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Market Overview
- The Global Veterinary Healthcare Market is expected to grow at a CAGR of 9.15 % during the forecast period (2020-2027).
- Veterinary Healthcare includes veterinary services, animal medicine, and Veterinary Medical Equipment. Veterinary medicine can be defined as the science associated with diagnosis, treatment, and prevention of diseases in animals. The increasing importance of the production of Livestock Animals is generating growth in the veterinary healthcare market.
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Market Dynamics
- The global veterinary healthcare market is growing due to several factors such as, increasing incidence of zoonotic diseases, rising awareness towards animal health, technological advancements in animal healthcare diagnostics, and increasing government initiatives from global veterinary medical association. For instance, in April 2019, CVM launched the Center for Veterinary Business and Entrepreneurship (CVBE), a new interdisciplinary program intended to spur research, training, and outreach in veterinary business to improve animal healthcare.
- The veterinary healthcare market is growing due to increasing initiatives from governments and animal welfare associations globally. For instance, in December 2018, Boehringer Ingelheim, a global pharmaceutical company launched the ‘Last Mile’ initiative, an integrated, solutions-driven programmer that seeks to address crucial animal health challenges by creating consistent availability of animal medical resources in hard-to-reach areas.
- There are several groups and associations in different countries for the welfare of animals. For instance, in the UK, the Cattle Health and Welfare Group (CHAWG) address relevant cattle health and welfare issues and in the US, there are associations, such as Winter Haven, where the veterinary healthcare allies with the human-animal bond and provide high-quality services.
- Also, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to improve both animal and human health. In 2017, Tata Trusts, in partnership with People for Animals, initiated the development of multi-specialty veterinary hospitals and emergency clinics to serve the needs of all domestic and farm animals. Hence, growing awareness programs and support from various organizations for veterinary healthcare s boosting the growth of the veterinary healthcare market globally.
- Growth in the pet population, increasing penetration of pet insurance, pet humanization within the growing global urban population, and increased awareness of animal welfare needs due to social media are helping the veterinary industry to maintain growth at 6.2% a year. Increased awareness of preventative care and the availability of specialty services have created a higher demand for both routine and more sophisticated procedures. Government and industry organizations have taken the lead on increasing awareness of the benefits of preventative care, highlighting the importance of keeping pets healthy with regular check-ups.
- Major trends in the treatment center segment include the use of big data in veterinary care to diagnose and assess potential diseases, and wearable’s to monitor pet health. Wearable’s capture body temperature, heart rate, respiration rate, pH levels, and other health parameters and transmit the information to farmers, owners, and veterinarians. For instance, in June 2018, Fuzzy Pet Health Connect, a new telemedicine service was launched that provides a subscription vet care service providing in-home vet visits to subscribers in the greater San Francisco Bay Area.
- However, high costs of veterinary services and animal testing, lack of infrastructure and funding, and use of counterfeit medicines are hindering the growth of the veterinary healthcare market globally. Also, restrictions imposed by regulatory bodies against the excessive use of antibiotics in animal production and protest of activists against animal research are hampering the market growth.
Segmentation Analysis
- By product, the global veterinary healthcare market is segmented into therapeutics and diagnostics tools. Among these, the therapeutics are growing at the highest CAGR during the forecast period (2020-2027). The therapeutics market is further segmented into vaccines, parasiticides, medicinal feed additives, nutritional feed additives, anti-infectives, and others. Recent advances in technologies and the improved understanding of pathogenicity, immunology, and epidemiology have opened new opportunities for preventing infectious diseases at an unprecedented level. Improved understanding of the immunogenic and protective antigens of pathogens, as well as the ability to produce recombinant proteins cost-effectively and at high quality, have opened the door to Subunit and virus-like particle (VLP)-based vaccines that are based on relevant antigens only, Live vaccines using targeted deletions and modifications and vector-based veterinary vaccines. New product launches and strategic partnerships are the key strategies adopted by healthcare companies to increase their share in the untapped global market. For instance, in June 2018, Brazil-based Ceva Santé Animale Ltda and Wageningen Bio veterinary Research (Netherlands) announced an alliance to develop veterinary vaccines for re-emerging animal diseases like influenza.
- By animal type, a companion animal is expected to hold a significant market share during the forecast period due to rising pet ownership along with increased consumer awareness of health issues affecting pets in the developed countries. According to the American Pet Products Association, 68% of U.S. households have a pet. More than 60 million households have dogs, while 47 million have cats. Growing companion animal care expectations and demand also play an important role in the development and growth of the companion animal healthcare market. The amount spent on pets in 2017 is estimated at $69.36 million, up from $66.75 million in 2016. About $30 million was spent on pet food in 2017. Vaccines for pets provide immunity against diseases, providing a protective barrier for humans from contracting diseases from their animals who are more likely to come into contact with wildlife. New product development acts as a key strategy for companies. Elanco has developed a diagnostic tool, called Canine Osteo Arthritis Staging Tool (COAST), to improve diagnosis and monitoring of osteoarthritis in companion animals, especially in dogs.
Geographical Analysis
- North America holds the dominant market share for Veterinary Healthcare in 2018, and it is expected to maintain growth over the forecast period. The United States holds the largest market share of about 70% of the North America companion animal health market due to an increasing number of pet ownership, growing advancement in animal healthcare facilities, and rising animal healthcare expenditure. For instance, in 2016, Americans spent over $75.5 billion on their pets, according to the Bureau of Labor Statistics. With 84.6 million households owning pets, the average household spends $892 per year on pets, with about $313 of that spent on pet food and the remainder on veterinary services (such as routine visits, surgery, treatments, and vaccinations), medicine, supplies, pet purchase, and other services. Hence, with rising pet healthcare expenditure with increasing pet ownership, the North American veterinary healthcare market is growing rapidly. Owing to increasing pet population, major companies are launching new products for companion animals. For instance, in Aug 2017, Henry Schein Animal Health, North America launched its Companion Animal Vaccine Resource Center, a web-based hub that provides veterinarians with the latest data on infectious diseases in cats and dogs, and critical information about the role regular vaccinations of pets play in protecting animal and human health.
Competitive Landscape
- The Veterinary Healthcare market is highly competitive with the presence of a large number of players. Some of the major players in the global veterinary healthcare market are MSD animal health, Novartis International AG, Bayer Healthcare, Cargill Inc., Merck Ltd., Boehringer Ingelheim International GmbH, Ceva Animal Health Inc., Zoetis Animal Healthcare, Elanco Animal Health, and Phibro Animal Health.
- The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the Veterinary Healthcare market globally. For instance,
- In January 2019, Boehringer Ingelheim, a global animal health company, launched a swine vaccine Ingelvac® PRRS MLV, produced by its veterinary vaccine manufacturing plant in China Medical City.
- In June 2018, Wageningen Bio veterinary Research (WBVR) and Ceva Santé Animale (Ceva) announced a new collaboration to develop veterinary vaccines for the control of (re)emerging infectious animal diseases, such as Rift Valley fever and Influenza.
- In Sept 2017, Zoetis Inc. launched Cytopoint, the first monoclonal antibody for veterinary use for the treatment of atopic dermatitis in dogs.
- In April 2017, Zoetis received European Commission Marketing Authorization for Cytopoint® (lokivetmab) the first monoclonal antibody (mAb) therapy approved in the European Union for veterinary use. In Feb 2017, Zoetis also received European Commission Approval for Stronghold® Plus a topical combination of parasiticides.
- In January 2017, the Pharos Diagnostics expanded into the veterinary diagnostic market.
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