Veterinary Eye Care Market Size
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | North America |
| CAGR: | 3.2 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Veterinary Eye Care Market Analysis
Veterinary Eye Care Market is expected to witness a CAGR of 3.2% during the forecast period (2022-2027).
The COVID-19 pandemic is an unprecedented health concern and is adversely affecting communities, industries, businesses, and lives around the world. 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 with respect to 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 certain guidelines to veterinary professionals for the treatment of companion animals during the COVID-19 pandemic. Moreover, the pandemic period was found to be propelling factor for the veterinary eye care market as due to the repeated lockdowns, people stayed mostly at home and took care of their pets. This stimulated the demand for veterinary services and products such as eye care products and had positive impact on the veterinary eye care market.
The veterinary eye care market is experiencing tremendous growth due to the rising adoption of companion animals coupled with increasing pet insurance which is giving rise to animal healthcare expenditures and thus propelling the growth of the market. A significant rise in the adoption of pet animals, including dogs, cats, and even horses, as companion of human beings, has been observed over the recent years. Moreover, farm animals, including cattle and swine, are also being taken in for various commercial purposes. The developed economies represent a substantial large share in companion animal-ownership, owing to the promising economic condition. For example, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), in the United States, seventy percent of United States households, or about 90.5 million families, own a pet. It is estimated that this trend will continue to rise even in the forecast period and the demand for their eye care will experience substantial growth in the future.
The increasing burden of eye disorders in pets such as cataract glaucoma etc and rising prevalence of risk factors such as early aging or due to diabetes etc are the primary factors driving the growth of the market. Further, factors such as technological advancements to find an effective ophthalmologic cure, a rising number of veterinary practitioners and veterinary care facilities, the novel products will fuel the market growth. In addition, novel product launches and rigorous R&D investments by the companies serve to be the high impact driver in the forecast period. For instance, in June 2020, Akorn announced the launch of its Abbreviated New Animal Drug Application (ANADA) for Neomycin and Polymyxin B Sulfates, and Bacitracin Zinc Ophthalmic Ointment, for the treatment of ocular bacterial infections in dogs and cats. However, lack of awareness pertaining to the eye care treatment and high cost may hamper the growth of the market
Veterinary Eye Care Industry Segmentation
The veterinary Eye Care Market includes products and services that found various applications from cleaning pets' eyes to improve their eyesight. These products and services are intended for the treatment of various ocular disorders such as cataract, glaucoma, and infectious diseases. The Veterinary Eye Care Market is Segmented by Type (Eye Care Products and Eye Care Services), Indication (Ocular Surface Disorders, Glaucoma, Cataract, Infectious Diseases, Other Indications), Application (Dog, Cat, Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Type | |
| Eye Care Products | |
| Eye Care Services |
| By Indication | |
| Ocular Surface Disorders | |
| Glaucoma | |
| Cataract | |
| Infectious Diseases | |
| Other Indications |
| By Application | |
| Dog | |
| Cat | |
| Other Applications |
| By Geography | ||||||||
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Veterinary Eye Care Market Trends
This section covers the major market trends shaping the Veterinary Eye Care Market according to our research experts:
Eye Care Products Boost the Market Growth
Veterinary Eye Care Products dominate the market currently due to increasing prevalence of eye disorders in animal, rising pet population and growing awareness related to animal eye care drives the market growth. Animal eye care products are used in cleaning animal’s eyes, treating infections, and ocular diseases. Cyclosporine and Tacrolimus are the most recommended drug for eye diseases and thus expected to boost the market growth in the forecast period.
Moreover, in April 2021, Ingeneus reported expansion of the eyeTelemed range of products with the IOPvet , a device capable of assessing the intraocular pressure (IOP) of animals with ease and accuracy. The symptoms of early-stage glaucoma are subtle, and can be easily missed in some animals. High eye pressure is the main indicator of glaucoma in animals, and can cause pain and permanent vision loss if left untreated. The early detection and ongoing assessment of high eye pressure conditions in animals, particularly high-risk breeds, is therefore crucial in veterinary settings. Therefore, such developments are anticipated to fuel the development of veterinary eye care products and services.
There have been numerous initiatives introduced globally for the proper management and accessibility of veterinary services and veterinary medicine to companion animals, which is likely to drive the market growth. For instance, in March 2020, the World Small Animal Veterinary Association (WSAVA) launched a list of essential medicines for dogs and cats, developed by the association’s Therapeutics Guidelines Group (TGG), in order to tackle the difficulties associated with companion animal veterinarians in accessing essential veterinary medicines by supporting the availability of the drugs required for minimum standards of clinical practice. Thus, these factors are expected to drive the veterinary eye care market during the forecast period.
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North America to Remain the Largest Veterinary Eye Care Market
Globally, North America dominates the global Veterinary Eye Care Market owing to the high demand for Veterinary Eye Care products due to the increased adoption of pets in this region. Robust veterinary healthcare infrastructure increased veterinary healthcare spending and rising veterinary practices will serve as the major factors pertaining to the growth in this region.
According to the American Veterinary Medical Association, there were a total of 118,624 veterinary practitioners practicing in the United States in 2020. An increase in the veterinary hospitals and clinics and favorable government policies and easy access to medical reimbursement policies will further project the growth in this region. In addition, the data published by the American Pet Products Association (APPA) in 2022, stated that the total pet healthcare expenditure was estimated at USD 123.6 billion in 2021, while the expenditure in 2020 was around USD 103.6 billion.
Moreover, there is an increasing adoption of veterinary teleconsultation services due to the emergence of COVID-19. For instance, in October 2020, Chewy Inc., an American online retailer, launched a telehealth service that connects pet owners to a licensed veterinarian, which may further boost the market growth in the forecast period.
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Veterinary Eye Care Industry Overview
some of the key players currently dominating the Veterinary Eye Care Marke includes I-MED Animal Health, Akorn Operating Company LLC, Bausch & Lomb Incorporated, NUTRI-VeT, and Zoetis etc. The Veterinary Eye Care Market is fragmented and competitive due to the presence of a large number of players. The major players are currently aiming their attention to expand their businesses in order to strengthen their position in the market.
Veterinary Eye Care Market Leaders
I-MED Animal Health
Bausch & Lomb Incorporated
Innovacyn, Inc.
MiracleCorp
Akorn Operating Company LLC
*Disclaimer: Major Players sorted in no particular order
Veterinary Eye Care Market News
- In August 2021, Eye Care for Animals (ECFA), provider of veterinary ophthalmology service group to 39 clinics across the United States celebrates 40 years of service.
- In May 2021, Senju Pharmaceutical launched “IDU Senju” eye drops for feleine herpesvirus through DS Pharma Animal Health.
Veterinary Eye Care Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Eye Diseases in Animals
4.2.2 Rising Adoption of Animal Companion
4.3 Market Restraints
4.3.1 High Cost
4.3.2 Lack of Awareness
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Eye Care Products
5.1.2 Eye Care Services
5.2 By Indication
5.2.1 Ocular Surface Disorders
5.2.2 Glaucoma
5.2.3 Cataract
5.2.4 Infectious Diseases
5.2.5 Other Indications
5.3 By Application
5.3.1 Dog
5.3.2 Cat
5.3.3 Other Applications
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Akorn Operating Company LLC
6.1.2 Bausch & Lomb Incorporated
6.1.3 Boehringer Ingelheim International GmbH
6.1.4 I-MED Animal Health
6.1.5 Innovacyn, Inc.
6.1.6 MiracleCorp
6.1.7 NUTRI-VET
6.1.8 Zoetis
6.1.9 Epicur Pharma
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Veterinary Eye Care Market Research FAQs
What is the study period of this market?
The Veterinary Eye Care Market is studied from 2018 - 2028.
What is the growth rate of Veterinary Eye Care Market?
The Veterinary Eye Care Market is growing at a CAGR of 3.2% over the next 5 years.
Which region has highest growth rate in Veterinary Eye Care Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Veterinary Eye Care Market?
North America holds highest share in 2021.
Who are the key players in Veterinary Eye Care Market?
I-MED Animal Health , Bausch & Lomb Incorporated , Innovacyn, Inc. , MiracleCorp, Akorn Operating Company LLC are the major companies operating in Veterinary Eye Care Market.
Global Veterinary Eye Care Industry Report
Statistics for the 2023 Global Veterinary Eye Care market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Veterinary Eye Care analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
