The size of the Veterinary Healthcare Market in North America is estimated to worth USD 13.31 billion by 2027 and USD 9.71 billion in 2022, growing at a CAGR of 6.5% during the forecast period.
The adoption of dogs as family members has resulted in increased spending on their medical care. Because of increased awareness, frequent veterinarian treatments are sometimes sought for the express intention of protecting epidemics. Veterinary treatments are used to diagnose a wide range of animals, both domestic and wild. North America is one of the world's largest locations for veterinary animal care, both for companion animals (dogs, cats, and horses) and for producing animals (such as cattle, pigs, sheep, poultry, and other livestock). New forms of animal diseases and their consequent transmission to people through animal companionship and animal food product consumption are boosting the industry’s expansion.
The market is being driven by technological advancements in the field of animal drugs and healthcare, as well as favorable government measures to encourage animal healthcare practices. The further market is possible by investing in research and development efforts to produce enhanced product offerings and acceptance of innovative technologies by major players to revolutionize the North American veterinary healthcare industry. Providing financial aid to animal shelters and financing for many veterinary research facilities dedicated to containing advanced zoonotic and food-borne diseases would help the industry grow significantly.
Over the forecast period, the high cost of diagnostic imaging equipment and veterinary medications and the high cost of veterinary services are expected to restrict the market's growth. Further impediments to market expansion include limits on the use of parasiticides in food-producing animals, increased storage costs for animal vaccinations, and a trend toward vegetarian diets.
During the COVID-19 outbreak, there was a modest short-term detrimental impact on veterinary healthcare, owing to fewer veterinary visits and a lack of veterinary medicines. In addition, new kinds of diseases in animals and their eventual transmission to people via animal food products and companionship might be a big major obstacle. Increased rivalry for land and a lack of arable land and water are further factors limiting market expansion.
This research report on the North American Veterinary Healthcare Market has been segmented and sub-segmented into the following categories:
By Animal Type:
Regionally, North America is currently dominating the global veterinary healthcare market owing to the increasing number of pet owners. North America is one of the world's most developed areas. It now controls most of the veterinary healthcare industry, and this trend is expected to continue during the forecast period. The growing number of partnerships, mergers, and acquisitions between firms is expected to contribute to the market's growth. As the number of pet owners grows, so does the need for routine veterinarian services, which drives the veterinary healthcare industry in the United States. Increased demand and consumption of meat and dairy products have come from a stable economy and growing population, particularly in North American countries. Furthermore, rising consumer awareness of animal diseases and food safety and the rising prevalence of diseases are all contributing to the market's growth. The healthcare systems in the United States (US) and Canada are well-developed and organized. In addition, these platforms promote research and development. As a result, these countries have a large number of global market players. The market is projected to grow further as strong, and rising demand is matched by the presence of global companies in the area.
The United States veterinary healthcare market is currently dominating this regional market and is forecasted to be growing at a CAGR of 5.6% between 2020 to 2025. Growing pet ownership and the growth of the pet insurance industry are strongly the U.S. market to witness new growth heights in the near future.
The Canadian veterinary healthcare market is projected to showcase a robust CAGR during the forecast period. Rising animal health expenditure, increasing awareness of animal health, and the growing incidence of animal diseases in this country are majorly propelling the market growth.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North America veterinary healthcare market profiled in this report are Merck & Co., Inc., Bayer AG, Boehringer Ingelheim GmbH, Cargill, Inc., Ceva Santé Animale, Novasep, Eli Lilly and Company, Koninklijke DSM N.V, Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., and Zoetis Inc.
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