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The market is segmented by Product (Therapeutics and Diagnostics), Animal Type (Dogs and Cats, Horses, Ruminants, Swine, Poultry, and Other Animals), and Geography
Fastest Growing Market:
The veterinary healthcare market deals with the availability of treatment for animals and innovations in the range of treatment for their long life and longevity. Recent years have observed major mergers and acquisitions between veterinary-related divisions of major companies, along with the increasing demand for food and feed and the production of animals bred for meat and milk products. A large population investing in pet insurance, across the developed markets, is driving growth in the market being studied.
At present, the veterinary healthcare market is receiving a major improvement from initiatives led by governments and animal welfare associations of several countries, globally. For instance, in the United Kingdom, the Cattle Health and Welfare Group (CHAWG) addresses relevant cattle health and welfare issues. In the United States, there are associations, such as Winter Haven, where the veterinary healthcare associates support the human-animal bond and provide high-quality services for any situation. Similarly, the 2020 Healthy Pets Healthy Families Initiative (HPHF) was launched by the Veterinary Public Health Program (VPH) at the Los Angeles County Department of Public Health to improve both animal and human health. In the emerging market of India, the government, in collaboration with MSD Animal Health, has started an initiative to control foot-and-mouth disease (FMD) for monitoring the health of livestock animals. Moreover, in 2017, Tata Trusts, in partnership with People for Animals, initiated the development of multi-specialty veterinary hospitals and emergency clinics to serve the needs of all domestic and farm animals. Thus, the major awareness programs and support from several organizations for veterinary healthcare are driving the market toward growth.
The market studied is segmented by product, animal type, and geography. By product type, the market studied is segmented into therapeutics and diagnostics, both of which are further sub-segmented. The therapeutics segment includes vaccines, parasiticides, anti-infectives, medical feed additives, and other pharmaceuticals. The diagnostics segment is further segmented into immunodiagnostic tests, molecular diagnostics, diagnostic imaging, clinical chemistry, and other diagnostics. By animal type, the market studied is segmented into dogs and cats, horses, ruminants, swine, poultry, and other animals.
|By Animal Type|
|Dogs and Cats|
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In the developed markets, companion animals play an inevitable role in families, where they are essentially considered as family members than pets. In the emerging markets, livestock animals are given high importance. Across different geographies, the importance of vaccine has risen significantly. The trend of a large number of families opting for pet insurance was observed across major consumer spending stores, globally. Apart from livestock, sheltered/housed animals represent a significant share of the animal population, who are at the great risk of exposure to vaccine-preventable infectious diseases. Vaccines for pets provide immunity against diseases, providing a protective barrier for humans from contacting diseases from their animals who are more likely to come into contact with wildlife. In several cases of food-producing animals, the industry and governments work closely to develop vaccines against major outbreak of diseases in animals, such as foot-and-mouth disease. Some of the major challenges to the market include the unavailability of vaccines against several livestock vector-borne pathogens and strict regulatory approval processes for gaining market authorization. Funding for vaccine banks has become important over time. Over the forecast period, the necessity of vaccines and their development are expected to boost the growth of the veterinary healthcare market.
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Veterinary healthcare is an integral part of the US economy. It is among the most innovative industries in the United States, where it represents 2% of the total US pharmaceutical market. Mexico and Canada are among the largest export markets for meat and dairy products for the United States, each year. Apart from the economic benefits, the social benefits of the animals are far-reaching and highly recognized by several communities. As per the American Pet Products Association, the overall spending in the US pet market increased by 4.1% between 2016 and 2017, from USD 66.75 billion to USD 69.51 billion. Thus, with several factors aiding to develop a better environment, the North American region plays a vital role in the growth of veterinary healthcare.
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Veterinary healthcare has rapidly evolved over the last few years, where technology concerning biotech, genomics, artificial intelligence, cloud computing, and big data has grown massively, bringing competition among large animal health companies and collaborations with technologically advanced start-ups. Also, the industry observed significant mergers and acquisitions in recent years, such as between Boehringer Ingelheim Animal Health and Merial. Thus, the veterinary healthcare market has become a very competitive industry.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Advanced Technology Leading to Innovations in Animal Healthcare
4.3.2 Increasing Initiatives by the Governments and Animal Welfare Associations of Different Countries
4.3.3 Increasing Productivity at the Risk of Emerging Zoonosis
4.4 Market Restraints
4.4.1 Lack of Infrastructure and Funding in LMIC
4.4.2 Use of Counterfeit Medicines
4.4.3 Increasing Cost of Animal Testing and Veterinary Services
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 By Therapeutics
18.104.22.168 Medical Feed Additives
22.214.171.124 Other Therapeutics
5.1.2 By Diagnostics
126.96.36.199 Immunodiagnostic Tests
188.8.131.52 Molecular Diagnostics
184.108.40.206 Diagnostic Imaging
220.127.116.11 Clinical Chemistry
18.104.22.168 Other Diagnostics
5.2 By Animal Type
5.2.1 Dogs and Cats
5.2.6 Other Animals
5.3.1 North America
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bayer Healthcare
6.1.2 Boehringer Ingelheim International GmbH
6.1.3 Ceva Animal Health Inc.
6.1.5 IDEXX Laboratories
6.1.6 Merck & Co. Inc.
6.1.7 Phibro Animal Health
6.1.10 Zoetis Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
* List Not Exhaustive
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments