Veterinary Care Market Size Is Predicted To Reach $114.4 Billion By 2028 | CAGR: 5.4% | Grand View Research, Inc.
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.
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.
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Veterinary Care Market Report Highlights
- 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
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Veterinary Care Market Segmentation
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
- Dogs
- Cats
- Equine
- Others
- Production Animal
Veterinary Care Type Of Care Outlook (Revenue, USD Billion, 2016 – 2028)
- Companion Animal
- Primary
- Emergency
- Critical
- Specialty Services
- Production Animal
- Primary
- Emergency
- Critical
- Specialty services
Veterinary Care Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
List of Key Players of Veterinary Care Market
- Merck Animal Health
- Ceva Santé Animale
- Zoetis
- Boehringer Ingelheim GmbH
- Elanco
- IDEXX Laboratories, Inc.
- Heska Corporation
- Virbac
- Vetoquinol S.A.
- Indian Immunologicals Ltd.
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Browse More Related Report:
Veterinary Services Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Region (North America, Latin America, APAC), And Segment Forecasts, 2021 – 2028
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