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I AgreeAnalysis of Veterinary Eye Care Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The market for pet care is growing and is anticipated to grow further due to technological advancement. Increasing incidences of eye disorders in animals lead to the creation of early aging signs that may drive the demand for the veterinary eye care industry. The prevalence of diabetes in pets, especially in cats and dogs, resulting in poor vision has hard-pressed pet owners to opt for veterinary eye care treatment.
In addition, the rising number of households with pets coupled with increasing expenditures on pet care will deliver affluent growth opportunities to the market in the forthcoming years. However, the lack of awareness pertaining to the treatments for cataracts in pets among pet owners is expected to dampen the growth of the veterinary eye care market.
The global market for veterinary eye care is at present valued at USD 68.96 Billion. The industry is anticipated to expand and surpass a valuation of USD 99.17 Billion by end of the forecast period i.e. 2032. The assessment period of this research is 2022-2032. The market is expected to grow with a CAGR of 3.7%.
Report Attributes |
Details |
Market size (2022A) |
USD 68.96 Billion |
Base Year for Estimation |
2022 |
Forecast duration for this research |
2022-2032 |
Forecasted Market value (2032F) |
USD 99.17 Billion |
Global Market Growth rate (2022-2032E) |
CAGR of 3.7% |
Key Companies Profiled |
|
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The large adoption of pets and increasing awareness pertaining to eye disorders have encouraged veterinary eye care providers to improve the quality of their products and develop effective therapies that ensure the speedy recovery of pets. In addition, technological advancements in the healthcare industry have been helping medical practitioners to provide painless surgeries, which is gaining momentum in the veterinary eye care market.
The global veterinary eye care market is expected to witness moderate growth over the forecast period. Several veterinary drugs are introduced in the market. Of these, some are still under clinical trials and thus, there is high competition among local and regional players. Among the two treatment types, the medical treatment segment, which includes eye drops, ointments, and drugs, is expected to lead the global veterinary eye care industry over the forecast period.
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Vet eye care is expected to gain the maximum share in North America owing to rising healthcare infrastructure. There is a greater concentration of key players in this market who are consistently bringing innovation and are expected to gain traction in the forecast period.
Europe will hold the second position in the veterinary eye care market, which can be attributed to the popular trends of pet adoption and excellent pet insurance policies. However, Asia Pacific to witness sluggish growth of the veterinary eye care market with slow traction of pet adoption propensities.
The retail pharmacy distribution channels segment is expected to contribute a high share in the global pet eye care market as it is the most accessible channel and outpatient treatment is recommended for most animals. Veterinary hospitals also account for significant revenue generation in the vet eye care market owing to a large number of eye surgeries performed by veterinarians in these facilities.
On the basis of end users, this market is dominated by vet hospitals and veterinary clinics. Alongside these hospitals are anticipated to experience a rise in patients due to increasing eye issues in pets in the forecast duration.
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The veterinary eye care market has been growing on account of the key developments proposed and implemented by the key players. The global veterinary eye care market is highly fragmented owing to the presence of a large number of domestic manufacturers. These players have been strengthening their position in the market by leveraging expansion strategies. In addition, an increase in funding has offered a smooth path for the advancements of these veterinary eye care market players.
Some of the key players operating in the veterinary eye care market constitute Akorn, Inc., Animal Eye Care LLC, Menicon Co., Ltd., I-Med Animal Health, and Bausch & Lomb Incorporated. Some of the novel developments implemented by these companies are discussed below.
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The global market for veterinary eye care is at present valued at USD 68.96 Billion.
The assessment period of this research is 2022-2032. The market is expected to grow with a CAGR of 3.7%.
The industry is anticipated to expand and surpass a valuation of USD 99.17 Billion by end of the forecast period i.e. 2032.
Increasing adoption of companion animals coupled with rising pet insurance is expected to drive the demand for veterinary eye care.