Veterinary Health Products Market

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.

Scope of Global Veterinary Health Products Market-

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.

Veterinary Health Products Companies-

Global Veterinary Health Products market report covers prominent players like

• Alpharma Animal Health
• Adisseo France
• BASF
• Bayer
• Boehringer Ingelheim
• DSM
• Elanco
• Zoetis 

Veterinary Health Products Market Segmentation-

By Product Type: 

• Animal Pharmaceutical Products
• Vaccines
• Performance Enhancers
• Feed Additives

By Industry:

• Pet
• Livestock
• Poultry

By Regional & Country Analysis:

• North America

  • U.S.
  • Canada

• Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

• Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC
  • Latin America
  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

• The Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Veterinary Health Products Market Dynamics

Growing pet adoption rates, rising instances of livestock rearing, and increased prevalence of zoonotic diseases are the primary factors fuelling the growth of this business vertical. Alongside, increased disposable income levels of the masses, rising concerns about animal healthcare, and growing animal activism across the globe are creating lucrative opportunities for this marketplace to prosper. Moreover, surging R&D activities in the field, rapidly evolving veterinary care infrastructure, and rising trends of pet humanization are adding momentum to the industry's progression.

It is worth noting that many countries are creating favorable insurance and other reimbursement policies to financially support caregivers and pet owners in accessing quality healthcare for animals. This is another growth propellant for this industry. Citing an instance, the North American Pet Health Insurance Association (NAPHIA) has reported that in the United States and Canada, the pet insurance industry had over 3 million pets insured as of 2019.

Also, there has been an escalating demand for organic health products for animals. These products pose lesser threat of side effects and therefore are safe for animals. This in turn is stimulating the overall dynamics of this market space.

On the contrary, the lack of skilled veterinary professionals across various regions and the high cost of animal healthcare products are hindering the remuneration scope of this market.

The Increasing Demand for Vaccines for Animals is the Key Driving Factor of the Global Veterinary Health Product Market.

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.

Veterinary Health Products Market Regional Analysis –

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.

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2021 - 2028
Market Size in 2021:	USD 47.54 Billion
Base year considered	2020
Forecast Period CAGR %:	8.8%
Market Size Expected in 2028:	USD 85.79 Billion
Tables, Charts & Figures:	175
Pages	200
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