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What is the Long-Term Projected Growth Rate for the Veterinary Eye Care Market, and What Are the Key Drivers?

The market size for veterinary eye care has observed substantial growth in the past. Its estimated value will rise from $68.25 billion in 2024 to $71.97 billion in 2025, growing at a compound annual growth rate (CAGR) of 5.4%. The historical period growth was basically due to advancements in veterinary medicine, rising trend of pet ownership, preventive healthcare measures, technological advancements, and increasing education and awareness.

In the coming years, the market size for veterinary eye care is predicted to experience significant expansion. By 2029, it’s projected to reach $87.63 billion with a compound annual growth rate (CAGR) of 5.0%. This growth during the forecast period could be due to factors such as population patterns, regulatory standards, consumer choices and expenditure, availability of healthcare and insurance, and new diseases and conditions. Key trends during the forecast period consist of advanced imaging approaches, less invasive surgical practices, and gene therapies.

Which Factors Are Enhancing the Growth of the Veterinary Eye Care Market?

The expansion of the veterinary eye care market is anticipated to be propelled further by the escalating number of pet populations. The pet population encompasses all domestic animals maintained by humans for various non-utilitarian reasons such as companionship, emotional support, recreation among others. Owing to societal trends that promote pet ownership, great strides in veterinary medicine, and heightened consciousness about pet healthcare, the pet population is gaining momentum. An essential part of ensuring an optimum quality of life and overall visual health in pets is veterinary eye care, which diagnoses and treats eye conditions in these animals. A prime example of this trend is the National Pet Owners survey conducted by the American Pet Products Association (APPA) in December 2023. As per their findings, in the U.S. alone, 66% of households had a pet, accounting for nearly 86.9 million pet-owning homes. This included 46.5 million cats, 65.1 million dogs, and 2.2 million horses. This significant increase in pet population, therefore, acts as a driving force behind the growth of the veterinary eye care market.

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Which Companies Are Leading the Charge in Expanding the Veterinary Eye Care Market?

Major companies operating in the veterinary eye care market are:

• Boehringer Ingelheim

• Zoetis Inc.

• Merck Animal Health

• Bausch & Lomb Incorporated

• Virbac

What New Trends Are Reshaping the Veterinary Eye Care Market and Its Opportunities?

Leading businesses in the veterinary eye care market are concentrating on the development of innovative products, like ocular lubricants, to boost the comfort and eye health of animals, improve the results of treatments, and cater to a variety of eye issues. Ocular lubricants are specially made to hydrate and safeguard the animal’s eye surface. They help in keeping the cornea and conjunctiva appropriately moist, offering relief from dryness, irritation, and discomfort. For example, in April 2024, Millpledge Veterinary, a veterinary product manufacturing company based in the UK, released Oculeze, a novel ocular lubricant intended to maintain animal eye health. The product is adaptable for different species, such as dogs, cats, horses, and rabbits, and is particularly useful for treating conditions demanding extra moisture or lubrication for eye health. The lubricant incorporates natural active components like glycerin (0.8%), aloe vera, chamomile, and propolis extract, which are famed for their soothing and moisturizing properties. Additionally, it is devoid of phosphate, neutral in pH, and applicable to a wide array of conditions necessitating further moisture or lubrication for preserving eye health.

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Which Key Segments Stand Out in Understanding the Composition of the Veterinary Eye Care Market?

The veterinary eye care market covered in this report is segmented –

1) By Product Type: Ophthalmic Drugs, Ophthalmic Devices, Ophthalmic Surgery

2) By Animal Type: Companion Animal, Livestock Animals

3) By Indication: Eyelid Abnormalities, Cataract, Glaucoma, Retinal Complications, Uveitis, Conjunctivitis, Corneal Complications, Other indications

4) By End User: Veterinary Hospital, Veterinary Clinics, Other End Users

Subsegments:

1) By Ophthalmic Drugs: Anti-Inflammatory Drugs, Antibacterial Drugs, Antifungal Drugs, Lubricating Agents

2) By Ophthalmic Devices: Intraocular Lenses, Tonometers, Ophthalmoscopes, Retina Imaging Systems

3) By Ophthalmic Surgery: Cataract Surgery, Glaucoma Surgery, Retinal Surgery, Corneal Transplantation

What Are the Top Regions Fueling Growth in the Veterinary Eye Care Market?

North America was the largest region in the veterinary eye care market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary eye care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Are the Defining Features of the Veterinary Eye Care Market?

Veterinary eye care refers to the specialized field of veterinary medicine focused on the diagnosis, treatment, and management of eye-related conditions and diseases in animals. It is used for preserving the visual health and well-being of animals, enhancing their quality of life, and ensuring their ability to perform essential tasks and behaviors.

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