New York, Sept. 07, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Veterinary Healthcare Market – Growth, Trends, and Forecasts (2020 – 2025)” – https://www.reportlinker.com/p05962014/?utm_source=GNW
A large population investing in pet insurance, across the developed markets, is also driving the growth of 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 growth.
Key Market Trends
The Significant Growth in the Demand for Vaccines may Boost the Growth of the Veterinary Healthcare Market Over the Forecast Period
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.
North America is Expected to Hold the Largest Share in the Veterinary Healthcare Market
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.
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 and Merial. Thus, the veterinary healthcare market has become a very competitive industry.
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