Global Veterinary Healthcare Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Animal Type (Livestock And Companion Animals), Product (Pharmaceuticals And Feed Additives) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Published: January, 2024
ID: 437
Pages: 175

Global Veterinary Healthcare Market Size (2024 to 2029)

The size of the global veterinary healthcare market is expected to be valued at USD 39.56 Billion in 2024 and USD 57.96 Billion by 2029, growing at a CAGR of 7.94% from 2024 to 2029.

Veterinary healthcare is a part of a science that deals with the diagnosis, treatment, and prevention of various diseases in animals to expand their lifespan. The veterinary healthcare market consists of sales of veterinary healthcare goods and services. It involves several services, including regular monitoring of animal health and deployment of medicated animal feeds, diagnostic products, drugs, and vaccines for limiting the spread of diseases among animals and people. These amenities are extensively provided by sole traders, pharmacies, veterinary hospitals, clinics, and laboratory testing services. The increase in the importance of the production of livestock animals is generating growth in the global veterinary healthcare market.

MARKET DRIVERS

The increase in the prevalence of zoonosis diseases across the globe is expected to boost the growth of the global veterinary healthcare market.

According to the World Health Organization, Zoonosis is a disease that is naturally transmissible from vertebrate animals to humans. For instance, the outbreak of COVID-19 is an example of the impact of zoonotic disease, in which viruses jump from animals to infect humans. Also, growing animal health disorders bolsters the market's growth rate. Many government organizations have been taking the initiatives to provide quality veterinary healthcare services. These organizations also monitor the launch of various vaccines to avoid infectious diseases like foot and mouth diseases among animals. In addition, rise in funds to develop new vaccines, increasing investments in veterinary hospitals to ensure quality services and growing concern towards animal healthcare are promoting the growth of the veterinary healthcare market. Pet lovers seek the best treatment procedure at any cost, positively impacting the market's growth. Increasing the livestock population is another attribute focused on expanding the market's growth rate. Furthermore, people's need for quality poultry products for a healthy lifestyle will likely outshine the market's growth extensively.

The penetration of new policies for pet owners is contributing to the expansion of the global veterinary healthcare market.

In the developed countries, the penetration rate of pet insurance policies is very high. For example, in the United States, the need for pet insurance policies is growing at a high CAGR during the forecast period. Similarly, in the U.K., the penetration rate of pet insurance is 20%. Introducing various pet insurance policies increases visits to veterinary healthcare centers or clinics. The growth of the global market is also driven by the approval of new products related to treating animal disorders and rising meat production. The increasing 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%.

MARKET RESTRAINTS

The number of veterinarians is decreasing due to fewer training programs, which is one significant restraint on the global veterinary healthcare market.

Reluctance to adopt new technologies in undeveloped countries is a significant attribute of the veterinarian shortage in these places. Strict rules and regulations are a significant challenge. Government authorities are imposing strict rules and regulations to approve a vaccine. It remains a major restraining factor for the key players. Some vaccines are unavailable against livestock vector-borne pathogens, hampering the market's growth rate. Fluctuations in the availability of raw materials and the unavailability of vaccines for some diseases restrict the market's growth rate. Additionally, increasing regulation on antibiotics is expected to remain a major restraint for the market. Apart from that, growing cost regulation related to animal testing is also a significant hurdle for the growth of the Veterinary healthcare market.

Impact Of COVID-19 On the Global Veterinary Healthcare Market

COVID-19 has negatively impacted the first half of 2020. This was due to supply chain disruptions and shortages of veterinary medicines observed in several countries due to the temporary lockdowns of manufacturing sites and export bans. Governments are taking measures to mitigate the supply of medicines. For instance, in 2020, the European Medicines Agency issued guidance for companies responsible for veterinary medicines concerning adaptations to the regulatory framework, primarily to address the challenges faced during this pandemic. Also, the Centers for Disease Control and Prevention, in July 2020, recommended specific guidelines to veterinary professionals for treating companion animals during the COVID-19 pandemic. Hence, it is observed that the pandemic had a significant impact on the market studied. Additionally, there is an increase in pet owners' demand for vaccines to prevent chronic diseases. Hence protecting livestock animals from these infectious diseases is essential, which positively impacts the veterinary healthcare market.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

Segments Covered

By Product, Animal Type, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Market Leader Profiled

Merck & Co. Inc., Bayer AG, Boehringer Ingelheim International GmbH, Eli Lilly and Company, Ceva Animal Health Inc., Novasep, Novartis AG, Nutreco N.V., Sanofi S.A., Sequent Scientific Ltd., Virbac S.A., Zoetic S.A.

SEGMENTAL ANALYSIS

Global Veterinary Healthcare Market Analysis By Product

Based on product, the pharmaceuticals segment is expected to showcase dominance in the global market over the forecasting period due to the increase in the prevalence of zoonosis diseases across the globe. New advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents. Additionally, market players are developing and launching new vaccines globally to enhance their market presence. For instance, in March 2021, the world's first animal vaccine against the novel coronavirus was registered in Russia, named Carnivac-Cov, developed by a unit of Rosselkhoznadzor (Federal Service for Veterinary and Phytosanitary Surveillance. The clinical trials of Carnivac-Cov were started in October 2021 and involved dogs, cats, and other animals. Additionally, in June 2022, in India, the Union Minister of Agriculture & Farmers, farmers Shri Narendra Singh Tomar, launched animal vaccines and other diagnostic kits developed by the ICAR-National Research Centre on Equines.

Global Veterinary Healthcare Market Analysis By Animal Type

Among these, the livestock animals segment is expected to register dominance in the global market during the forecast period. According to the Food and Agriculture Organization, in emerging economies, animal-based food products hold for one-third of human protein consumption, leading to an increase in livestock productivity, which is critical to meet the dietary needs of the growing human population. These factors cumulatively are responsible for the significant share captured by production animals in this segment.

The companion animals segment is anticipated to capture a considerable share of the worldwide market during the forecast period. Companion animals are known to lower blood pressure, provide psychological stability, and reduce the frequency of cardiac arrhythmias and anxiety attacks, enhancing humans' overall well-being. Consequentially, animal-assisted therapy is increasingly preferred as a result of these companion animal products. The companion animal segment is expected to have the fastest CAGR in the coming years.

REGIONAL ANALYSIS

Regionally, the North American veterinary healthcare market dominates the global veterinary healthcare market. It currently holds the major share of the veterinary healthcare market, and it is expected to show its dominance over the forecasting period. With the increasing initiatives by various organizations in North American countries coupled with the high adoption of pets, the market studied is expected to show strong growth. For instance, in September 2022, Best Friends Animal Society, an animal welfare organization working to end the killing of cats and dogs in America’s shelters by 2025, announced that it is teaming up with more than 600 shelter and rescue partners across the United States for its third nationwide adoption campaign in six months to encourage people to choose to adopt, not buy, their next pet. Thus, increasing pet adoption in the United States. Additionally, technological advancement, the prevalence of zoonotic diseases, and an increase in the number of pet owners are expected to drive market growth.

The European veterinary healthcare market holds the second-largest regional growth in this segment. Launching generic drugs due to the increase in demand from pet owners propels the demand for market growth in this region.

The Asia Pacific veterinary healthcare market region is expected to have the highest CAGR during the forecasting period. This is due to the rise in support from government organizations through funds and focuses on manufacturing new drugs and vaccines.

The Latin American veterinary healthcare market and the Middle East and Africa veterinary healthcare market are expected to register slightly higher growth in the forecasting period. This is due to the increasing demand for the technologies.

KEY PLAYERS IN THE GLOBAL VETERINARY HEALTHCARE MARKET

Companies playing a key role in the global veterinary healthcare market include Merck & Co. Inc., Bayer AG, Boehringer Ingelheim International GmbH, Eli Lilly and Company, Ceva Animal Health Inc., Novasep, Novartis AG, Nutreco N.V., Sanofi S.A., Sequent Scientific Ltd., Virbac S.A. and Zoetic S.A.

RECENT HAPPENINGS IN THE MARKET

  • In June 2023, FDA Approved Apoquel in Chewable Option, the new formulation, is indicated for the treatment of canine pruritus associated with allergic dermatitis and atopy.
  • In June 2023, the U.S. Food and Drug Administration and the European Union are expanding their Mutual Recognition Agreement’s (MRA) Sectoral Annex for Pharmaceuticals Good Manufacturing Practices to include veterinary pharmaceuticals.
  • In April 2023, FDA approved Modulis to Treat Feline Allergic Dermatitis Provetica’s generic product, which has the same active ingredient as Atopica for Cats.
  • In September 2022, Merck Animal Health announced the new label indication for both fluralaner topical solution (Bravecto) and fluralaner and moxidectin topical solution (Bravecto Plus) for the treatment and control of Asian long-horned tick infestations in cats. Both products are the first US products labeled for both the treatment and control of Asian long-horned tick infestations.

DETAILED SEGMENTATION INCLUDED IN THIS REPORT

This research report on the global veterinary healthcare market has been segmented and sub-segmented based on the product, animal type, and region.

By Product

  • Pharmaceuticals 
    • Vaccines
    • Antibiotics
    • Parasiticides
    • Others
  • Feed Additives
    • Medical Feed Additives
    • Nutritional Feed Additives

By Animal Type

  • Livestock Animals
    • Cattles
    • Swine
    • Sheep
    • Poultry
    • Aquatic
    • Others
  • Companion Animals
    • Cats
    • Dogs

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Frequently Asked Questions

What are the factors fueling the veterinary healthcare market?

Increased pet ownership across the world and growing incidence of animal diseases are primarily promoting the veterinary healthcare market growth.

Which region accounted for the largest share of the market in 2023?

Geographically, the North American region held the major share of the market in 2023.

Who are the major participants in the veterinary healthcare market?

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. are some of the noteworthy companies in the veterinary healthcare market.

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