Global Veterinary Healthcare Market Report and Forecast 2024-2032

Global Veterinary Healthcare Market Outlook

The global veterinary healthcare market attained a value of about USD 35.53 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.4% to reach nearly USD 73.33 billion by 2032.

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Increasing Pet Ownership Bolstering the Growth of the Veterinary Healthcare Industry

The market for veterinary healthcare is being aided by the growing pet ownership, especially by the millennial and Gen-Z population. Pet parents are increasingly focusing on boosting the quality of life of their pets, due to which the demand for pet vaccines is significantly surging. The demand for optimal animal health is further fuelled by the growing trend of pet therapy and pet humanisation. As the prevalence of pet therapy as an alternative treatment is becoming popular among the young population, the market for veterinary healthcare is poised to grow.

The prevalence of various chronic illnesses in pets is increasing the demand for optimal veterinary healthcare. The rising demand for clinical examination by pet parents is surging the deployment of ultrasound and X-ray technology for diagnosis in pets. As cancer is one of the most common diseases in pets such as cats and dogs, the demand for effective therapeutic treatments for the disease is increasing. Moreover, the rising availability of techniques such as computed axial tomography and magnetic resonance imaging for pets is also bolstering the quality of veterinary healthcare, therefore significantly contributing to the market growth.

Veterinary Healthcare: Market Segmentation

Veterinary healthcare refers to the control, diagnosis, and prevention of diseases, treatments, and injuries, in animals. It is essential to ensure the optimal health of animals. Veterinary healthcare comprises various scientific fields, such as toxicology, microbiology, pathology, radiology, and surgeries. It also prevents the transmission of zoonotic diseases in humans.

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The major products of veterinary healthcare are:

• Therapeutics
• Diagnostics

The therapeutics segment is classified into vaccines, parasiticides, anti-infectives, and medical-feed additives, among others. Meanwhile, the diagnostics segment is divided into immunodiagnostic tests, molecular diagnostics, diagnostic imaging, and clinical chemistry, among others.

The market can be broadly categorised on the basis of its animal types into:

• Dogs and Cats
• Horses
• Ruminants
• Swine
• Poultry
• Others

The EMR report looks into the regional markets of veterinary healthcare like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rapid Adoption of Digital Technology in Veterinary Healthcare to Augment the Market Growth

The rising deployment of digital technologies to monitor animal wellbeing and health is bolstering the growth of the veterinary healthcare industry. In addition, the growing trend of preventive healthcare to reduce health-related costs is increasing the demand for wearable sensors for animals. As wearable devices can provide crucial animal health statistics such as heart rate, pH levels, and respiration rate, among others, they are increasingly preferred by veterinarians to improve healthcare quality. Moreover, developments in veterinary practice management are increasing the accessibility and cost-effectiveness of veterinary healthcare, which is anticipated to augment the growth of the market.

The integration of artificial intelligence (AI) in veterinary healthcare enables real-time predictive analysis and identifies the cause of diseases, due to which it is increasingly used in diagnostics. Moreover, artificial intelligence (AI) is expected to be widely deployed in medical imaging processing to enhance the accuracy and cost-effectiveness of veterinary diagnostics. The increasing integration of artificial intelligence (AI) in various veterinary healthcare research and development (R&D) activities to effectively analyse data is providing further impetus to the market growth.

Key Industry Players in the Global Veterinary Healthcare Market

The report presents a detailed analysis of the following key players in the global veterinary healthcare market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Elanco Animal Health
• CEVA SANTE ANIMALE
• Vetoquinol S.A.
• Zoetis Inc.
• Boehringer Ingelheim International GmbH.
• BioChek Group
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report