The size of the veterinary healthcare market in North America is estimated to be worth USD 14.16 billion by 2028 and USD 10.34 billion in 2023, 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. Due to the increased awareness, frequent veterinarian treatments are sometimes sought to protect against epidemics. Veterinary treatments are used to diagnose a wide range of domestic and wild animals. North America is one of the world's most significant regions for veterinary healthcare, both for companion animals (dogs, cats, and horses) and 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 expansion of the veterinary healthcare market in North America.
Technological advancements in the field of veterinary drugs and healthcare and favorable government measures to encourage animal healthcare practices are majorly propelling the veterinary healthcare market in this region. Growing investments in R&D to produce enhanced product offerings and acceptance of innovative technologies by major players will revolutionize the market in this region during the forecast period. In addition, providing financial aid to animal shelters and financing for many veterinary research facilities that contain advanced zoonotic and food-borne diseases is anticipated to favor the veterinary healthcare market in North America.
However, the high costs associated with diagnostic imaging equipment, veterinary drugs, and veterinary services are expected to hamper the growth rate of the veterinary healthcare market in this region. In addition, limits on animal parasiticides in food-producing animals increased storage costs for animal vaccinations, and a trend toward vegetarian diets is estimated to restrict the market's growth rate from unleashing its full potential. Furthermore, 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 drugs. In addition, new diseases in animals and their eventual transmission to people via animal food products and companionship might be a significant obstacle. Finally, increased rivalry for land and a lack of arable land and water further limit market expansion.
This research report on the North American veterinary healthcare market has been segmented and sub-segmented into the following categories:
North America Veterinary Healthcare Market - By Animal Type:
North America Veterinary Healthcare Market - By Product:
North America Veterinary Healthcare Market - By Country:
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 regions for veterinary healthcare. 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. In addition, 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, food safety, and the rising prevalence of diseases contribute to the market's growth. The healthcare systems in the United States (U.S.) and Canada are well-developed and organized. In addition, these platforms promote research and development. As a result, these countries have many global market players. Therefore, the market is projected to grow as strong, and rising demand is matched by the presence of global companies in the area.
The U.S. veterinary healthcare market had a significant share of the North American market in 2022 and is forecasted to grow at a CAGR of 5.6% during the forecast period. Growing pet ownership and the growth of the pet insurance industry are firmly the U.S. market to witness new growth heights soon.
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 market growth in Canada.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North American 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.
The United States and Canada are the primary contributors, with the U.S. holding the largest market share.
Factors such as increasing pet ownership, rising awareness of pet health, and advancements in veterinary technology are driving market growth.
Telemedicine for pets, personalized pet nutrition, and a shift towards preventive veterinary care are some of the noteworthy trends.
Compliance with changing regulations, especially regarding veterinary drugs and biologics, poses a challenge for market players.
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