Veterinary Eye Care Market

Veterinary Eye Care Market Outlook (2022-2032)

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	Akorn, Inc., Animal Eye Care LLC, Menicon Co., Ltd., I-Med Animal Health

Why there is excelling demand for ophthalmologic treatment in Vet Eye Care?

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.

What restraints in this market are likely to face?

• Hesitance in the adoption of advanced eye care infrastructure, on the back of high initial investment costs, is expected to limit the growth of the veterinary eye care market.
• Lack of awareness pertaining to the eye care of pets in developing countries and average healthcare facilities to dampen the growth of the veterinary eye care market.

Regional Outlook

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.

Segment wise Insights

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.

Competitive landscape

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.

• Mergers and acquisitions have been a strategy for availing two-way benefits for the companies. Along the same lines, Pathway acquired Eye Care for Animals (ECFA) in 2017, to leverage ECFA’s growth model and stay sustainable in the intensely competitive veterinary eye care market.
• In April 2018, Mars Petcare completed the acquisition of OptiGen LLC, to conduct the highest quality of DNA testing, especially for dogs. This testing will help in detecting several health risks among mixed-breed dogs.
• Recently, I-Med Pharma entered into an agreement with DryCom to open up a distribution channel for I-PEN Tear Osmolarity System in Brazil.

Veterinary Eye Care Market : Segmentation

• Based on Treatment :

  • Medical Treatment
    • Eye Drops
    • Ointments
    • Injections
    • Drugs
      • Cyclosporine
      • Tacrolimus
      • Corticosteroids
      • Others
  • Surgery
    • Diode Laser Surgery
      • Retinopexies
      • Retino Reattachment
      • Endoscopic CPC
    • Cataract Phacoemulsification & Lens Replacement
    • Automated Vitrectomy
    • Glaucoma Drainage Implant Surgery

• Based on Indications :

  • Ocular Surface Disorders
  • Glaucoma
  • Cataract
  • Anterior Uveitis
  • Retinal Diseases
  • Corneal Disease
  • Others

• Based on the Distribution Channel :

  • Veterinary Hospitals
  • Veterinary Clinics
  • Retail Pharmacies
  • Drug Stores
  • Online Pharmacy
  • Others

• Based on the Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa