Market Size of Veterinary Healthcare Industry
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 58.30 Billion |
| Market Size (2029) | USD 85.14 Billion |
| CAGR (2024 - 2029) | 6.83 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Veterinary Healthcare Market Analysis
The Veterinary Healthcare Market size is estimated at USD 58.30 billion in 2024, and is expected to reach USD 85.14 billion by 2029, growing at a CAGR of 6.83% during the forecast period (2024-2029).
Supply disruptions and shortages of veterinary medicines were observed in several countries, primarily due to the temporary lockdowns of manufacturing sites, export bans, and increased demand for therapy for the treatment of COVID-19. Governments are taking measures to mitigate the supply of medicines. For instance, in 2020, the European Medicines Agency issued guidance for companies responsible for veterinary medicines concerning adaptations to the regulatory framework, primarily to address the challenges faced during this pandemic. Also, the Centers for Disease Control and Prevention, in July 2020, recommended specific guidelines to veterinary professionals for treating companion animals during the COVID-19 pandemic. Hence, it is observed that the pandemic had a significant impact on the market studied. However, the market has reached pre-pandemic in terms of demand for veterinary health products and services. The market is expected to witness significant growth in a short period.
The market is primarily driven by the approval of new products related to treating animal disorders. For instance, in June 2022, DechraVeterinary Products announced that it is VETRADENT Liquid Water Additive for dogs and cats and received the seal of acceptance to help control tartar from the Veterinary Oral Health Council (VOHC). The seal has been granted for dogs after adequately demonstrating safety and efficacy. Also, in October 2021, BASF Animal Nutrition, a supplier of innovative feed additives for livestock, aquaculture, and companion animals, and trinamiXGmbH, a wholly owned subsidiary of BASF SE, joined forces to introduce trinamiX' Mobile Near Infrared (NIR) Spectroscopy Solution to the feed industry. With this launch, the portable NIR solution provides customers across the entire value chain with a fast and reliable on-site analysis of animal feed and ingredients. With the launch of such veterinary products, the market studied is expected to witness healthy growth in the coming years.
Many companies focus on frequent product launches that may drive worldwide growth. For instance, in June 2022, R-BiopharmAG acquired AusDiagnostics. With the acquisition, R-Biopharmexpanded its product portfolio with molecular biology multiplex diagnostics, extraction reagents, and laboratory automation equipment for animals and humans. In addition, in January 2022, IDEXX Laboratories, Inc. expanded its reference laboratory menu of tests and services that will enable veterinarians to meet better the challenges of diagnosing and treating cancer. The expansion includes a liquid biopsy test that utilizes next-generation DNA sequencing technology to diagnose canine cancers. Hence, the market for veterinary healthcare is expected to witness substantial growth over the forecast period due to the aforementioned factors.
However, the high cost of diagnostic imaging equipment and veterinary medicines and the high price of veterinary services is anticipated to restrain the market's growth over the forecast period.
