The Canada Veterinary Healthcare market is expected to register a CAGR of around 5% during the forecast period, 2018 to 2023. Veterinary medicines are associated with treatment, diagnosis, and prevention of diseases among animals. It covers a variety of animal species, both, in domestic and wild.
The citizens of Canada prefer ownership of pets, compared to other countries in the similar geographic locations. As per a 2014 data published by the Government of Alberta, 57 percent of households, which roughly translates to 7.5 million households in the country, own pets. Furthermore, cats are more popular as pets than dogs. The same source reported that 37 percent of households in the country owned one or more cats, while 32 percent preferred dogs as a pet. During the year 2014, Canadian citizens owned at least 7.9 million cats and 5.9 million dogs. Apart from these animals, birds, fishes, herptiles, and small mammals are also preferred by the Canadian citizens, as roughly 9 percent of the Canadians were reported to own one of these as a pet. The major share of pet animal healthcare is attributed to dogs, as dog owners are more likely to spend on the healthcare needs for their pets. Additionally, risk of emerging zoonosis, advanced technology leading to innovations and increase awareness about animal health in animal healthcare is also a factor responsible for the growth of veterinary healthcare market.
Advances in veterinary care over the past few years, have come at high price. For example according to the North American Pet Insurance Association, a trade group, it is estimated that only few percentage of pet population was insured in Canada. So very few pet owners are insured and the remaining pet owner population as to pay the amount from their own pockets. The increasing costs are the major concern and also, many diseases and injuries are diagnosed with an MRI, which used to be inaccessible to all, but the most well-funded university hospitals. That MRI machines are available in many hospitals, vets use this test as standard care for diagnosing and treating cancer, epilepsy, injury, etc., but the test itself also costs over 1000 dollars as this is an incredibly useful and important diagnostic tool, the cost is out of reach for many pet owners who would struggle to be able to afford the surgery and/or treatment following the MRI, let alone the cost of the test itself. Thus, increasing cost of animal testing and veterinary services is hindering the growth of the market.
Also, lack of infrastructure and funding and use of counterfeit medicines are restraining the growth of Canada veterinary healthcare market.
Cost effective production has been extensively used in economic assessments in the field related to animal health. Primary goal of the veterinary vaccines is to increase production of livestock in a cost effective manner. In Canada, this has been a constraint for the animal healthcare market as achieving significant economies of scale, as a result of the high volume of cases manufactured is difficult. In animal health, cost-benefit analysis has been the preferred tool for economic analysis. There is increasing awareness regarding the need to underpin decisions on resource allocation for animal health, welfare, and production measures with structured and transparent frameworks. In order to provide the best animal health and welfare per unit of resource expended, veterinarians must be able to precisely define a number of specific diseases and the cost of the diseases, the cost of disease control and the threat of a particular disease occurring. Implementing all these practices effectively is a difficult task for any manufacturing company. The complexity involved in achieving cost-effective production is a major challenge for the small and medium establishing firms. The high operational costs also affect this market, which includes sales force, high-energy cost, and low technology. Also, lack of infrastructure and funding, increasing costs of animal testing and veterinary services and use of counterfeit medicines are restraining the growth of veterinary healthcare market
The Vaccines segment in Canada veterinary healthcare market is expected to register a healthy CAGR during the forecasted period due to the presence of good healthcare infrastructure in the country, and it is also experiencing positive trends in the R&D developments.
Major Players: Abaxis Inc., Bayer healthcare, Boehringer Ingelheim, Ceva Animal Health, Inc., Elanco (Eli lilly and Company), Idexx Laboratories, Merck Animal Health, Virbac Corporation, Novartis Animal Health, and Zoetis animal healthcare, amongst others.
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