New York, April 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Healthcare Global Market Report 2023" - https://www.reportlinker.com/p06281012/?utm_source=GNW
The global veterinary healthcare market grew from $180.32 billion in 2022 to $195.77 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The veterinary healthcare market is expected to grow from $261.48 billion in 2027 at a CAGR of 7.5%.
The veterinary healthcare market includes revenues earned by entities by providing treatment for diseases that influence the health of domestic and wild animals and must be prevented, controlled, diagnosed, and treated, along with the human transmission of animal diseases.The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Veterinary healthcare refers to a healthcare service that is associated with the diagnosis, treatment, and prevention of diseases in animals and the duties of an individual whose job it is to provide medical care for animals who are ill or injured, or to describe such care to reduce transmission of infectious disease from one pet to another.
North America was the largest region in the veterinary healthcare market in 2022.Asia-Pacific was the second-largest region in the veterinary healthcare market.
The regions covered in the veterinary healthcare report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of veterinary healthcare are veterinary services, veterinary medical equipment, animal medicine and are used for the animals such as dogs and cats, horses, ruminants, swine, poultry, and other animals.Veterinary services refer to the healthcare services that are provided to the animals.
The products include instruments/equipment, disposables.
Global meat production is expected to rise in the forecast period, supporting the growth of the veterinary healthcare market. According to the US Department of Agriculture, in 2020, the beef production in the USA reached27.5 billion pounds, the highest production volume registered in the country. Rising meat production is especially prominent in developing countries such as China, India, and Brazil, where increasing populations and rising income levels are stimulating the demand for meat products. By 2027, the production of meat and poultry in emerging markets is expected to increase by 76%. By 2050, China’s meat imports are expected to grow by over 3,500% to $150 billion as consumption of chicken, pork, and beef will surge due to the country’s rising middle class. The rising production of meat products supported by the growing population will increase the demand for feed additives in the livestock industry, driving the veterinary healthcare market.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the veterinary healthcare market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally, including Western Europe, North America, and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down" and the outbreak hurting businesses throughout 2020 and into 2021.
However, it is expected that the veterinary healthcare market will recover from the shock over the forecast period as it is a ’black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute for veterinary antibiotics to tackle antibiotic resistance.Nanotechnology is the study of controlling matter on an atomic and molecular scale.
In the animal medicine industry is used to improve diagnosis, treatment, animal growth promotion, and production.Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria.
They are also used as drug delivery agents for new drugs and vaccine candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.
The countries covered in the veterinary healthcare market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The veterinary healthcare research report is one of a series of new reports that provides veterinary healthcare statistics, including veterinary healthcare industry global market size, regional shares, competitors with veterinary healthcare share, detailed veterinary healthcare segments, market trends and opportunities, and any further data you may need to thrive in the veterinary healthcare industry. This veterinary healthcare research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06281012/?utm_source=GNW
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