The Global Veterinary Healthcare Market is Estimated to Reach USD 39.56 billion by 2021
Rise in the pet ownership, demand for
animal-related medical products, awareness regarding animal health issues and
availability of advanced diagnostic and surgical procedures are some of the key
veterinary industry trends
that are observed in recent times. Aforementioned, make veterinary healthcare
of paramount importance.
Factors
Impacting the Market Growth:
Veterinary
industry analysis states that rising demand for pet products and
the adoption of advanced technologies for veterinary treatments has boosted the
market growth.
However, high costs for licenses, trained
personnel and equipment have made veterinary services less affordable thus
impeding the market growth.
According to a survey conducted by the American
Pet Products Association, 41% of cat owners and 43% of dog owners primarily
rely on online information to treat their pets instead of visiting a veterinary
clinic. These are some integral factors that are currently restraining market
growth.
Market Opportunities:
Major veterinary industry trends like the usage of big data in pet care to
assess and diagnose potential diseases and advanced wearable devices to monitor
animal health can open numerous opportunities for the market to grow.
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FutureWise ensures utilization of statistically
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we employ numerous primal and auxiliary sources for market forecasting and
sizing including but not limited to following mentioned sources such as
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Below are vital market parameters regarding
veterinary industry market research that are briefly analysed and verified by
senior research consultants at FutureWise.
1.
Regional Insight:
•
North America
•
Europe
• Asia
Pacific
•
Middle East
• Rest
of the World
North America accounts for the largest market
share and this veterinary industry trend is mainly observed in the U.S. This is
owing to the high per capita spend in the U.S. Furthermore, expansion of new
animal education programs seeking accreditation which can widen the scope of
adopting veterinary services.
On the other hand, China, which possesses the
largest animal population, spends significantly less on veterinary services.
However, countries like India are experiencing a rise in the animal population
owing to the rising demand for dairy products and meat which has, in turn,
increased the demand for veterinary services in the Asia Pacific region.
2.
Market Overview:
Production animal segment dominates the global
market. The reason for this dominance is the ever-increasing concern regarding
sustainability and food safety by government healthcare organizations.
Furthermore, the livestock population can be efficiently increased using
techniques like artificial insemination that is performed mainly on cattle.
The companion animal segment, on the other
hand, has huge potential for showcasing a significant market growth owing to a
rise in the pet ownership and considering pets as members of family thus
increasing the significance of their healthcare.
3.
Competitive Landscape:
• Tier
1 players- established companies in the market with a major market share
• Tier
2 players
•
Emerging players which are growing rapidly
• New
Entrants
•
Market Ranking Analysis
• New
Product Developments
•
Collaborations
•
Acquisitions
•
Expansions
FutureWise Key Takeaways:
•
Growth prospects
• SWOT
analysis
• Key
trends
• Key
data-points affecting market growth
We at FutureWise analyse the growth prospects
of our clients so as to understand its capability of incurring larger profits,
increasing production and expanding its workforce.
We also examine key data-points like compound
annual growth rate (CAGR), return on investment (RoI), consumer acquisition and
consumer retention rate in order to structure an insightful market research
report.
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