Veterinary Healthcare Market Size, Share, Opportunities, And Trends By Product (Immunodiagnostic Tests, Molecular Diagnostics, Diagnostic Imaging, Clinical Chemistry, Others), By Application (Companion Animals, Livestock Animals, Others), By Application (Dogs & Cats, Horses, Ruminants, Swine, Poultry, Others), By End-User (Veterinary Hospitals, Veterinary Clinics), And By Geography - Forecasts From 2024 To 2029

The veterinary healthcare market is anticipated to expand at a high CAGR over the forecast period.

A vast array of goods and services are offered by the veterinary healthcare industry to preserve the health and welfare of animals. Pharmaceuticals, vaccinations, medical gadgets, diagnostic instruments, and veterinary services from experts like veterinarians and animal healthcare specialists are all included in this industry. The market is expanding due to factors such as rising pet ownership rates, increased knowledge about animal health, and an increase in the demand for high-quality veterinarian treatment.

 Furthermore, the veterinary healthcare market is growing due to innovations in veterinary medicine, such as new therapies, diagnostic methods, and preventive measures. In addition, the prevalence of zoonotic illnesses and worries about food safety highlight how crucial veterinarian care is to maintaining animal health and protecting public health.

The market for veterinary healthcare is broad and dynamic Concerns over food safety and zoonotic illnesses highlight the significance of veterinarian treatment in maintaining animal health and protecting public health. The market for veterinary healthcare is vibrant and varied, offering chances for expansion and innovation in several areas, such as companion animal care, livestock health, and veterinary diagnostics.

Market Drivers

• Increasing pet ownership is expected to propel the veterinary healthcare market.

The growing trend of pet ownership is one of the main factors propelling the veterinary healthcare market's expansion. Pets are becoming more and more popular around the world, with more people accepting animals into their homes as family members and friends. Numerous causes, such as shifting lifestyles, urbanization, and growing awareness of the psychological and social advantages of owning pets, are contributing to the rise in pet ownership.

As a result, there is a continuous rise in the need for veterinarian services, pet supplies, and medical solutions. To protect the health and well-being of their furry friends, pet owners are spending more money on routine check-ups, vaccines, and specialized therapies.  The increase in pet ownership boosts profits for pharmaceutical businesses, veterinary clinics, and pet care providers, but it also encourages creativity in the creation of fresh veterinary services and treatments.

The expanding trend of pet humanization, in which animals are viewed as members of the family, also increases demand for high-quality pet care goods and services, which supports the veterinary healthcare market's overall growth. According to AVMA, 2022, between 2016 and 2020, the proportion of American homes with dogs rose from 38% to 45%, but by 2022, it had stabilised. Conversely, cats are growing in popularity these days. Between 2016 and 2020, the proportion of families with at least one cat went from 25% to 26%, and then to 29% in 2022.

• Advancements in veterinary medicine are anticipated to drive veterinary healthcare.

The way we care for animals has been completely transformed by developments in veterinary medicine, which have improved treatment options, diagnostic capabilities, and overall care quality. Considerable advancements have been made recently in fields like genetics, regenerative medicine, medical imaging, and minimally invasive surgical methods. Ultrasound, CT, and MRI scans are examples of advanced imaging technologies that offer comprehensive insights into animal health issues, facilitating more precise diagnosis and therapy planning.

Advances in the knowledge of hereditary disorders and the development of targeted medicines based on the genetic profiles of individual animals have resulted from genetic research. Furthermore, potential methods for mending injured tissues and fostering recovery in animals with degenerative diseases or accidents include tissue engineering and stem cell therapy.

Laparoscopy and arthroscopy are two examples of minimally invasive surgical techniques that lower animal healing from surgery and surgical trauma while enhancing surgical results. These developments enhance not just the health and welfare of individual animals but also the field of veterinary medicine as a whole, promoting improved disease control, longer lifespans, and higher standards of living for animals everywhere. Artificial intelligence is being applied to several diagnostic tasks in veterinary medicine, such as radiograph interpretation, to enhance early abnormality detection "Digital tools and artificial intelligence won't replace veterinarians, but they will replace practitioners who don't use them," it was said.

• Expansion in the livestock industry is anticipated to boost veterinary healthcare.

The demand for goods generated from animals, such as meat, milk, and eggs, is rising along with the world's population. Livestock producers have the opportunity to grow their businesses to satisfy growing customer demand. Furthermore, growing income levels in developing nations encourage people to consume more animal protein, which fuels the cattle industry's continued expansion. Another factor is urbanization since people living in cities frequently have greater demands for convenience and processed meals, such as meat and dairy.

Additionally, shifting dietary habits—such as the increasing acceptance of high-protein diets—also drive-up demand for cattle products. To supply this increasing demand to increase animal agriculture's sustainability, productivity, and efficiency, livestock producers are implementing cutting-edge techniques and technologies. This covers expenditures on sustainable farming methods, animal health management, precise nutrition, and genetic advancement. All things considered, the increase in the livestock sector raises issues with public health, animal welfare, and environmental sustainability, in addition to providing chances for job creation, economic expansion, and food security. According to Invest India, as of right now, India ranks first in the world for producing milk and buffalo meat, second for producing goat meat, third for producing eggs, and eighth for producing meat altogether. From 2014–15 to 2021–22, the cattle industry expanded at a compound annual growth rate of 13.36%.

Asia Pacific region is expected to grow significantly.

The expanding middle class and changing lifestyles in the Asia-Pacific region are contributing to an increase in pet ownership, especially in urban areas. The need for healthcare solutions, pet care products, and veterinary services is increasing as a result of this trend. The Asia-Pacific region's livestock business is also developing to meet the rising need for animal protein, which is increasing the demand for veterinary healthcare supplies and services.

Indian Immunologicals (IIL), a subsidiary of the National Dairy Development Board, plans to establish a new animal vaccine manufacturing facility in Genome Valley, Hyderabad, at a cost of approximately ?700 crore. FMD (foot and mouth disease) vaccines, as well as vaccines for other developing illnesses, will be produced at the proposed plant. Approximately 750 people will be employed as a result.

Market Restraints

• High cost of veterinary care leading to financial constraints in the veterinary healthcare market.

The high cost of veterinary care poses a significant challenge for pet owners, potentially leading to financial constraints and delayed or deferred treatment. Veterinary services, diagnostics, medications, and surgical procedures can be expensive, particularly for complex or specialized treatments. This cost barrier may prevent some pet owners from seeking timely veterinary care, impacting animal health outcomes and welfare. Addressing affordability concerns requires innovative solutions to make veterinary care more accessible and affordable for all pet owners.

Market Developments

• October 2023- At the Veterinary Teaching Hospital, Washington State University has finished installing a new linear accelerator that can offer animal cancer patients life-saving therapies and cutting-edge radiation therapy.
• June 2023- Over 600 shelter and rescue group partners have teamed up with Best Friends Animal Society, a renowned animal welfare organization dedicated to putting a stop to the killing of cats and dogs in shelters by the year 2025.

Segmentation

• By Product
  • Immunodiagnostic Tests
  • Molecular Diagnostics
  • Diagnostic Imaging
  • Clinical Chemistry
  • Others
• By Application
  • Companion Animals
  • Livestock Animals
  • Others
• By Animal Type
  • Dogs & Cats
  • Horses
  • Ruminants
  • Swine
  • Poultry
  • Others
• By End-User
  • Veterinary Hospitals
  • Veterinary Clinics
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others