Veterinary Healthcare Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Veterinary Healthcare Services market reached a value of about USD 43.7 billion in 2021. The industry is projected to grow at a CAGR of around 6.8% in the forecast period of 2022-2027 to reach a value of about USD 64.6 billion by 2027.

The global Veterinary Healthcare Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rising demand for healthcare services for pets and cattle feed is driving the market growth. In the industry report, the key demand indicator is the highest category spender by region—North America and Europe.

Industry Definition and Segmentation

Veterinary Healthcare Services is a medical speciality that deals with the prevention, management, diagnosis, and treatment of illnesses that impact the health of domestic and wild animals and the prevention of disease transmission from animals to humans. The Veterinary Healthcare Services industry report comprises segments by species (companion, ruminants, swine, poultry, and aquatic) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

The North American and European Regions are Driving the Growth of the Industry

North America and Europe hold a significant share of the market. North America is one of the world's most developed areas. It presently controls most of the veterinary healthcare industry, and this trend is likely to continue during the projection period. The growing number of partnerships, mergers, and acquisitions between organisations is also predicted to increase the market's growth. Furthermore, the region holds a dominant share of the global veterinary healthcare market due to the rising pet ownership, increasing advancement in animal healthcare facilities, rising animal healthcare expenditure, growing pet population, and a rising figure of firms introducing new products for companion animals. It is expected to maintain its growth during the forecast period.

The market is being driven by the rising adoption of pets and increased spending on their healthcare. Growing disposable incomes and lifestyle changes like the need for companionship are driving the market. Furthermore, the emergence of new illnesses presents the animal healthcare industry with undiscovered prospects. The animal healthcare industry is also fueled by the rising frequency of foodborne and zoonotic diseases. Also, with the growing consumption of animal products, agricultural techniques such as squeezing animals into smaller areas are frequently used, which eventually leads to the spread of dangerous illnesses furthering the industry's expansion. As a result, Companies in the animal health industry are boosting their research and development operations to find better treatments for existing and emerging illnesses.

However, with the high cost of diagnostic imaging equipment and veterinary pharmaceuticals and the high price of veterinary services, the market is expected to have a negative impact.

Best Procurement Practices

The global Veterinary Healthcare Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Veterinary Healthcare Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Veterinary services are divided into four categories:

• Clinical services that are provided (treatment of diseased animals and control of production limiting disorders)
• Services aimed at preventing problems (avoiding the outbreak of diseases)
• Drugs, vaccinations, and other things are provided (such as artificial insemination)
• Protection of human health (inspection of marketed animal products)

A veterinary hospital is a facility that provides medical care and treatment for animals and housing and confinement in outdoor pens, runs, and enclosures.

Product Developments, Further Augmenting the Veterinary Healthcare Services Market

The industry is being propelled by the approval of new products linked to the treatment of animal illnesses. Public health organisations are focusing on novel alternatives and non-traditional data sources to increase disease monitoring. The market for Animal Healthcare categories would be driven by consumer desire for natural goods and food processor requirements for transparent labelling. The carotenoid industry would benefit from advancements in microencapsulation technology and packaging innovation. Animal vaccination programmes are widely implemented, and in certain countries, animal immunisation is mandated. Government officials engage with veterinarians to make plans to ensure that the best inventory is available in the fields for treating agricultural animals.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Veterinary Healthcare Services Industry Report

• Zoetis Animal Healthcare
• Elanco Animal Health, PPD Inc.
• Clinglobal International Ltd.
• Boehringer Ingelheim

Market Landscape

To obtain a competitive advantage and help them stay competitive in the market, major corporations have implemented various business strategies, including regional development plans, mergers and acquisitions, and joint research efforts. Major enterprises have launched innovative goods, providing the market with a competitive advantage.

Key Initiatives by Companies

• Zydus Animal Health and Investments (ZAHL), Cadila Healthcare's (Zydus Cadila's) wholly-owned significant subsidiary, sold its animal healthcare business to a consortium led by Multiples Alternate Asset Management INR 3,000 crore in May 2021.
• Hester Biosciences said in April 2021 that it would begin producing herbal products for poultry, cattle, sheep, goats, and pigs based on studies.