The global veterinary care market size is expected to be worth around US$ 120.5 billion by 2030, according to a new report by Vision Research Reports.
The global veterinary care market size was valued at US$ 76.7 billion in 2020 and is anticipated to grow at a CAGR of 6.4% during forecast period 2021 to 2030.
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Veterinary Care Market (By Animal Type: Companion Animal, Production Animal; By Type Of Care: Companion Animal, Production Animal) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Report Coverage
| Report Scope | Details |
| Market Size | USD 120.5 billion by 2030 |
| Growth Rate | CAGR of 6.4% from 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Animal Type, Type of Care |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Merck Animal Health; Ceva Santé Animale; Zoetis; Boehringer Ingelheim GmbH; Elanco; IDEXX Laboratories, Inc.; Heska Corporation; Virbac; Vetoquinol S.A.; Indian Immunologicals Ltd. |
Growth Factors
Increasing cases of chronic diseases in pets and livestock animals are fueling the demand for better veterinary care. Many awareness programs are being conducted around the world regarding better veterinary care, thus propelling the demand. For example, each year, during the first week of October, Canadian Veterinary Medical Association organizes Animal Health Week, a national public awareness campaign. The introduction of initiatives, such as the One Health Initiative for the improvement of healthcare standards for animals, has widened growth prospects for the market.
By Animal Type Analysis
The companion animals segment accounted the largest revenue share of over 61.00% of the global market in 2020. This can be attributed to the growing initiatives by market players, rising pet population, and increasing pet expenditure.
The COVID-19 pandemic is encouraging pet owners, healthcare providers, and even payers to adopt telehealth in veterinary care. In October 2020, online pet pharmacy, Chewy Inc., brought telehealth to cats, dogs as pandemic disturbed vet visits. Among companion animals, dogs held the largest share in 2020.
By Type of Care Analysis
The primary care segment accounted the largest revenue share of over 59% among the companion animal segment. Primary care includes physical examinations, vaccinations, lab testing, parasite prevention, diagnostic testing, behavioral counseling, training, diet, dental health & cleaning among others.
An increase in the population of dogs and a rise in the number of deaths due to rabies are expected to result in a high number of vaccination programs, thereby driving the segment growth. Domestic dogs are among the most common reservoir of viruses.
The veterinary care services for production animals also held a major share in 2020. Policymakers in numerous nations are striving to attain total food security, which supplements large-scale food production and results in superior rearing of livestock.
By Regional Analysis
North America accounted the market with a revenue share of over 43% in 2020. The rising incidence of canine disorders is one of the key factors responsible for the largest market share of the region.
Asia Pacific is expected to show the fastest CAGR over the forecast period. Since most of the nations are dependent on agricultural production and exports, there is high availability of poultry animals, thus the market is expected to witness significant growth.
Key Players
Market Segmentation
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