Global Veterinary Healthcare Market Report 2022
Major players in the veterinary healthcare market include Zoetis Inc. and Boehringer Ingelheim GmbH, Merck & Co, IDEXX Laboratories, Evonik Industries AG, and Patterson Companies Inc. and Ceva Animal Health LLC – Biomune; Pets at Home Group PLC, National Veterinary Associates, and Phirbo Animal Health.
NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) – Reportlinker.com announces release of “Global Veterinary Healthcare Market Report 2022” – https://www.reportlinker.com/p06281012/?utm_source=GNW
The global veterinary healthcare market is expected to grow from $159.59 billion in 2021 to $176.96 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The market is expected to grow to $252.05 billion in 2026 with a compound annual growth rate (CAGR) of 9.2%.
The veterinary healthcare market consists of sales of veterinary healthcare goods and services by entities (organizations, sole dealers, partnerships) associated with the diagnosis, treatment, and prevention of diseases in animals. This industry includes institutions that provide veterinary services, producers of veterinary medical equipment, and producers of animal medicines.
The main types of veterinary health care are veterinary services, veterinary medical equipment, and animal medicines and are used for animals such as dogs, cats, horses, ruminants, pigs, poultry and other animals, and veterinary services refer to health care services that are provided to animals.
Products include tools/equipment and consumables.
North America was the largest region in the veterinary healthcare market in 2021, and Asia Pacific was the second largest region in the veterinary healthcare market.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary healthcare market. According to the US Department of Agriculture, in 2020, US beef production reached 27.5 billion pounds, the highest recorded production volume in the country. Rising meat production is particularly prominent in developing countries such as China, India and Brazil, where increasing populations and rising income levels stimulate demand for meat products. By 2027, meat and poultry production in emerging markets is expected to increase by 76%. By 2050, China’s meat imports are expected to grow by over 3,500% to $150 billion with increased consumption of chicken, pork and beef due to the rising middle class in the country. Increased production of meat products supported by population increase will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.
The coronavirus disease (COVID-19) outbreak was a major constraint on the veterinary healthcare market in 2020 as supply chains were disrupted by trade restrictions and consumption slumped due to government-imposed shutdowns globally. With flu-like symptoms including fever, cough and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province, People’s Republic of China, and has spread globally to including Western Europe, North America and Asia. Steps taken by national governments to contain transmission dragged down economic activity as countries went into a “lockdown” state, and the outbreak hurt business throughout 2020 and into 2021. However, the veterinary healthcare market is expected to recover from the recovery . Shock over the forecast period because it is a “black swan event” and is not related to persistent or fundamental weaknesses in the market or global economy
Nanotechnology is gaining increasing momentum in the animal medicine market as an alternative to veterinary antibiotics to address antibiotic resistance. Nanotechnology is the study of the control of matter at the atomic and molecular level.
Nanotechnology is used in the animal medicine industry to improve diagnosis and treatment and to enhance animal growth and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce antibiotic use and improve detection of pathogenic bacteria.
They are also used as drug delivery agents for new drugs and candidate vaccines to improve their properties and performance, and to reduce drug resistance in organisms.
Countries covered in the veterinary healthcare market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines , Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
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