Global Veterinary Healthcare Market Opportunities and Strategies 2015 to 2023 - Major Players in the Market Include Zoetis, Boehringer Ingelheim, Merck & Co, Koninklijke Dsm N.V, and Mars - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 24, 2020--
The “Veterinary Healthcare Global Market Opportunities And Strategies To 2023” report has been added to ResearchAndMarkets.com’s offering.
This report describes and evaluates the global veterinary healthcare market. It covers two five-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.
The global veterinary healthcare market size reached a value of nearly $154.4 billion in 2019, having grown at a compound annual growth rate (CAGR) of 10.1% since 2015, and is expected to grow at a CAGR of 11.0% to nearly $234.0 billion by 2023.
Growth in the historic period resulted from emerging markets growth, increased pet ownership by gen x and gen y adults, increased pet spending, increased disease prevalence, rise in meat consumption, and stringent regulations on meat products. Factors that negatively affected growth in the historic period were a shortage of veterinarians, lack of awareness, and inappropriate use of medicines.
Going forward, economic growth, increasing penetration of pet insurance, rising meat production, and social media will drive growth. Factors that could hinder the growth of the veterinary healthcare market in the future include the rising threat of antibiotic resistance, reductions in free trade, and rising interest rates.
The veterinary healthcare market is segmented by type into veterinary services, animal medicine, and veterinary medical equipment. The veterinary services market was the largest segment of the veterinary healthcare market, accounting for $114.22 billion or 74.0% of the total in 2019. The veterinary medical equipment market is expected to be the fastest-growing segment going forward at a CAGR of 12.6%.
The veterinary services market is segmented by type into animal hospitals and veterinary clinics, and veterinary laboratory testing services. The animal hospitals and veterinary clinics market was the largest segment of the veterinary services market, accounting for $96.40 billion or 84.4% of the total in 2019. The veterinary laboratory testing services market is expected to be the fastest-growing segment going forward at a CAGR of 11.8%.
The veterinary pharmaceuticals market is further segmented by type of pharmaceuticals into veterinary parasiticides, veterinary vaccines, veterinary antibiotics, and others - veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of the veterinary pharmaceuticals market, accounting for $9.9 billion or 29.4% of the total market in 2019. The veterinary vaccines segment is expected to be the fastest-growing segment going forward at a CAGR of 13.7%.
North America was the largest region in the veterinary healthcare market, accounting for 47.1% of the global market in 2019. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest growing regions in the veterinary healthcare market will be Africa and Asia-Pacific, where growth will be at CAGRs of 16.0% and 15.4% respectively. These will be followed by the Middle East and South America where the markets are expected to grow at CAGRs of 13.4% and 11.9% respectively.
The global veterinary healthcare market is fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 22.01% of the total market in 2018. Major players in the market include Zoetis Inc., Boehringer Ingelheim Gmbh, Merck & Co. Inc., Koninklijke DSM N.V, and Mars Inc.
Key Topics Covered:
2. Veterinary Healthcare Characteristics
3. Animal Medicine Market, Product Analysis - Product Examples
4. Global Veterinary Healthcare Market, PESTEL Analysis
5. Veterinary Healthcare Customer Information
6. Veterinary Healthcare Trends And Strategies
7. Global Animal Medicine Market Regulatory Landscape
8. Global Veterinary Healthcare Market Size And Growth
9. Veterinary Healthcare Market, Regional And Country Analysis
10. Global Veterinary Healthcare Market Segmentation
11. Global Veterinary Services Market Segmentation
12. Global Animal Medicine Market Segmentation
13. Global Veterinary Medical Equipment Market Segmentation
14. Global Veterinary Healthcare Market Comparison with Macro Economic Factors
15. Global Veterinary Healthcare Market Comparison With Macro Economic Factors Across Countries
Select Companies Mentioned Include:
For more information about this report visit https://www.researchandmarkets.com/r/a3p5da
View source version on businesswire.com:https://www.businesswire.com/news/home/20200124005222/en/
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INDUSTRY KEYWORD: VETERINARY HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 01/24/2020 07:38 AM/DISC: 01/24/2020 07:38 AM