7 Key Markets In Veterinary Healthcare Industry – By The Business Research Company
LONDON, March 14, 2024 (GLOBE NEWSWIRE) -- Gain a competitive edge with The Business Research Company's reports on the Veterinary Healthcare industry. They provide essential insights into market trends, growth drivers, challenges, and opportunities, enabling informed decision-making and strategic planning for businesses in this dynamic sector.
Explore the top seven latest market reports in the Veterinary Healthcare industry from The Business Research Company:
1. Equine Healthcare Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/equine-healthcare-global-market-report
The equine healthcare market has experienced robust growth in recent years, increasing from $1.34 billion in 2023 to $1.42 billion in 2024, representing a CAGR of 6.3%. This growth is attributed to several factors including the aging population of horses, preventive healthcare measures, the popularity of equestrian sports, heightened awareness among owners, and efforts to control disease outbreaks. Looking ahead, the market is projected to continue its strong growth trajectory, reaching $1.81 billion by 2028, with a CAGR of 6.2%. This growth is expected to be fueled by advancements such as genetic testing and personalized medicine, equine wellness initiatives, increased globalization of equine events, preparedness for zoonotic diseases, and compliance with anti-doping regulations.
Furthermore, the rising awareness of animal healthcare, driven by recognition of animals' importance in ecosystems and the interconnectedness of animal and human health, will drive market expansion. Governments and private institutions are investing in animal healthcare infrastructure to mitigate the risk of disease transmission between animals and humans. Additionally, a notable trend in the market is the introduction of new and innovative products by key manufacturers aimed at facilitating rapid disease detection and improving therapeutic outcomes in the equine population.
2. Veterinary Vaccines Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/veterinary-vaccines-global-market-report
The veterinary vaccines market has experienced robust growth, expanding from $12.47 billion in 2023 to $13.44 billion in 2024, with a compound annual growth rate (CAGR) of 7.8%. This growth has been fueled by several factors including the emergence of new markets, increased spending on pets, higher prevalence of diseases, outbreaks in poultry, and the rise in zoonotic diseases.
Looking ahead, the market is poised for continued strong growth, projected to reach $17.85 billion by 2028, with a CAGR of 7.4%. This growth will be driven by economic expansion, the growing adoption of pet insurance, rising pet ownership rates, governmental initiatives, and heightened awareness about animal health. Additionally, the increasing demand for animal-derived food products, encompassing items such as beef, pork, chicken, fish, milk, cheese, butter, eggs, and other animal-based ingredients, will further stimulate market growth.
Key players in the veterinary vaccine market are actively innovating new products to maintain a competitive edge, positioning the market for sustained expansion in the coming years.
3. Veterinary Pharmaceuticals Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/veterinary-pharmaceuticals-global-market-report
The veterinary pharmaceuticals market grew from $32.53 billion in 2023 to $35.05 billion in 2024 at a 7.8% CAGR, driven by increased pet population, online pharmacies, emerging markets, and government initiatives. Forecasted to reach $46.54 billion in 2028 with a CAGR of 7.3%, driven by rising pet ownership, population growth, disposable income, urbanization, pet insurance, and government support. The rise of generic drugs is a key trend, offering cost-effective care. FDA approval of 22 generic animal drugs for cats and dogs boosts adoption. Increasing pet ownership will further drive market growth.
4. Pet Grooming Services Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/pet-grooming-services-global-market-report
The pet grooming services market has experienced robust growth in recent years, with a trajectory set to continue its ascent into the foreseeable future. The market, valued at $7.38 billion in 2023, is projected to reach $7.96 billion in 2024, boasting a compound annual growth rate (CAGR) of 7.9%. This growth is attributed to several factors, including the increasing trend of pet ownership, the humanization of pets, rising disposable incomes, social media influence, and busy lifestyles. Looking ahead, the market is anticipated to expand even further, reaching $10.74 billion by 2028, with a CAGR of 7.8%. E-commerce integration, globalization, the rise in pet insurance, mobile grooming services, and government regulations are expected to be key drivers of this growth.
Moreover, emerging trends such as virtual grooming consultations, DIY grooming kits, subscription-based grooming services, and the use of human-grade ingredients and AI-powered grooming tools are reshaping the industry landscape. As pet expenditure continues to rise, driven by a shift in perception where pets are increasingly viewed as cherished family members, major players in the market are innovating with solutions like home pet grooming services. These services, provided directly at the pet owner's residence, offer unparalleled convenience and a stress-free experience for both pets and their owners, reflecting the evolving dynamics of pet care in today's society.
5. Pet Care E-commerce Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/pet-care-e-commerce-global-market-report
The pet care e-commerce market has experienced rapid growth, increasing from $27.87 billion in 2023 to $31.31 billion in 2024, with a 12.3% CAGR. Factors contributing to this growth include rising pet ownership, urbanization, increased Internet and smartphone usage, lifestyle changes, and heightened awareness of pet health. Forecasts suggest further expansion to $49.05 billion by 2028, with a CAGR of 11.9%, driven by subscription services, automation, eco-friendly trends, online veterinary consultations, and global e-commerce.
Notably, product innovation is a key trend, with major companies focusing on innovative solutions to enhance their market presence amid rising pet adoption rates.
Major players are prioritizing product innovation to strengthen their market share in response to increasing pet adoption rates. Additionally, brands are ramping up marketing efforts and expanding their online presence to better engage with consumers, capitalizing on the expanding opportunities within the pet care e-commerce sector.
6. Veterinary Services Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/veterinary-services-global-market-report
The recent years saw strong growth in the veterinary services market, expanding from $138.94 billion in 2023 to $148.77 billion in 2024 with a 7.1% compound annual growth rate (CAGR). This growth was fueled by pet ownership trends, urbanization, and companion animal insurance.
Expectations for the market remain high, with projections indicating further expansion to $194.28 billion in 2028, boasting a 6.9% CAGR. Factors attributing to this growth include preventive and wellness services, specialized veterinary care, and the impact of global pandemics.
Foreseen trends encompass technological innovations, telemedicine, and a focus on preventive care. The increasing adoption of companion animals is poised to propel market growth, emphasizing the significance of veterinary services in ensuring their well-being and preventing zoonotic diseases.
Noteworthy is the strategic partnerships among major companies within the market, which offer various benefits such as access to new technology and global servicing capabilities. Collaboration fosters an integrated approach, enhancing customer choice and service efficiency.
7. Animal Hospitals And Veterinary Clinics Global Market Report 2024
The animal hospitals and veterinary clinics market has seen robust growth, reaching $113.97 billion in 2023 and projected to hit $121.79 billion in 2024, with a CAGR of 6.9%. Factors include increased pet insurance penetration, higher pet spending, rising animal healthcare outlay, and expanding pet population. Anticipated growth to $157.88 billion by 2028, with a CAGR of 6.7%, attributed to rising pet ownership, increased consumption of animal-derived products, government support, and higher disease prevalence.
Veterinary care providers are adopting big data for improved treatment, diagnosing diseases across regions. Pet insurance demand will further boost market growth, aiding pet owners in managing healthcare expenses.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
