DUBLIN, March 3, 2020 /PRNewswire/ -- The "Veterinary Healthcare Global Market Opportunities And Strategies To 2023" report has been added to ResearchAndMarkets.com's offering.
The global veterinary healthcare market size reached a value of nearly $154.4 billion in 2019, having grown at a compound annual growth rate (CAGR) of 10.1% since 2015, and is expected to grow at a CAGR of 11% to nearly $234 billion by 2023.
Growth in the historic period resulted from emerging markets growth, increased pet ownership by gen x and gen y adults, increased pet spending, increased disease prevalence, rise in meat consumption, and stringent regulations on meat products. Factors that negatively affected growth in the historic period were a shortage of veterinarians, lack of awareness, and inappropriate use of medicines.
Going forward, economic growth, increasing penetration of pet insurance, rising meat production, and social media will drive growth. Factors that could hinder the growth of the veterinary healthcare market in the future include the rising threat of antibiotic resistance, reductions in free trade, and rising interest rates.
The veterinary healthcare market is segmented by type into veterinary services, animal medicine, and veterinary medical equipment. The veterinary services market was the largest segment of the veterinary healthcare market, accounting for $114.22 billion or 74% of the total in 2019. The veterinary medical equipment market is expected to be the fastest-growing segment going forward at a CAGR of 12.6%.
The veterinary services market is segmented by type into animal hospitals and veterinary clinics, and veterinary laboratory testing services. The animal hospitals and veterinary clinics market was the largest segment of the veterinary services market, accounting for $96.4 billion or 84.4% of the total in 2019. The veterinary laboratory testing services market is expected to be the fastest-growing segment going forward at a CAGR of 11.8%.
The animal medicine market is segmented by type of medicine into veterinary pharmaceuticals and feed additives. The veterinary pharmaceuticals market was the largest segment of the animal medicine market, accounting for $33.8 billion or 88.8% of the total in 2019 and this market is expected to be the fastest-growing segment going forward at a CAGR of 12.7%.
The veterinary pharmaceuticals market is further segmented by type of pharmaceuticals into veterinary parasiticides, veterinary vaccines, veterinary antibiotics, and others - veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of the veterinary pharmaceuticals market, accounting for $9.9 billion or 29.4% of the total market in 2019. The veterinary vaccines segment is expected to be the fastest-growing segment going forward at a CAGR of 13.7%.
The feed additives market is further segmented by type of additive into medical feed additives and nutritional feed additives. The medical feed additives market was the largest segment of the feed additives market, accounting for $2.6 billion or 61.5% of the total in 2019 and this market is expected to be the fastest-growing segment going forward at a CAGR of 10.5%.
The animal medicine market is also segmented by type of animal into livestock and companion animals. The animal medicine for livestock market was the largest segment of the animal medicine market by type of animal, accounting for $20.6 billion or 54.1% of the total in 2019. The animal medicine for companion animals market is expected to be the fastest-growing segment going forward at a CAGR of 16.1%.
The veterinary medical equipment market is segmented by type of medicine into veterinary diagnostic equipment, veterinary patient monitoring equipment, veterinary anesthesia equipment, and other veterinary medical equipment. The veterinary diagnostic equipment market was the largest segment of the veterinary medical equipment market, accounting for $1.33 billion or 61.1% of the total in 2019. The veterinary patient monitoring equipment market is expected to be the fastest-growing segment going forward at a CAGR of 16.3%.
North America was the largest region in the veterinary healthcare market, accounting for 47.1% of the global market in 2019. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest growing regions in the veterinary healthcare market will be Africa and Asia-Pacific, where growth will be at CAGRs of 16% and 15.4% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 13.4% and 11.9% respectively.
The global veterinary healthcare market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 22.01% of the total market in 2018. Major players in the market include Zoetis Inc., Boehringer Ingelheim Gmbh, Merck & Co. Inc., Koninklijke DSM N.V, and Mars Inc.
The top opportunities in the global veterinary healthcare market will arise in the veterinary services segment which will gain $55.3 billion of global annual sales by 2023. The veterinary healthcare market size will gain the most in the USA at $27.24 billion.
- Market-trend-based strategies for the veterinary healthcare market include: developing new combination medicated feed additives to increase efficiencies of end products, expanding through strategic collaborations and partnerships with other market players, developing new chewable medicines for the treatment and prevention of veterinary diseases, investing in the development of nanoparticles as substitutes of conventional drugs, developing easy-to-give drugs such as oral liquid solutions, and adopting molecular biology for early detection of disease.
- Player-adopted strategies in the veterinary medicine industry include: reinforcing M&A strategies, developing new animal health products through collaborations and investments in research and development projects.
To take advantage of the opportunities, the author recommends the veterinary healthcare companies to produce easy to give medicines, enter into collaborations to drive innovations, invest in organic feed additives, expand into emerging markets, offer competitively priced products, and collaborate with opinion leaders.
- Agrovet Market Animal Health
- Albavet Group
- American Veterinary Clinic
- Archer Daniels Midland
- Banfield Pet Hospitals
- BASF India Ltd.
- Biotex Plus Ltd.
- Blacks Vets Dudley Hospital
- Boehringer Ingelheim GmbH
- Brazil Animal Clinic
- Brooke Hospitals For India
- Cadila Pharmaceuticals Ltd.
- Canberra Veterinary Hospital
- Cargill India Pvt. Ltd.
- Century Pharmaceuticals Limited
- Chemo Argentina
- Chengdu Vet Hospital
- China Animal Healthcare Ltd.
- CJ Cheiljedang Corp.
- Clear Lake Veterinary Hospital
- Clinica Veterinaria Prontovet
- Companion Animal Practices
- Daktari Animal Hospital
- DBK Pharma S.A.E
- Drakenstein veterinary clinic
- Dubai Equine Hospital
- Elanco Animal Health
- Four Loving Paws Veterinary Services
- IDT Biologika
- International Center for Veterinary Services
- Intervet Australia Pty. Ltd.
- Jurox Pty.
- Koninklijke DSM N.V.
- Mars Inc.
- Merck & Co.
- Merial Swine And Cattle Vaccines
- Mitaka Veterinary Medical Group
- Niiza Veterinary Medical Group
- Nimrod Veterinary Products Ltd.
- Noah Animal Hospital
- Onderstepoort Veterinary Academic Hospital
- Pacific Vet Group
- Paw Veterinary Clinic
- Perrigo Animal Health
- Pet Care Hospital Veterinario Ltd.
- PetIQ, Inc.
- Rangen Inc.
- Royal Veterinary College
- Sanjay Gandhi Animal Care Center
- Saudi Pharmaceutical Industries
- Shengpu Pet Hospital
- The British Veterinary Center
- VCA Animal Hospitals
- Veterinarski Zavod Subotica
- Veterinary Hospital Dubai
- Vinh Hoan
- Wageningen Bioveterinary Research
- Zoetis, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/r9hklu
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