Veterinary Eye Care Therapeutics Market | 2032

Report Description

Veterinary Eye Care Therapeutics Market Outlook 2032

The global veterinary eye care therapeutics market size was USD 810 Million in 2023 and is projected to reach USD 1120 Million by 2032, expanding at a CAGR of 3.8% during 2024–2032. The growth of the market is attributed to the increasing adoption of companion animals.

Rising trend of owning pets, especially companion animals such as dogs and cats, led to an upsurge in the demand for veterinary services, including eye care and medications. Pet guardians are increasingly opting for specialized treatments, such as eye care, due to growing concerns about the health and well-being of their animals. Technological advances in veterinary services have led to enhanced diagnosis, treatment methods, and therapies for various eye issues in animals. Advances in drug delivery technologies, surgical procedures, and diagnostic tools have improved the effectiveness and ease of veterinary eye care treatments.

Increasing pet ownership across the globe and the growing instances of eye disorders among animals have motivated veterinary care service providers to elevate the standards of their offerings and formulate efficient therapies to enhance the recovery of pets. Additionally, progress in healthcare technology has enabled painless surgeries, which are gaining traction in the realm of veterinary eye care.

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Impact of Artificial Intelligence (AI) on the Veterinary Eye Care Therapeutics Market

AI is revolutionizing the veterinary eye care therapeutics market. The emergence of AI technology has led to significant improvements in ocular healthcare for animals. This has streamlined the diagnosis and treatment of various eye-related problems for both domestic pets and wildlife animals. The significance of AI in veterinary ophthalmology is steadily growing, particularly in the realms of diagnosis and treatment, thereby boosting the market.

Veterinary Eye Care Therapeutics Market Dynamics

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Major Drivers

Rising significance of ocular health in animals is a key driver driving the market. The growing awareness about animal health and rapid surge in pet ownership across the globe are boosting the demand for veterinary eye care products and services. The emphasis on comprehensive healthcare, including specialized eye care, is increasing to safeguard companion animals, livestock, and exotic species, as the bond between humans and animals strengthens.

Continuous progress in veterinary medicine, encompassing diagnostic instruments and surgical methods, has enhanced the capability to identify and address eye conditions in animals. These advancements entice pet owners to pursue specialized veterinary eye care products.

Existing Restraints

Veterinary eye care therapeutics market growth is hampered by expenses associated with veterinary medications. Pet owners face challenges in affording specialized eye care for their animals, particularly in developing countries. This reduces the adoption of advanced therapies and restrains the overall market. Key participants are grappling with the challenges of finding a balance between providing premium veterinary eye care and overcoming financial constraints.

Limited access to veterinary eye care services in some regions hinders the market, as it leads to limited availability of specialized treatments and diagnostics. This limitation obstructs the timely diagnosis of complex eye conditions in animals, particularly in remote areas.

Despite increasing awareness of animal welfare, some pet owners are not aware of the importance of regular eye examinations and the necessity for eye care. This lack of awareness contributes to delayed diagnosis of ocular conditions, thereby restraining the market.

Emerging Opportunities

Rising emphasis on preventive veterinary care creates immense opportunities in the veterinary eye care therapeutics market. Taking preventive measures, such as regular eye examinations and early identification of potential issues, significantly contributes to preserving the health of an animal's eyes. Market participants capitalize on this trend by offering comprehensive preventive care solutions, including screening instruments and educational programs designed to promote routine veterinary eye exams.

Scope of the Veterinary Eye Care Therapeutics Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Veterinary Eye Care Therapeutics Market Segment Insights

Product Analysis

On the basis of product, the market is segmented into ointments, eye drops, injections, and drugs.

The drugs segment dominated the global market in terms of revenue generation in 2023, due to robust demand for preventive measures against a range of infectious diseases and the need to combat both endoparasites and ectoparasites. Increased demand for anti-inflammatory drugs, including NSAIDs, for pain management in companion animals contributed to the segmental growth.

The eye drop segment is anticipated to hold a substantial market share during the forecast period, as eye drop is an effective treatment for various ocular disorders. Eye drops, pharmaceutical solutions formulated for application to the eyes, are useful in the treatment of eye allergies, addressing dry eye syndrome treatment, and alleviating redness.

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Animal Type Analysis

On the basis of animal type, the veterinary eye care therapeutics market is segregated into dogs, cats, and others.

The dogs segment is expected to hold a significant market share during the forecast period owing to the increasing adoption of dogs as a companion animal. Pet owners are becoming attentive, prioritizing the health of their canine companions. Dry eye, pink eye, corneal damage, and glaucoma are common in dogs, thereby driving the demand for eye care therapeutics.

Dogs are susceptible to bacterial, viral, or fungal eye infections, necessitating veterinary eye care to identify the cause and prescribe suitable medications, which include topical antibiotics or drugs. Dogs play crucial roles in search operations conducted by police forces, bomb squads, and security agencies, due to their keen vision and heightened hearing abilities, thus propelling the segment.

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Indication Analysis

Based on indication, the veterinary eye care therapeutics market is fragmented into ocular surface disorders, glaucoma, cataract, retinal diseases, anterior uveitis, and corneal diseases.

The retinal diseases segment dominated the market in 2023 and is expected to grow at a rapid pace during the assessment years, due to the rising prevalence of conditions such as diabetic macular edema, diabetic retinopathy, and macular degeneration among animals. The increasing awareness of these conditions among pet owners leads to a high diagnosis rate and a substantial demand for therapeutic products.

The glaucoma segment is expected to expand at a high CAGR during the forecast period owing to the growing frequency of the condition, particularly among elderly animals. The increasing number of animals affected by glaucoma is a major factor anticipated to drive the demand for eye care therapies.

Distribution Channel Analysis

On the basis of distribution channel, the veterinary eye care therapeutics market is bifurcated into veterinary hospitals and veterinary clinics.

The veterinary clinics segment held a major share of the market in 2023. The segment growth is attributed to the growing preference of owners to access a diverse range of medical services offered by these clinics, ranging from treatment to long-term monitoring of patient animals. Furthermore, the rapid surge in the number of veterinary clinics in developing countries contributed to the segmental growth.

The veterinary hospitals segment is projected to expand at a considerable CAGR during the forecast period owing to the rising number of hospitals and the comprehensive array of services available at a single site. Furthermore, the availability of skilled professionals in the hospitals and low cost as compared to clinics contribute to the segmental growth.

Regional Outlook

In terms of region, the global veterinary eye care therapeutics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America held a large market share in 2023 and is expected to dominate the market in the coming years, due to the increasing demand for veterinary eye care products, driven by the widespread adoption of pets in the region. Factors such as a robust veterinary healthcare infrastructure, increased spending on companion animals, and rising veterinary practices in the region contributed significantly to the market growth in North America.

• As per the American Veterinary Medical Association, there were 118,624 practicing veterinary professionals in the US alone in 2020.

The expansion of veterinary hospitals and clinics, coupled with promising government policies and convenient admission to medical reimbursement guidelines, further contributed to the market growth in North America.

The veterinary eye care therapeutics market in Asia Pacific is anticipated to register substantial growth during the projection period, owing to the widespread adoption of drugs, vaccines, and medicated feed additives to enhance the well-being of the rapidly expanding livestock population. Increasing improvements in veterinary healthcare infrastructure, characterized by superior facilities, and increasing demand for advanced products drive the market in the region.

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