SAN FRANCISCO, Sept. 15, 2021 /PRNewswire/ — The global veterinary care market size is expected to reach USD 114.4 billion by 2028, registering a CAGR of 5.4% over the forecast period, according to a 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.
Key Insights & Findings:
- 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
Read 150 page market research report, «Veterinary Care Market Size, Share & Trends Analysis Report By Type Of Care (Primary, Critical), By Animal Type (Companion, Production), By Region (North America, APAC), And Segment Forecasts, 2021 – 2028«, by Grand View Research
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.
Grand View Research has segmented the global veterinary care market on the basis of animal type, type of care, and region:
- Veterinary Care Animal Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Companion Animal
- Production Animal
- Veterinary Care Type Of Care Outlook (Revenue, USD Billion, 2016 – 2028)
- Companion Animal
- Specialty Services
- Production Animal
- Specialty services
- Veterinary Care Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
List of Key Players of Veterinary Care Market
- Merck Animal Health
- Ceva Santé Animale
- Boehringer Ingelheim GmbH
- IDEXX Laboratories, Inc.
- Heska Corporation
- Vetoquinol S.A.
- Indian Immunologicals Ltd.
Check out more studies related to animal health and associated services, conducted by Grand View Research:
- Veterinary Services Market – The global veterinary services market size was valued at USD 97.34 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
- Animal Health Market – The global animal health market size was valued at USD 45.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2021 to 2028.
- Companion Animal Health Market – The global companion animal health market size was valued at USD 18.67 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028.
Browse through Grand View Research’s coverage of the Global Animal Health Industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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