1 week Ago By [email protected] (MENAFN)
( MENAFN - Straits Research) Introduction Veterinary medicine encompasses preventing, treating, managing, and diagnosing animal diseases, disorders, and injuries. It involves animal husbandry, breeding, nutrition research, and product development. The scope of veterinary medicine is vast, as it incorporates all animal species, both domesticated and companion, and many diseases that can affect different species.
Veterinary medicine is widely practiced both with and without professional supervision. A veterinary physician (a veterinarian, veterinary surgeon, or "vet") typically manages professional care; however, veterinary nurses, technicians, and assistants are frequently involved. Market Dynamics Growing Rates of Pet Ownership Drives the Global Market The increase in pet ownership drives the demand for improved care for companion animals, increasing the total expenditure on pets.
As estimated by the American Pet Products Association, the pet industry in the United States has experienced a significant expenditure increase. In 2019, the total expenditures in the pet industry increased by USD 5.2 billion compared to 2018.
Nearly 67% of American households have a companion. The rising prevalence of pet insurance in developed nations also drives up the pet ownership rate. Countries such as Brazil, China, and Ukraine also invest heavily in animal health.
Consequently, the increase in the number of companion animals and expenditures drives the expansion of the veterinary medicine industry. Increasing Investment in Veterinary Hospitals Creates Tremendous Opportunities Rising expenditures on veterinary hospitals to ensure quality services present a lucrative market expansion opportunity. The worldwide rise in pet ownership has propelled animal hospitals and clinics.
Recently, pet owners' expenditures on animal well-being have increased significantly due to rising per capita income. In addition, the future of veterinary medicine depends on technological progress and exceptional patient care. Pet owners are looking for the most effective animal treatments and are prepared to spend more.
This has led to an increase in veterinary hospital investment. Regional Analysis Americas is the most significant global veterinary medicine market shareholder and is anticipated to exhibit a CAGR of 5.44% during the forecast period.
The Americas has been bifurcated into North America and Latin America. The market's growth is anticipated to be supported by the rising number of pets and livestock and the prevalence of veterinary practices. The American Veterinary Medical Association (AVMA) predicted that approximately 110,531 veterinary practices were in operation in 2017, increasing to 113,390 in 2018.
Similarly, according to statistics published by the Canadian Veterinary Medical Association in 2018, there were approximately 12,517 veterinarians in Canada. Furthermore, according to the Canadian Animal Health Institute (CAHI), the dog population increased from 7.6 million in 2016 to 8.
2 million in 2018. Moreover, introducing new products also played a crucial role in market expansion. In 2017, Elanco, a U.
S.-based global animal health company, introduced Galliprant to treat inflammation and discomfort associated with canine osteoarthritis (OA). Thus, the high number of veterinarians, the increasing prevalence of animal disorders, and the rise in pet ownership are anticipated to contribute to the market's growth.
Europe is anticipated to exhibit a CAGR of 4.87% over the forecast period. Europe's market value would trail the Americas over the forecast period.
This results from the escalating prevalence of diseases, the certification of new products, and an established veterinary healthcare infrastructure. The prevalence of cancer contributes to the expansion of the market. According to the Animal Tumor Registry of Genoa, the incidence rate of malignant cancers among canines in Italy is estimated to be 185.
7 per 100,000 cases. In addition, a high prevalence of animal diseases, such as musculoskeletal disorders, osteoarthritis, and cancer, will spur the expansion of the market over the forecast period. According to a study conducted in the United Kingdom, approximately 2.
5% of canines suffer from osteoarthritis yearly. Key Highlights Recent Developments MENAFN11112024004597010339ID1108870911 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
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