Global Veterinary Health Products Market is valued at USD 47.54 Billion in 2021 and is expected to reach USD 85.79 Billion by 2028 with a CAGR of 8.8% over the forecast period.
The increasing prevalence of pet insurance is the major growth factor of the global Veterinary Health Products market growth.
Veterinary medicine also called veterinary science has made many important contributions to animal and human health. Veterinary medicine is the part of medicines that prevent, diagnose, and help in the disease, disorder, and injury recovery in animals. A wide range of animals has created scopes for veterinary medicines. veterinary medicines are useful in the treatment of wild as well as domestic animals. The veterinary healthcare market growth has been influenced by the opportunities in all categories of animal health care products such as; pharmaceuticals, vaccines, and medical feed additives. Rising affinity with pets and growing humanization are supplementing the veterinary healthcare market.
Global veterinary health products market report is segmented on the basis of product, industry, and regional & country level. Based on product, the global veterinary health products market is classified as animal pharmaceuticals, vaccines, performance enhancers, and feed additives. Based upon industry, the global veterinary health products market is classified as pet, livestock, and poultry.
The regions covered in this veterinary health products market report are North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of country level, the market of Veterinary Health Products is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Veterinary Health Products market report covers prominent players like
In recent years, the number of pet owners is increased and awareness about animal health and vaccines is also increased. Animals play an inevitable role in families, where they are essentially considered as family members than pets. A number of families are choosing the pet insurance option. Vaccines for pets offer immunity against diseases, providing a protective barrier for humans from contracting diseases from their animals who are more likely to come into contact with wildlife. These factors are fostering the veterinary health product market. However, side effects of vaccines and the high cost of veterinary health products may hinder the market growth. In spite of that, the necessity of vaccines and their development are expected to supplement the growth of the veterinary healthcare market. Emerging countries are expected to generate new market opportunities over the forecast period.
North America is expected to dominate the global veterinary health product market within the forecast period owing to the high expenditure on animal healthcare in Canada and the U.S. Rapidly growing pet insurance like insurance policies related to dogs. According to North American Pet Health Insurance Association, dogs accounted for 83.0% of insurance premiums while cats accounted for the remaining 17.0% in 2014. Europe is followed by North America.
Europe is lading in modern veterinary medicine and animal health product companies. For example, Europe created an annual turnover of approximately 6 billion Euros. Moreover, Europe records for the second largest market due to animal-favored government policies and tax benefits for pet animals.
The Asia Pacific is the emerging market of veterinary health product market due to the growing private veterinary clinics and awareness among people regarding animal welfare in this region.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 47.54 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 85.79 Billion|
|Tables, Charts & Figures:||175|
|Veterinary Health Products Companies||Alpharma Animal Health, Adisseo France, BASF, Bayer, Boehringer Ingelheim, DSM, Elanco, Zoetis , others.|
|Segments Covered||By Product Type, By Industry|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
The Middle East and Africa