Veterinary healthcare to approach $40000 million
by Katie Pfaff
The global market for veterinary care was predicted to reach a value of $39000 million by the close of 2028, according to a report by market analysts, Valuates Reports. The increase is expected to account for a CAGR of 5.4% across the forecast period of 2022 to 2028. In 2021, the market was valued at $28500 million.
Growth in the sector is expected as the rates of food-borne and zoonotic diseases among livestock have increased, higher rates of chronic disease, and the trend of treating companion animals as part of the family all have increased spending across the market.
Rates of pet adoption and ownership have increased in recent years, and with that, the rate of utilization of pet healthcare has also increased. The rates of pet vaccination and spending on pet nutrition or other health needs have jumped.
When viewing the market by segments, the vaccination segment is projected to take the top spot within the veterinary healthcare marketplace. This is based on both an increased demand for vaccination as numbers of companion animals increase as well as an uptick in rates of required vaccinations for livestock animals as demand for meat grows across the globe.
By geography, the segment for North America is projected to have the highest growth compared to other regions. The expansion of the market is thought to be based on increasing rates of adoption o companion animals and to be built on the already existing and highly established network of veterinary care facilities in the region.
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