The Global Veterinary Healthcare Market is projected to reach $68.05 billion by 2027, from a value of $31.37 billion in 2020, by registering a CAGR of 11.7% during the forecast period. Increasing love for pets leads to a rise in animal ownership, economic growth, increasing meat production, growing need for pet care across the globe, encouraging government initiatives, increasing acceptance of protein-rich foods, which are directly offered from poultry products such as eggs and others, are the major factors propelling the growth of the market. However, the low availability of veterinary healthcare services, insufficient number of veterinary clinics & veterinarians limit, growing regulations on antibiotics is hampering the market growth. Moreover, increasing penetration of pet insurance is expected to drive the animal veterinary healthcare market, mainly in untapped countries is estimated to create opportunities.
Recent Developments
In August 2021, Zoetis acquired Jurox, a leading provider and manufacturer of livestock and companion animal products. As a result of this acquisition of Jurox bring Zoetis a range of important products primed for greater global expansion; a valuable animal health portfolio.
In January 2020, Virbac India had been awarded the “Best Animal Health Company” by Agriculture Today Groups India Dairy Award 2020. The award acknowledges Virbac’s contribution to the development of innovative animal healthcare products and solutions.
In January 2021, Vetoquinol acquired the Drontal® and Profender® product families, the intellectual property, registrations, and other rights from Elanco Animal Health for the Australian market. The Drontal® and Profender® families of products are spot-on and tablet de-wormer products for cats and dogs.
In August 2020, Elanco Animal Health Incorporated acquired Bayer Animal Health. This acquisition strengthens Elancos innovation, portfolio, and productivity (IPP) strategy. Both companies come to closing with a disciplined focus on the strategy and diligent execution to boost momentum.
Competitive Landscape
Bayer Healthcare, Boehringer Ingelheim International GmbH, Ceva Animal Health Inc., Elanco Animal Health, IDEXX Laboratories, Merck and Co. Inc., Phibro Animal Health,Vetoquinol, Virbac, Zoetis Inc. are some of the major players in the global veterinary healthcare market.
