How Will The Pet Healthcare Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s pet healthcare market report forecasts the pet healthcare market size to grow to $292.64 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.
Learn More On The Pet Healthcare Market Report 2023 – https://www.thebusinessresearchcompany.com/report/pet-healthcare-global-market-report
Pet Healthcare Market Size Forecast
The global pet healthcare market is expected to grow from $213.90 billion in 2022 to $227.83 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global pet healthcare market size is expected to grow to $292.64 billion in 2027 at a CAGR of 6.5%.
North America held the largest pet healthcare market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Pet Healthcare Market Driver – Rise In The Prevalence Of Animal Diseases
According to BluePearl Pet Hospital, a US-based pet hospital, 850,000 pets were treated in the hospital in 2021, accounting for 1.29 million pet visits, according to the 2021 Pet Health Trends Report. This is a 2.3% increase over 2020. As a result of the rising occurrence of animal illnesses, the pet healthcare market is expanding.
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Key Pet Healthcare Market Trend – Advancing In Diagnostic Imaging Techniques
To maintain their market position, major firms in the pet healthcare market are releasing breakthrough diagnostic products. For example, Zoetis Inc., a US-based provider of medicine and immunisations for pets and livestock, will unveil the Vetscan Imagyst, a revolutionary diagnostic platform for animal diagnostics, in September 2020. To transmit correct testing results to the clinic, the new platform uses image recognition technology, algorithms, and cloud-based artificial intelligence. Vetscan Imagyst is an AI-powered deep learning platform that transforms in-clinic faecal testing at the time of the visit by allowing veterinarians to diagnose patients and treat them as needed. The most recent groundbreaking platform to be added to Zoetis Diagnostics’ portfolio is Vetscan Imagyst.
Pet Healthcare Market Segment
1) By Type: Therapeutics, Diagnostics
2) By Animal Type: Canine, Feline, Equine, Avian, Other Animals
3) By Distribution Channel: Retail, E-commerce, Hospital Pharmacies
Pet Healthcare Market Major Players and Strategies
Major players in the pet healthcare market are Ceva Santé Animale, Merck & Co. Inc., Vetoquinol S.A., Zoetis Inc., Elanco Animal Health Incorporated, Bayer Animal Health GmbH, Indian Immunologicals Limited, Bioniche Animal Health Canada Inc., Sanofi Animal Health Inc., Biogenesis Bago SA, Heska Corporation, Phibro Animal Health Corporation, IDEXX Laboratories Inc., Agrolabo SpA, Norbrook Laboratories Ltd., Novartis Animal Health US Inc., and Perrigo Company PLC.
Zoetis, a US-based animal medicine and vaccine maker, paid $17.22 million (£14 million) for Fish Vet Group in July 2020. The acquisition strengthens Zoetis’ Pharmaq division, which develops fish vaccinations and aquaculture diagnostics. Fish Vet Group is a veterinary services and diagnostic technology supplier situated in Scotland.
The Pet Healthcare Global Market Report 2023 covers regional data on pet healthcare market size, pet healthcare market trends and drivers, opportunities, strategies, and pet healthcare market competitor analysis. The countries covered in the pet healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Pet healthcare is a method of providing preventive and therapeutic care to pets in order to keep them disease-free. It is beneficial to a healthy pet lifestyle. It entails a multidimensional technique that includes a veterinarian’s assessment of the pet’s overall health as well as the possibility of disease or other health issues.
View More Reports Related To The Pet Healthcare Market –
Pet Food Global Market Report 2023
Healthcare Reimbursement Global Market Report 2023
Healthcare Services Global Market Report 2023
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