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Global Veterinary Healthcare Market to Grow at a CAGR of 8.4% During 2021-2026, Aided by the Rising Pet Ownership

According to a new report by EMR titled, ‘Global Veterinary Healthcare Market Report and Forecast 2021-2026’, the global market for veterinary healthcare attained a value of about USD 27.9 billion in 2020. The industry is further expected to grow at a CAGR of 8.4% in the forecast period of 2021-2026 to reach a value of approximately USD 45.2 billion by 2026.

North America holds a significant share of the veterinary healthcare industry owing to the extensive pet ownership in the region. The inflating disposable income in countries like the United States and Canada is increasing the spending on pet health, hence bolstering the growth of the veterinary healthcare industry. Moreover, the market growth can be attributed to the robust growth of the animal husbandry industry in the region. This is surging the requirement for optimal therapeutics and diagnostics for livestock, which is significantly contributing to the growth of the market. In addition, technological advancements, innovations, and increasing research and development (R&D) activities in veterinary healthcare in the region are expected to drive the growth of the market in upcoming years.

Elanco Animal Health (NYSE: ELAN), one of the leading companies in the market, launched Credelio Cat in the United States in May 2021. The product provides veterinarians to offer an innovative solution for tick and oral flea products for cats. It can effectively kill ticks and fleas on cats within six hours. It enables the maintenance of sustained flea efficacy in young cats to enhance their wellbeing. Moreover, the product provides protection from black-legged ticks, one of the most prevalent diseases in the United States. Credelio Cat uses lotilaner that effectively kills flea in cats as young as eight weeks. The product offers vanilla and yeast scents and flavours to specifically appeal to cats. In addition, Credelio Cat is approved by the United States Food and Drug Administration (FDA). The development of such innovative products by the leading companies is projected to fuel the growth of the market in the forecast period.

Market Analysis by Product, Animal Type, and Region:

  • The market, on the basis of product, can be divided into diagnostics and therapeutics.
  • Based on animal type, the industry can be divided into dogs and cats, horses, ruminants, swine, and poultry, among others.
  • The regional markets for veterinary healthcare include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing pet ownership and the rising focus on optimal pet health are propelling the market for veterinary healthcare.
  • The market is being aided by the growing prevalence of cancer in pet animals such as cats and dogs, hence surging the demand for therapeutic and diagnostics treatments.
  • The increasing trend of preventive healthcare and the growing popularity of wearable sensors for animals is propelling the growth of the veterinary healthcare industry.
  • The market growth can be attributed to the integration of artificial intelligence (AI) in veterinary healthcare services to bolster operational efficiency and enhance cost-effectiveness.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for veterinary healthcare for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the products, animal types, and major regions of veterinary healthcare.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global veterinary healthcare market are Elanco Animal Health, CEVA SANTE ANIMALE, Vetoquinol S.A., Zoetis Inc., Boehringer Ingelheim International GmbH., and BioChek Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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