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What is the Predicted Annual Growth Rate of the Veterinary Healthcare Market Over the Coming Decade?

In the past years, robust growth has been exhibited by the veterinary healthcare market. The market which was sized at $210.91 billion in 2024 is predicted to escalate to $227.13 billion in 2025, advancing at a compound annual growth rate (CAGR) of 7.7%. Factors such as the rise in pet ownership, spread of zoonotic diseases, enhancement of the livestock industry and regulatory compliance have contributed to the growth during the historical period.

Projected to experience robust growth in the coming years, the veterinary healthcare market is forecasted to expand to $297.13 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 6.9%. This growth trend throughout the forecast period is largely driven by factors such as a one health approach, the advent of telemedicine and remote consultations, personalized pet care, burgeoning growth in emerging markets, and the rise of genomic medicine. Other key trends affecting this market growth include initiatives for preventive healthcare, pet insurance options, the use of nutraceuticals for pets, advancement in animal rehabilitation and physical therapy, and growing emphasis on environmental sustainability.

What Key Drivers Are Accelerating the Growth of the Veterinary Healthcare Market During the Forecast Period?

The forecasted increase in global meat production is anticipated to boost the veterinary healthcare market’s growth. There is a noticeable escalation in meat production particularly in developing nations like China, India, and Brazil, where both population and income growth are driving up demand for meat products. It is predicted that meat and poultry production in these emerging markets will rise by 76% by 2027. By 2050, due to a burgeoning middle class, China’s meat imports will experience a growth of over 3,500% to $150 billion, with a marked increase in the consumption of chicken, pork, and beef. The rise in meat production, propelled by growing populations, will inevitably lead to an increased need for feed additives in the livestock industry, which in turn, enhances the demand in the veterinary healthcare market.

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What Are the Major Players Making an Impact in the Veterinary Healthcare Market’s Growth?

Major companies operating in the veterinary healthcare market include Veterinary Healthcare, Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co Inc., IDEXX Laboratories Inc., Evonik Industries AG, Patterson Companies Inc., Ceva Animal Health LLC, Pets at Home Group PLC, National Veterinary Associates Inc., Phirbo Animal Health, MSD Animal Health UK Ltd., C.H. Boehringer Sohn AG & Co, Eli Lilly and Company, Vetoquinol India Animal Health Pvt Ltd., Virbac Group, Dechra Pharmaceuticals plc, Heska Corp, Phillip Brothers Chemicals Inc., Neogen Corp, Kindred Biosciences Inc., Animalcare Group plc, Biogenesis Bago Saude Animal Ltd., Nexvet Biopharma plc, Norbrook Laboratories Ltd., Ouro Fino Saude Animal Participacoes SA, PetIQ Inc., Veterinary Centers of America. Clinical Veterinary Labs, Inc., Greencross Pty Ltd., Consumer Value Stores Group plc, Independent Vetcare Ltd., AniCura AB, VetPartners UK Holdings Ltd., VetCor Professional Practices LLC .

What Are the Key Emerging Trends in the Veterinary Healthcare Market for the Next Decade?

The animal medicine market is seeing an escalating interest in nanotechnology as a potential replacement for veterinary antibiotics to address antibiotic resistance issues. Nanotechnology, defined as the manipulation of matter at the atomic and molecular level, is utilized in the animal medicine field to enhance diagnostic techniques, treatments, the promotion of animal growth, and overall production. Within this context, nanoparticles serve primarily as an antimicrobial alternative to conventional antibiotics, helping to lessen their usage and better identify pathogenic bacteria. Moreover, they are employed as drug delivery vectors for innovative drugs and potential vaccines, enhancing their beneficial features and efficiency, as well as countering drug resistance in animals.

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What Are the Core Segments of the Veterinary Healthcare Market, and How Do They Contribute to Growth?

The veterinary healthcare market covered in this report is segmented –

1) By Type: Veterinary Services, Veterinary Medical Equipment, Animal Medicine

2) By Animal Type: Dogs and Cats, Horses, Ruminants, Swine, Poultry, Other Animals

3) By Product: Instruments/Equipment, Disposables

Subsegments:

1) By Veterinary Services: Pet Care Services (Grooming, Boarding), Veterinary Hospitals And Clinics, Veterinary Diagnostics, Emergency And Specialty Veterinary Services

2) By Veterinary Medical Equipment: Diagnostic Equipment (X-ray, Ultrasound), Surgical Instruments And Equipment, Anesthesia Equipment, Monitoring Equipment (ECG, Pulse Oximeters)

3) By Animal Medicine: Vaccines, Antibiotics And Antimicrobials, Parasiticides, Pain Management Medications, Hormonal And Steroidal Medications

What Regions Are Steering Growth in the Veterinary Healthcare Sector?

North America was the largest region in the veterinary healthcare market in 2023. Asia-Pacific was the second-largest region in the veterinary healthcare market. The regions covered in the veterinary healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Are the Core Features That Define the Veterinary Healthcare Market?

Veterinary healthcare refers to a healthcare service that is associated with the diagnosis, treatment, and prevention of diseases in animals and the duties of an individual whose job it is to provide medical care for animals who are ill or injured, or to describe such care to reduce transmission of infectious disease from one pet to another.

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