The global veterinary care market size is expected to reach USD 149.3 billion by 2030, registering at a CAGR of 8.0% over the forecast period, as per the new report by Grand View Research, Inc. Increasing number of government initiatives to safeguard food security is likely to boost the adoption of better veterinary care worldwide. A significant increase in pet adoption and humanization worldwide is mostly responsible for the high need for veterinary care, which is boosting the market growth.
Veterinary Care Market Report Highlights
- Companion animals held the dominant share in the animal type segment owing to increasing pet healthcare expenditure and increasing pet adoption
- The production animals segment is expected to register the fastest CAGR over the forecast period due to increasing government initiatives to improve livestock health
- Moreover, rising domestic production, consumption, and export of bovine meat is boosting the segment growth
- Primary care type, for both production & companion animals, dominated the global market in 2020 due to the increased pet ownership, government initiatives to prevent various animal diseases, and a high number of veterinary hospitals & clinics
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Moreover, the COVID-19 pandemic resulted in increased adoption of pets. In June 2020, at the Society for the Prevention of Cruelty to Animals Los Angeles, pet adoptions were double their normal rate, with almost 10 or 13 adoptions a day. Furthermore, a waiting list had formed for certain types of canines and puppies, as so few were left. Increasing awareness among pet owners for primary check-ups of their pets is further boosting the market.
The demand for animal protein is growing across the globe owing to higher per capita income. According to the article OECD-FAO Agricultural Outlook 2020-2029, growth in consumption of meat in the next decade is expected to increase by 12% by 2029. As the demand for meat continues to increase, the demand for veterinary care is anticipated to grow rapidly. Key companies in the market are collaborating with animal welfare organizations to encourage awareness and advance veterinary healthcare, which is further bolstering the market growth.
List of major companies in the Veterinary Care Market
- Zoetis Inc.
- Merck & Co., Inc.
- Boehringer Ingelheim International GmbH
- Elanco Animal Health Inc.
- IDEXX Laboratories, Inc.
- Ceva Santé Animale S.A.
- Dechra Pharmaceuticals PLC
- Virbac S.A.
- Vetoquinol S.A.
- Phibro Animal Health Corp.
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We have segmented the global veterinary care market on the basis of animal type, type of care, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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