AB, VetPartners UK Holdings Ltd., VetCor Professional Practices LLC .

The veterinary healthcare market report table of contents includes:

1. Executive Summary

2. Veterinary Healthcare Market Characteristics

3. Veterinary Healthcare Product/Service Analysis -Product/Service Examples

4. Veterinary Healthcare Market Trends And Strategies

5. Veterinary Healthcare Market – Macro Economic Scenario

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68. Global Veterinary Healthcare Market Competitive Benchmarking

69. Global Veterinary Healthcare Market Competitive Dashboard

70. Key Mergers And Acquisitions In The Veterinary Healthcare Market

71. Veterinary Healthcare Market Future Outlook and Potential Analysis

72. Appendix