United Kingdom Veterinary Healthcare Market Size

UK Veterinary Healthcare Market Analysis

The United Kingdom Veterinary Healthcare Market size is estimated at USD 1.75 billion in 2024, and is expected to reach USD 2.45 billion by 2029, growing at a CAGR of 6.94% during the forecast period (2024-2029).

The outbreak of the pandemic impacted the United Kingdom's veterinary healthcare market. During the initial phase of the pandemic, the market witnessed a slight short-term negative impact primarily due to the reduced veterinary visits and the shortage of veterinary medicines during COVID-19. The country was in lockdown, suspended trade with other countries, and implemented travel restrictions. It affected the import and export activities of veterinary medicines and diagnostics, leading to a decline in the sales of many products. However, the high adoption rate of pet animals during the lockdown has increased the demand for veterinary drugs and treatment, impacting the overall market. For instance, according to the PDSA PAW report published in June 2021, 2 million people in the UK owned pets between March 2020 to May 2021. Thus, during the initial days of the pandemic, the market witnessed slow growth. However, with the high adoption rate, upliftments of lockdown, and declining cases of COVID-19, the market started to gain momentum and is expected to continue the upward trend over the forecast period.

The major factors driving the market growth are the advanced technology leading to innovations in animal healthcare, increasing pet ownership, and increasing productivity at the risk of an emerging zoonosis. For instance, in February 2022, the UK government invested over EUR 200 million to prevent zoonotic diseases. The funds were allocated to research institutions mainly focusing on the avian flu and bovine tuberculosis. In addition, the government is also taking measures to mitigate the scarcity of supply of medicines. For instance, the European Medicines Agency issued guidance in 2021 for companies responsible for veterinary medicines concerning the adaptations to the regulatory framework, primarily to address the challenges faced during the pandemic. Therefore, such positive developments are expected to create new opportunities for the market, further surging market growth.

Furthermore, the increasing product launches in the UK may also help the market to witness considerable growth. For instance, in April 2022, Vetoquinol launched Felpreva, a three-monthly feline spot-on parasiticide that acts on endo and ectoparasites in the UK market. Felpreva provides an option to reduce the frequency of treatments, lessening stressful interactions between owners and their cats. Hence, owing to these factors, the veterinary healthcare market in the UK is expected to witness rapid growth over the forecast period.

However, the counterfeit medicines use and increasing costs of animal testing, and veterinary services are likely to hinder market growth over the forecast period.