The veterinary healthcare market consists sales of goods and services by entities (organizations, sole traders and partnerships) associated with diagnosis, treatment and prevention of diseases in animals. This industry includes establishments that provide veterinary services, veterinary medical equipment producers and animal medicine producers.
The global veterinary healthcare market is expected to decline from $150.7 billion in 2019 to $119 billion in 2020 at a compound annual growth rate (CAGR) of -21.1%. The decline is mainly due to COVID-19 outbreak and the lockdown measures to contain it. Several veterinary care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. There is also worldwide demand and supply issue due to an inadequate production of veterinary care devices because of the restrictions imposed by governments of various countries to shutdown factories, or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $186.7 billion in 2023. North America was the largest region in the global veterinary healthcare market, accounting for 53% of the market in 2019. Western Europe was the second largest region accounting for 21% of the global veterinary healthcare market. Africa was the smallest region in the global veterinary healthcare market. The pet insurance industry is offering new product lines for veterinary services in developed markets. The insurance cover helps pet owners to explore a range of treatment options available ensuring better healthcare of animals. For example, Healthy Paws pet insurance offers insurance for pet illness, accidents, hereditary and congenital conditions, chronic conditions and alternative care.
The major players in the global veterinary healthcare market are Bayer AG, Boehringer Ingelheim GmbH, Cargill Inc., Ceva Santé Animale, Eli Lilly and Company
The countries covered in the global veterinary healthcare market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The global veterinary healthcare market is segmented:
1) By Type, Veterinary Services, Veterinary Medical Equipment, Animal Medicine
2) By Type of Animal, Livestock, Companion Animals Subsegments Covered, Animal Hospitals And Veterinary Clinics, Veterinary Laboratory Testing Services, Veterinary Diagnostic Equipment, Veterinary Anesthesia Equipment, Veterinary Patient Monitoring Equipment, Other Veterinary Medical Equipment, Veterinary Pharmaceuticals, Feed Additives