The North America veterinary healthcare market is anticipated to register at a significant CAGR during the forecast period, 2021-2028. The growth of market is attributed to rising investments across developed markets towards pet insurance and increasing number of pet owners and their demand for veterinary services.
The market is most likely to witness a rise in demand, for protein based products due to increasing food based diseases, joint problems owing to deficiency in bone density these factors has raised the alarm for the companies to manufacture enhanced vaccines and medications.
The growing number of government campaigns and initiatives towards animal health and promoting the use of natural or organic based food products for their pets is anticipated to act as one of the factor in surging the demand during the forecast period.
The substantial rise in pet adoption or pet ownership, growing demand for protein based products, organic food, and food-borne diseases across the world are some of the factors estimated to boost the market during the projected period.
The bulk production of animal-borne food products leads to price reduction, accessibility of food at cheaper price, market also includes technological advancement in veterinary healthcare such as vaccine banks, and pet owners mobile trackers are some factors contributing in the market surge.
Market Trends, Drivers, Restraints, and Opportunities
- Growing number of pet population, rising investment in pet insurance is expected to boost the market during the forecast period.
- Increasing number of pet owners and demand surge for veterinary services is estimated to drive the market during the projected period.
- Rising demand for protein rich food and incidences of zoonotic is expected to drive the market in the coming years.
- Increasing number of government initiatives on promoting animal health products is anticipated to propel the market during the projected period.
- Increasing awareness and willingness to invest on organic and healthy products by the owners is estimated to fuel the market.
- R&D and technological advancement in veterinary medicines and technology is expected to offer lucrative opportunities for the key players in the market.
- Strict policies over drug approval from government for animal use act as one of the factor hindering the growth of the market.
Scope of the market
The report North America veterinary healthcare market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Veterinary Healthcare Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Product Types (Therapeutics [Parasiticides, Vaccines, Anti-infective, Medical Feed Additives, Other Therapeutics], Diagnostics [Molecular Diagnostics, Immunodiagnostics Tests, Diagnostic Imaging, Clinical Chemistry, Other Diagnostics]), Animal Types (Poultry, Swine, Ruminants, Horses, Dogs and Cats, Others Animal Types)
|
|
Geographical scope
|
North America [Canada, Mexico, United States]
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Zoetis Inc.; Idexx Laboratories; Merck & Co Inc.; Boehringer Ingelheim International GmbH; Eli Lilly and Company (Elanco Animal Health)
|
Market Segment Insights
The diagnostic segment is expected to exhibit high CAGR
Based on the product types, the market is segregated into therapeutics and diagnostics. The therapeutics segment is further segregated into parasiticides, vaccines, anti-infective, medical feed additives, and others. The diagnostics segment is sub-segregated into molecular diagnostics, immunodiagnostics tests, diagnostic imaging, clinical chemistry, and others. The diagnostic segment is expected to exhibit high CAGR during the forecast period owing to growing number of veterinary practitioner and high income offered in developed countries, expensive animal healthcare cost, rising incidence of food-borne diseases.
The poultry segment is estimated hold the key share of the market
On the basis of animal types, the market is categorized into poultry, swine, ruminants, horses, dogs & cats, and others. The poultry segment is estimated hold the key share of the market in the coming years owing to high demand for the poultry product among the population in countries like the United States and Canada meats such as beef is one of the factor increasing market share.
Segments
The North America veterinary healthcare market has been bifurcated on the basis of
Product types
- Therapeutics
- Parasiticides
- Vaccines
- Anti-infective
- Medical Feed Additives
- Others
- Diagnostics
- Molecular Diagnostics
- Immunodiagnostics Tests
- Diagnostic Imaging
- Clinical Chemistry
- Others
Animal Types
- Poultry
- Swine
- Ruminants
- Horses
- Dogs and Cats
- Others
Geography
- North America
- Canada
- Mexico
- United States
Key Players
- Zoetis Inc.
- Idexx Laboratories
- Merck & Co Inc
- Boehringer Ingelheim International GmbH
- Eli Lilly and Company (Elanco Animal Health)
Competitive Landscape
Key players competing North America veterinary healthcare market include Zoetis Inc.; Idexx Laboratories; Merck & Co Inc.; Boehringer Ingelheim International GmbH; Eli Lilly and Company (Elanco Animal Health).
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
In July 2020, Zoetis Inc. acquired Fish Vet groups to enhance aquaculture diagnostics capabilities.
In July 2020, Zoetis Inc. and Trianni announced agreement to develop a transgenic antibody discovery platform for use in animal health.
Request For Customization
Enquiry Before Buying
Speak With Analyst
