A Study on Veterinary HealthCare Market with Analytical Review

Veterinary healthcare – Historical origins and growth

Veterinary healthcare (that includes veterinary medicine) in simple terms can be defined as all products and services other than livestock feed and pet food that promotes livestock productivity and health and companion animal health. The origins or history of global veterinary healthcare market can be traced back to the time when veterinary medicine was first practiced during the Egyptian period during 1900 BCE with the evidence of practice found in the form of written records (Papyrus of Kahun).

The establishment of the first veterinary college in Lyon (France) in 1762 by Claude Bourgelat and later the Oldham Agricultural Society in 1783 in England to promote agriculture and industry played an important role in the foundation of the veterinary profession in Great Britain and in other parts of the globe. In the United States, veterinary health schools began to be established in the early 19th century in states like Boston, Philadelphia and New York.

Over the years, the global veterinary market has grown rapidly where during the 19th century it was common for veterinary surgeons to complement service with product provision. In fact, proprietary veterinary products designed for the national market first began to appear in the United Kingdom in the 1850s.

Veterinary healthcare market analysis – Trends and Forecast

The global veterinary healthcare market was estimated to be worth $27 billion in 2016 and is expected to growth at a CAGR of 7.94% that may reach the US $39.56 billion by the end of 2021. The veterinary healthcare market is the culmination of two large and growing industry sectors that is pet care and livestock production. These three sectors are interrelated.

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The scope of the global veterinary market is quite broad that covers various animal species both domestic and wild. As per a leading veterinary healthcare market research report, an increasing population along with stable economies around the world is creating a demand for protein rich foods in the form of milk, eggs, and fish in addition to limited resources available such as farmlands, and water. Further, the increased companion animal ownership and spending on medicines to help pets’ live longer by the pet owners are primary contributing factors for the growth of veterinary vaccines market. The growing number of food borne diseases among the pet animals is also fueling the animal healthcare market.

In the United States, medical treatment for pets is getting more sophisticated with pet health insurance becoming more common.  According to the American Pet Products Association, veterinary care spending amounts to $15.2 billion and pet care in the form of MRIs, sonograms, and chemotherapy comes under the preview of the veterinary healthcare market. In developing economies like India, the veterinary healthcare market is estimated to be around Rs.3000 crores with the industry steadily growing at the rate of around 8% to 9% due to favorable macroeconomic factors such as growing disposable incomes that is resulting in the increased spending on animal products.

Segmentation of global veterinary healthcare market – A summary

The global veterinary healthcare market is segmented according to Type, Product, and Geography and as such, each of these segments is further divided into types as shown herein below in a tabular format.

Type Product Geography
Farm animals market

·         Poultry

·         Swine

·         Cattle

·         Sheep

Pharmaceuticals & Bio -Pharmaceutical Market

·         Vaccines

·         Parasiticides

·         Anti-infective Agents

·         Medicinal Feed Additives

·         Other Pharmaceuticals

 

North America

 

Europe

 

Asia-Pacific

 

Latin America

 

Middle East

Companion Animals Market

·         Dogs & Cats

·         Horse

Animal Diagnostic Tests

·         Immunodiagnostic Tests

·         Molecular Diagnostics

·         Diagnostic Imaging

·         Clinical Chemistry and others

Africa

 

Table: 1: Market Segmentation of Global Veterinary Health Market

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Based on geographical segmentation, Europe along with North America occupies the center stage with the North America’s veterinary healthcare market currently valued at $7.83 billion in 2016 that is expected to reach $10.73 billion by the end of 2021 with a CAGR of 6.5%. The major players or companies operating in the veterinary healthcare market include companies such as-

  • Bayer AG
  • Merck & Co. Inc
  • Cargill Inc
  • Novasep
  • Sanofi S.A.

In the coming years, the global veterinary healthcare market is expected to break new grounds in terms of technology, partnerships, collaborations and new product development and launches.

For more information on the Veterinary HealthCare market and the new products and technologies being launched, visit our website at http://www.marketdataforecast.com

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