Market Trends of Veterinary Healthcare Industry
This section covers the major market trends shaping the Veterinary Healthcare Market according to our research experts:
Vaccine Segment Expected to Hold the Significant Share Over the Forecast Period
Vaccines are comprised of viruses, bacteria, or other disease-causing organisms that have been killed or altered so that they cannot cause any disease, thus, boosting immunity. New advanced vaccines have been manufactured containing genetically engineered components derived from those disease agents. Companies like Merck Animal Health hosted a virtual event in March 2022 featuring public health, veterinary medicine, and parasitology experts, who will share their perspectives on managing the threat of vector-borne diseases (VBDs). The One Health approach is uniquely suited to help prevent the emergence and spread of VBDs through traceability, appropriate vaccination policies, and ongoing monitoring and treatment.
Additionally, market players are developing and launching new vaccines globally to enhance their market presence. For instance, in March 2021, the world's first animal vaccine against the novel coronavirus was registered in Russia, named Carnivac-Cov, developed by a unit of Rosselkhoznadzor(Federal Service for Veterinary and Phytosanitary Surveillance. The clinical trials of Carnivac-Cov were started in October 2021 and involved dogs, cats, and other animals.
In July 2021, Zoetis donated more than 11,000 doses of its experimental COVID-19 vaccine to help protect the health and well-being of more than 100 mammalian species living in nearly 70 zoos, as well as more than a dozen conservatories, sanctuaries, academic institutions, and government organizations located in 27 states.
Additionally, in June 2022, in India, the Union Minister of Agriculture & farmers, farmers Shri Narendra Singh Tomar, launched animal vaccines and other diagnostic kits developed by the ICAR-National Research Centre on Equines. The AncovaxVaccine on Equines is an inactivated SARS-CoV-2 Delta (COVID-19) Vaccine for Animals. The immunity induced by Ancovaxneutralizes both Delta and Omicron Variants of SARS-CoV-2. The vaccine contains inactivated SARS-CoV-2 (Delta) antigen with Alhydrogelas as an adjuvant. Therefore, owing to such new launches in veterinary vaccines, the segment is believed to witness substantial growth across the globe in the coming years.
North America Expected to Hold the Largest Market Share over the Forecast Period
North America is one of the most developed regions in the world. It currently holds the major share of the veterinary healthcare market, and it is expected to follow the same trend over the forecast period. With the increasing initiatives by various organizations in North American countries coupled with the high adoption of pets, the market studied is expected to show strong growth.
For instance, in September 2022, Best Friends Animal Society, an animal welfare organization working to end the killing of cats and dogs in America's shelters by 2025, announced that it is teaming up with more than 600 shelter and rescue partners across the United States for its third nationwide adoption campaign in six months to encourage people to choose to adopt, not buy, their next pet. Thus, increasing pet adoption in the United States. Best Friends Animal Society is a pioneer in the no-kill movement and has helped reduce the number of animals killed in shelters from an estimated 17 million per year to around 355,000. Best Friend's Animal Society also reported that in 2021, around 355,000 dogs and cats were killed in shelters in the United States as these animals were not owned. With such initiatives, the veterinary healthcare market is growing significantly.
Similarly, in August 2022, California Animal Welfare Funders Collaborative (CAWFC) awarded USD 300,000 in grants to 19 organizations to make the largest possible impact on people and their pets across the state, to provide the pets with proper food, medicines, and diagnostics as required. Such high funding for animal welfare indicates the rising focus on veterinary health which is contributing largely to the market growth.
In addition, the data published by 'Pet Keen' in May 2022 shows that nearly 38% of Canadian households owned a cat, while 35% owned a dog in 2021. Also, the source mentioned above estimated that pet owners in Canada are spending more money on their pets than before, and 17% of owners are willing to spend more than USD 500 every year for their pet healthcare. This awareness about pet healthcare among pet owners is expected to create demand for products and services available for per-animal healthcare. Thereby driving the studied market growth.
