Veterinary Healthcare Market Insights and Forecast to 2028

Veterinary Healthcare Market Outlook - 2028

In 2021, the global Veterinary Healthcare market size was USD 28500 million and it is expected to reach USD 39000 million by the end of 2028, with a CAGR of 5.4% during 2022-2028. 

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Key drivers of the veterinary healthcare market include the increasing prevalence of many zoonotic, foodborne, and chronic diseases.The rising pet humanization and increasing concerns about pet health will fuel the growth of the veterinary healthcare market. Technological developments will propel the market forward in the coming years. Furthermore, favorable government initiatives for Veterinary Vaccine programs will drive the growth prospects of the market in the upcoming years. 

Veterinary Healthcare Market Trends

The emergence of zoonotic diseases

The rising volume of international trade, livestock movement, and people living in close proximity to animals has aggravated the issue of zoonoses. These can be bacterial, parasitic, and viral. The regular interaction between humans and animals poses a major public health problem. All the identified infectious diseases such as AIDS, Covid 19, and Ebola originate from animal bodies and then mutate into human-only strains. This will foster the growth of the veterinary healthcare market in the coming years. Moreover, antimicrobial resistance is a serious concern as the rampant use of antibiotics to boost commercial production has led to the formation of drug-resistant strains in livestock. Vaccines are an effective way to prevent the spread of zoonoses by interrupting the transmission or amplifying the host cycle. They create cross-reactive antibodies for fighting against the disease.

Rising domestication of animals

A new trend of pet parenting is on the rise across the globe. Animals are making stronger bonds with humans. Pet owners are having mutually loving and emotionally rewarding relationships than ever before. The rising urbanization along with people moving into flats and smaller apartments has increased the prevalence of pet humanization.  Specialized animal care support with advanced Veterinary Imaging systems is gradually becoming the norm, especially in developed countries. People are spending more on pet care products, shampoos, moisturizers, and daycare centers to provide that special comfort to their furry counterparts. This will boost the demand for the veterinary healthcare market. Key players are coming up with innovative solutions like dedicated websites to connect with other pet parents and resources to build an entire community. Many pet brands have come up that are investing heavily in this space. Thus the demand for proper medical care and insurance is high. 

Technological innovations 

Veterinary medicine is growing rapidly. The rising livestock consumption is leading to the development of innovative medical products for enhancing animal care. The diagnosis, treatment, and prevention of diseases in the case of animals are going through rapid transformations. This is expected to boost the growth of the veterinary healthcare market. For instance, Veterinary Management Software helps strengthen communication with customers by sending out real-time alerts for vaccination, health checkups, invoice, and diagnosis reports. The need to automate tedious and repetitive tasks is high on the list of veterinarians. Moreover, as animals are not able to convey their health issues directly the need for an effective diagnosis process is imminent. 3D printing technology is being deployed to develop custom-designed prosthetics for animals that are otherwise difficult to source or obtain. Oral pill cameras, fracture detection, and surgical monitoring devices are able to obtain clear information and images of an animal’s anatomy. 

Favorable government support

Several Government-funded vaccination programs and animal rights movements are taking place across the world. Animal activism is increasing rapidly. Authorities are focusing on implementing stricter rules and guidelines for mass immunization, birth control, etc. This is fueling the demand for the veterinary healthcare market. Organizations like PETA are engaging in grassroots activism to promote the idea of animal cruelty and welfare. 

Veterinary Healthcare Market Insights

Based on type, the vaccine segment is expected to dominate in the veterinary healthcare market share due to rising initiatives by the government and demand for vaccines. 

Based on application the segmentations are companion animals and livestock animals.

Based on region, North America is expected to witness considerable growth in the veterinary healthcare market share due to favorable government support and the presence of key players. 

Veterinary Healthcare Market Scope and Market Size

Veterinary Healthcare market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Veterinary Healthcare market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Veterinary Healthcare Market Segment By Type

• Medicines
• Vaccine
• Other

Veterinary Healthcare Market Segment By Application

• Companion Animals
• Livestock Animals

By Company

• Boehringer Ingelheim
• Zoetis
• Elanco Animal Health
• Bayer Animal Health
• Merck Animal Health
• Virbac
• Dechra Veterinary Products
• Ceva
• Vetoquinol
• Meiji
• Ouro Fino Saude
• Animalcare Group
• Parnell

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA