Veterinary Healthcare Global Market Report 2022

·4 min read

Major companies in the veterinary healthcare market include Zoetis Inc. , Boehringer Ingelheim GmbH, Merck & Co, IDEXX Laboratories, Evonik Industries AG, Patterson Companies Inc. , Ceva Animal Health LLC – Biomune; Pets at Home Group PLC, National Veterinary Associates, and Phirbo Animal Health.

New York, May 26, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Veterinary Healthcare Global Market Report 2022" -

The global veterinary healthcare market is expected to grow from $159.59 billion in 2021 to $176.96 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The market is expected to grow to $252.05 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%.

The veterinary healthcare market consists of sales of veterinary healthcare goods and services by entities (organizations, sole traders, and partnerships) associated with the diagnosis, treatment, and prevention of diseases in animals. This industry includes establishments that provide veterinary services, veterinary medical equipment producers, and animal medicine producers.

The main types of veterinary healthcare are veterinary services, veterinary medical equipment, animal medicine and are used for the animals such as dogs and cats, horses, ruminants, swine, poultry, other animals.Veterinary services refer to the healthcare services that are provided to the animals.

The products include instruments/equipment, disposables.

North America was the largest region in the veterinary healthcare market in 2021.Asia Pacific was the second-largest region in the veterinary healthcare market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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 reached27.5 billion pounds, the highest production volume registered in the country. The rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing population 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 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.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the veterinary healthcare market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak hurt businesses throughout 2020 and into 2021. However, it is expected that the veterinary healthcare market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy

Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute for veterinary antibiotics to tackle antibiotic resistance.Nanotechnology is the study of controlling matter on an atomic and molecular scale.

Nanotechnology in the animal medicine industry is used to improve diagnosis, treatment, animal growth promotion, and production.Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria.

They are also used as drug delivery agents for new drugs and vaccines candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.

The countries covered in the veterinary healthcare market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

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