New York, July 04, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Pet Healthcare Global Market Report 2023” – https://www.reportlinker.com/p06457371/?utm_source=GNW
, Sanofi Animal Health Inc., Biogenesis Bago SA, Heska Corporation, Phibro Animal Health Corporation, IDEXX Laboratories Inc., Agrolabo SpA, Norbrook Laboratories Ltd., Novartis Animal Health US Inc., and Perrigo Company PLC.
The global pet healthcare market is expected to grow from $213.90 billion in 2022 to $227.83 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet healthcare market is expected to grow to $292.64 billion in 2027 at a CAGR of 6.5%.
The pet healthcare market consists of sales of pet healthcare diagnostic tools, medicines and preventive care products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Pet healthcare refers to an approach in which preventive and therapeutic care is taken to keep the pet animal disease-free.It is useful for a healthy pet lifestyle.
It entails a multifaceted strategy that includes a vet’s assessment of the pet’s general health and potential for illness or other health issues.
North America was the largest region in the pet healthcare market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the pet healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of pet healthcare are therapeutics and diagnostics.Therapeutics refers to products such as vaccines, anti-parasitic products, and feed additives.
Therapeutics are used for treating already-infected pets.It is used to cure various types of animals, such as canines, felines, equines, avian pets, and others.
They are sold through various distribution channels, such as retail, e-commerce, and hospital pharmacies.
The rising prevalence of animal diseases is expected to propel the growth of the pet healthcare market forward.Animal diseases are diseases that mostly affect animals and impair their healthy state.
Some of the diseases can be fatal for the animals, hence, they need proper treatment.Pet healthcare can be very useful for preventing diseases and treating ongoing infections.
For instance, in 2021, according to the 2021 Pet Health Trends Report published by BluePearl Pet Hospital, a US-based pet hospital, 850,000 pets were treated in the hospital in 2021, accounting for 1.29 million pet visits. This is a 2.3% increase as compared to 2020. As a result, the increasing prevalence of animal infections is driving the pet healthcare market forward.
The advancement of diagnostic imaging techniques is a key trend gaining popularity in the pet healthcare market.Major companies operating in the pet healthcare market are introducing innovative diagnostic products to sustain their position in the market.
For instance, in September 2020, Zoetis Inc., a US-based producer of medicine and vaccinations for pets and livestock, launched the Vetscan Imagyst, a new diagnostic platform for animal diagnostics. The new platform leverages image recognition technology, algorithms, and cloud-based artificial intelligence to deliver accurate testing results to the clinic. Vetscan Imagyst is an AI-powered deep learning platform that transforms in-clinic fecal testing at the time of the visit by enabling veterinarians to rapidly and effectively diagnose patients and administer treatment as necessary. Vetscan Imagyst is the most recent ground-breaking platform to be added to Zoetis Diagnostics’ portfolio.
In July 2020, Zoetis, a US-based animal drug and vaccine manufacturer, acquired Fish Vet Group for $17.22 million (£14 million). The acquisition is a strategic addition to Zoetis’ Pharmaq business developing fish vaccines and aquaculture diagnostics. Fish Vet Group is a Scotland-based provider of veterinary services and diagnostic technologies.
The countries covered in the pet healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 pet healthcare market research report is one of a series of new reports that provides pet healthcare market statistics, including pet healthcare industry global market size, regional shares, competitors with a pet healthcare market share, detailed pet healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the pet healthcare industry. This pet healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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