세계의 동물 의료 시장 규모는 2021년 339억 6,000만 달러에서 2028년에는 657억 6,000만 달러에 달하고, 예측기간 중 CAGR로 9.9%의 성장이 예측됩니다.
세계의 동물 의료(Veterinary Healthcare) 시장에 대해 조사 분석했으며, 시장 개요, 시장 동향, 동물 종류별, 질환별, 제품별, 최종사용자별, 지역별 시장 분석, 기업 개요 등을 제공합니다.
According to Stratistics MRC, the Global Veterinary Healthcare Market is accounted for $37.32 billion in 2022 and is expected to reach $65.76 billion by 2028 growing at a CAGR of 9.9% during the forecast period. Veterinary healthcare can be defined as the science associated with the diagnosis, treatment, and prevention of diseases in animals. The scope of veterinary healthcare is broad covering various animal species both domestic and wild.
In 2021, the largest share of the health expenditure on prevention was spent on the surveillance, prevention, and control of infectious and parasitic diseases, which is expected given that the COVID-19 pandemic is not over yet. Over the course of 2021, the consumer healthcare market volume of products sold in Italian pharmacies was equal to roughly one billion units. According to data provided by New Line Ricerche di Mercato, self-medication products accounted for 46.4 percent of the total market volume, whereas diet food represented 6.4 percent of it.
Market Dynamics:
Driver:
Introduction of new policies
Introduction of new policies to pet owners is significantly influencing the demand of veterinary healthcare market. In the developed market, the penetration rate of pet insurance policies is very high. For instance, in the United States, the need for pet insurance policies is growing at a high CAGR during the forecast period. Similarly, in the UK, the penetration rate of pet insurance is 20%. The introduction of various pet insurance policies is solely increasing visits to veterinary healthcare centers or clinics.
Restraint:
Shortage of veterinarians
There is a decreasing number of veterinarians due to fewer training programs. Reluctance to adopt new technologies in undeveloped countries is a significant attribute for veterinarians' shortage in these places. Stringent rules and regulations are a significant challenge. Government authorities are imposing strict rules and regulations to approve a vaccine. It remains a major challenging factor for the key players. Some vaccines are unavailable against livestock vector-borne pathogens is hampering the growth rate of the market.
Opportunity:
Increasing investments in veterinary hospitals
Increasing investments in veterinary hospitals to ensure quality services is a significant factor anticipated to present growth opportunities for the market. The rise in the concern towards animal healthcare is lavishing the demand of the veterinary healthcare market. Also, growing
incidence of various health disorders among animals are ascribed to bolster the market's need. Pet lovers seek for best treatment procedure at any cost, which is also impacting the growth of the market towards positive. Increasing the livestock population is another attribute focused on expanding the demand of the market. Furthermore, people's need for quality poultry products for a healthy lifestyle is likely to extensively outshine the market's need.
Threat:
Fluctuations in the availability of raw materials
Fluctuations in the availability of raw materials and the unavailability of vaccines for some diseases restrict the market's demand. Additionally, increasing regulation on antibiotics is expected to remain a major challenge for the market. Apart from that, growing costs regulation related to animal testing is also a significant hurdle for the growth of the veterinary healthcare market.
COVID-19 Impact
Shortages of veterinary medicines and supply disruptions were observed in several countries, primarily due to the temporary lockdowns of manufacturing sites, export bans, and increased demand for medicine for the treatment of COVID-19. Governments are taking measures to mitigate the supply of medicines. For instance, in 2020, the European Medicines Agency issued guidance for companies responsible for veterinary medicines with respect to adaptations to the regulatory framework, primarily to address the challenges faced during this pandemic. Also, the Centers for Disease Control and Prevention, in July 2020, recommended certain guidelines to veterinary professionals for the treatment of companion animals during the COVID-19 pandemic.
The livestock animals segment is expected to be the largest during the forecast period
Livestock animals such as cattle and poultry are expected to experience higher medicalization rates during the forecast years. In emerging economies such as the Philippines and Vietnam, earlier, poultry health was neglected, and owners used to discard the chickens in bulk during a virus outbreak. Similar was the condition of a few cattle farms. Unorganized farms were often neglected, and that hampered the overall meat production in such countries. However, the current laws have been framed to scrutinize the situation in farms and ensure maximum animal protection.
The therapeutics/drugs segment is expected to have the highest CAGR during the forecast period
Therapeutics/drugs segment comprises of vaccines too.Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thus, boosting immunity. Vaccines are being manufactured that contain genetically engineered components derived from those disease agents.
Region with largest share:
North America is projected to hold the largest market share owing to the increasing chronic diseases among animals. The US is the leading country with the highest shares of the market. The introduction of pet insurance policies and creating awareness over the availability of the different treatment processes for pet animals are anticipated to fuel the market's growth rate. Increasing expenditure on veterinary healthcare in the US is solely accelerating the market demand. Some people also treat animals as family members in these countries, hugely impacting the market's growth rate.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR due to the rise in the support from the government organizations through funds and focus on developing new drugs or vaccines in favor of the end-user.
Key players in the market
Some of the key players profiled in the Veterinary Healthcare Market include Novartis, International AG, Eli Lilly and Company, Bayer Healthcare, Koninklijke DSM N.V, Sanofi-Aventis, MSD Animal Health, Cargill Inc, SeQuent Scientific Ltd, Boehringer Ingelheim , International GmbH, Nutreco N.V., Phibro Animal Health, Elanco Animal Health, Ceva Animal Health Inc, Merck Ltd, and Zoetis Animal Healthcare.
Key developments:
In June 2020: Merck completed the acquisition of a Quantified Ag leading data analytics company that monitors cattle temperature and helps in the early detection of any disease. This acquisition will diversify Merck's veterinary product offerings and will positively impact the company's profitability.
In February 2020: Zoetis acquired Ethos Diagnostic Science. This acquisition will not only expand company's product portfolio but will also help the company to grow exponentially in the veterinary space.
In January 2020: Boehringer Ingelheim's launched a vaccine, VAXXITEK HVT+IBD+ND, that provides a strong immune foundation and optimized protection against Marek's Disease, Infectious Bursal Disease (classic and variant types), and Newcastle Disease.
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