The Pet Healthcare Global Market Report 2023 by The Business Research Company, provides pet healthcare market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Pet Healthcare Global Market Report 2023, the market size 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 global pet healthcare market size is expected to grow to $292.64 billion in 2027 at a CAGR of 6.5%.
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.
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The pet healthcare market is segmented:
1) By Type: Therapeutics, Diagnostics
2) By Animal Type: Canine, Feline, Equine, Avian, Other Animals
3) By Distribution Channel: Retail, E-commerce, Hospital Pharmacies
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.
The pet healthcare market report table of contents includes:
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Top Major Players
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