What are the Historical Developments and Current Growth Metrics of the Veterinary Eye Care Market?
The veterinary eye care market has seen considerable growth due to a variety of factors.
• The veterinary eye care market has experienced strong growth in recent years. It will grow from $68.25 billion in 2024 to $71.97 billion in 2025, at a CAGR of 5.4%.
This growth can be attributed to advancements in veterinary medicine, trends in companion animal ownership, the growing focus on preventive healthcare, technological innovations, and increasing education and awareness.
What is the Forecasted Market Size and CAGR for the Veterinary Eye Care Market?
The veterinary eye care market is expected to maintain its strong growth trajectory in upcoming years.
• The veterinary eye care market is set to grow to $87.63 billion by 2029 at a CAGR of 5.0%.
This expansion is attributed to population trends, regulatory changes, consumer preferences, healthcare access, and emerging diseases. Key trends in the market include advanced imaging techniques, minimally invasive surgical procedures, and the use of gene therapies.
What Key Factors and Trends Are Driving The Growth 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.
What Are The Market Segments In 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
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How Are Emerging Trends Reshaping The Dynamics Of The Veterinary Eye Care Market?
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.
Who Are the Key Players In 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
• Menicon Co. Ltd.
• Nutramax Laboratories Inc.
• Manna Pro Products LLC
• Farnam Companies
• Bayer Animal Health
• Beaphar
• Revival Animal Health
• MiracleCorp Products
• Zymox
• Domes Pharma
• Epicur Pharma
• TVM UK Animal Health Ltd.
• I-MED Animal Health
• an-vision GmbH
• Optixcare
• MENFORSAN
• Nutri-Vet
• Boss Pet Products Inc.
What Are The Regional Insights Into 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.
