The Italy Veterinary Healthcare Market size was valued at USD 6.51 Billion in 2022 and is expected to surpass USD 11.38 Billion by 2031, expanding at a CAGR of 6.4% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing number of pet owners.
A substance used to treat various medical problems in animals is referred to as veterinary medication. Veterinary medicine, for example, includes medicines such as anti-infective and parasitic ides that are given to animals orally.
Vaccines are also used in veterinary medicine to establish immunity in animals against viral illnesses such as equine influenza (EIV) and par influenza 3-respiratory syncytial virus. Moreover, medication is delivered to animals by a variety of methods, including oral administration, parenteral administration, and topical administration of certain parasitical drug formulations.
COVID-19 outbreak has had a negative impact on the market. Following WHO's declaration of COVID-19 as a pandemic, nations throughout the world implemented national lockdowns to enforce social distance as a preventative precaution. This resulted in upheaval, restriction, difficulties, and changes in every industry area.
Veterinary organisations all across the world, for example, have suggested that animal patient care be limited to critically sick animals and emergencies. Furthermore, the lockdowns have caused yearly check-up tests and optional treatments to be rescheduled. As a result, the overall impact of COVID-19 on the veterinary market remains negative.
Veterinary Healthcare Market Trends, Drivers, Restraints, and Opportunities
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Rising incidence of different medical problems in animals are projected to fuel the market during the forecast period.
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Increasing demand for livestock products are key factors propelling the market in the coming years.
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High price of veterinary healthcare is estimated to hamper the market growth.
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Lack of skilled labor act as major challenges that can restrict the market in the coming years.
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R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Scope of Veterinary Healthcare Market Report
The report on the Italy veterinary healthcare market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Italy Veterinary Healthcare Market- Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product (Therapeutics and Diagnostics), Animal Type (Dogs & Cats, Horses, Ruminants, Swine, Poultry, and Others)
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Geographical Scope
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Italy
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Scil animal care company S.r.l.; Friulchem; FATRO S.p.A.; Candioli Pharma; Teknofarma S.p.A.
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Veterinary Healthcare Market Segment Insights
The vaccines segment is projected to represent major market share
Based on products, the Italy veterinary healthcare market is bifurcated into therapeutics and diagnostics. The vaccines in therapeutic segment is expected to represent a key share of the market during the forecast period, the occurrence of new illnesses, which provides a chance to create new vaccines, as well as increasing government initiatives, are projected to fuel the market in Italy.
During mass immunization, long-lasting vaccinations were greatly desired. In Italy, six different strains of bluetongue virus were discovered, and the lack of polyvalent vaccinations made forecasting its spread difficult. Vaccination demand has risen in recent years as a result of epidemics that have caused considerable losses in the animal breeding sector. Moreover, the continuous number of mergers and acquisitions conducted by leading market competitors to extend their vaccination portfolio is projected to significantly increase the growth potential.
The dogs & cats segment is expected to grow at a rapid pace
On the basis of animal type, the Italy veterinary healthcare market is divided into dogs & cats, horses, ruminants, swine, poultry, and others. The dogs & cats segment is expected to represent a key share of the market during the forecast period owing to rising frequency of chronic illnesses. Due to the growing need for enhanced treatment options for canines suffering from chronic illnesses, the dogs section accounted for roughly 40.0 % of the segment.
Segments
The Italy veterinary healthcare market has been segmented on the basis of
Product
Animal Type
- Dogs & Cats
- Horses
- Ruminants
- Swine
- Poultry
- Others
Key Players
Competitive Landscape
Key players competing in the Italy veterinary healthcare market include Scil animal care company S.r.l., Friulchem; FATRO S.p.A., Candioli Pharma, and Teknofarma S.p.A.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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