Veterinary Healthcare Market to reach USD 39000 Million by the end of 2028, with a CAGR of 5.4% | Valuates Reports

BANGALORE, India, July 15, 2022 /PRNewswire/ -- Veterinary Healthcare market is segmented by Type (Medicines,Vaccine, Other), by Application (Companion Animals, Livestock Animals) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Animal Products & Services category.

The global Veterinary Healthcare market size was USD 28500 million in 2021 and it is expected to reach USD 39000 million by the end of 2028, with a CAGR of 5.4% during 2022-2028.

Major factors driving the growth of the Veterinary Healthcare Market

The increasing prevalence of various zoonotic, food-borne, and chronic diseases, growing trend of pet humanization, rising concerns of pet owners towards animal health, and rising consumption of livestock products will drive the growth of the veterinary healthcare market.

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TRENDS INFLUENCING THE GROWTH OF VETERINARY HEALTHCARE MARKET

It is estimated that globally billions of illnesses and millions of deaths occur every year due to zoonotic diseases. Some 60% of emerging infectious diseases that are reported worldwide are zoonoses. The increasing volume of international trade, livestock movement, and a large number of people living in close proximity to animals has aggravated the issue. Veterinary vaccines play a major role in protecting animal health and public health. They greatly decrease the need for using antibiotics to treat food and companion animals. Animal health is improved by controlling foodborne parasites. This will drive the growth of the veterinary healthcare market during the forecast period. 

The veterinary healthcare market will be impacted positively by the growing adoption of pets as companions. Owners are gaining a better understanding of pet health needs. Government authorities are focusing on implementing stricter rules, and guidelines regarding adoption, bringing in emergency healthcare systems and conducting mass vaccination, birth control, and immunization drives. This has led to high levels of vaccination, better nutrition, and a shift to raising more animals indoors.

The demand for animal-based products is at an all-time high due to growing meat consumption. Antibiotics are used extensively in livestock management to meet the food demand of the burgeoning human population. The widespread use creates drug-resistant strains of zoonotic pathogens that are capable of spreading quickly in human and animal populations. This fuels the need for healthcare in light of the risks of food-borne diseases. Such factors will boost the growth of the veterinary healthcare market in the coming years.

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VETERINARY HEALTHCARE MARKET SHARE ANALYSIS

Based on type, the vaccine segment is expected to dominate the veterinary healthcare market share due to growing initiatives by various governments and increasing demand for veterinary vaccines.

Based on region, North America will witness considerable growth due to the rising adoption of pets and the presence of a well-established veterinary healthcare infrastructure.

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Key Players

• Boehringer Ingelheim
• Zoetis
• Elanco Animal Health
• Bayer Animal Health
• Merck Animal Health
• Virbac
• Dechra Veterinary Products
• Ceva
• Vetoquinol
• Meiji
• Ouro Fino Saude
• Animalcare Group
• Parnell.

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-  The global RFID Tags for Livestock Management market size is estimated to be worth USD 1954.9 Million in 2022 and is forecast to a readjusted size of USD 3081.6 Million by 2028 with a CAGR of 7.9% during the review period.

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-  The global Influenza Vaccine market size is estimated to be worth USD 8036 Million in 2022 and is forecast to a readjusted size of USD 10952 Million by 2028 with a CAGR of 5.3% during the review period.

-  In 2020, the global Vaccines market size was USD 42560 million and it is expected to reach USD 62780 million by the end of 2027, with a CAGR of 5.6% during 2021-2027.

-  The global Tuberculosis Vaccine Treatment market was valued at USD 72 million in 2020 and is expected to reach USD 87 million by the end of 2027, growing at a CAGR of 2.9% during 2021-2027.

-  The global healthcare analytics market size was valued at D23.51 billion in 2020 and is projected to reach D96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.

-  The global healthcare information technology (IT) market size was valued at D250,577.15 million in 2020 and is projected to reach D880,688.75 million by 2030, registering a CAGR of 13.3% from 2021 to 2030. 

-  The global Healthcare Interoperability Solutions market is projected to reach USD 3440.1 million by 2028, from USD 1925.7 million in 2021, at a CAGR of 8.2% during 2022-2028.

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