GAITHERSBURG, Md., Aug. 3, 2020 /PRNewswire/ -- According to Stratistics MRC, the Global Veterinary Healthcare Market is accounted for $31.46 billion in 2019 and is expected to reach $66.95 billion by 2027 growing at a CAGR of 9.9% during the forecast period.

Some of the key players profiled in the Veterinary Healthcare Market include Bayer Healthcare, Boehringer Ingelheim International GmbH, Cargill Inc, Ceva Animal Health Inc, Elanco Animal Health, Eli Lilly and Company, IDVet, Koninklijke DSM N.V, Merck Ltd, MSD animal health, Novartis International AG, Nutreco N.V., Phibro Animal Health, Sanofi-Aventis, SeQuent Scientific Ltd and Zoetis Animal Healthcare.

Rise in the concern towards animal healthcare and advanced technology leading to innovations in animal healthcare are the major factors driving the market growth. However, rising regulation on antibiotics and increasing cost regulation related to animal testing are restraining the market growth. Increasing investment in veterinary hospitals to ensure quality service may provide ample opportunities for the market growth.

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Veterinary medicine can be defined as the science associated with the diagnosis, treatment, and prevention of diseases in animals. The scope of Veterinary medicine is broad covering various animal species both domestic and wild. The increasing importance of the production of livestock animals is generating growth in the animal healthcare market. Ever-increasing population, a stable economy is expected to result in increased demand for protein-rich foods, especially in the developing countries.

Based on animal type, the companion animals segment is likely to have a huge demand due to rising pet ownership along with increased consumer awareness of health issues affecting pets in the developed countries. As indicated by the American Pet Products Association, 68% of U.S. households have a pet. Vaccines for pets provide immunity against diseases, providing a protective barrier for humans from contacting diseases from their animals who are more likely to come into contact with wildlife. New product development acts as a key strategy for the key players.

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By geography, North America is going to have a lucrative growth during the forecast period. Veterinary healthcare is an integral part of the US economy. It is among the most innovative industries in the United States. Mexico and Canada are among the largest export markets for meat and dairy products for the United States, each year. Apart from the economic benefits, the social benefits of the animals are far-reaching and highly recognized by several communities. Thus, with several factors aiding to develop a better environment, the North American region plays a vital role in the growth of the market.

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Global Veterinary Healthcare market is expected to reach $66.95 billion by 2027 - PRNewswire