The global demand for veterinary eye care services witnessed minimum slowdown in comparison to other markets as it comes under essential services in the Covid-19 pandemic due to rising concern on health and well-being. However in 2021, the condition is normalizing and the leading companies are putting all their efforts to optimize their financial and operational performance.
Key Developments in Veterinary Eye Care
Key players like Bausch & Lomb Incorporation, Animal Eye Care LLC, Mars Petcare Corporation, Zoetis Corporation, I-Med Animal Health and Covetrus Incorporation are concentrating on the development of highly-effective eye drops, ointments, eye care drugs and mechanisms that can provide temporary relief to minor eye disorders to ensure better services to the users.
These players are also launching customized devices for several canine-related eye treatments including dry eye surgery, dislocated lens surgery, eyelid surgery etc in 2021 to improve their global presence.
Akorn Animal Health, Mennincon and Nutri-Vet Farm Care Corporation are among the major players actively investing in research and developments to lead the veterinary eye care market in 2021.
For instance, I-Med Pharma, a leading manufacturing company specializing in dry eye diagnosis and management launched the latest addition to their dry eye product line called ‘ I-Defense’, a night-time ointment for severe chronic dry eye disease on 22 June, 2020. It is a long-lasting and lubricating dry eye ointment that delivers superior moisturizing and protection of the ocular surface.
This hydrating ointment provides soothing relief of dry eye symptoms such as soreness, irritation or a gritty sensation on the eyes while acting as a barrier against moisture loss. I-Defense is ideal for patients suffering from severe chronic dry eyes and lagophthalmos symptoms. With this introduction, I-Med has expanded its dry eye care portfolio throughout the world.
The company is still continuing its researches to develop and distribute advanced solutions to eye disorders like cataracts, corneal degenerations, glaucoma, dry eye and meibomian gland disease.
In addition to that, Akorn Animal Health Corporation, a leading specialty generic pharmaceutical company announced the launch of ‘Neomycin and Polymyxin B Sulfates and Bacitracin Zinc Ophthalmic Ointment’ on 23rd June, 2020. The ointment is specially designed for veterinarians for the treatment of superficial bacterial infections of the eyelids and conjunctiva of dogs and cats when due to organisms susceptible to one or more of the antibiotics contained in the ointment.
The product is manufactured at Akorn’s Somerset, New Jersey manufacturing site and is an important launch for the veterinary sector as there has been a shortage for veterinary approved opthalmics. This latest development by Akorn Animal Health has led the company to improve its reputation and presence throughout the world.
Evolution in Veterinary Eye Care
Veterinary eye care has been going through a phase of technological advancements, which have found effective cure for numerous ophthalmologic treatments. Increasing incidences of eye disorders among the pets in parallel to their early aging are the primary factors driving adoption of veterinary eye care.
Prevalence of diabetes in pets, especially in cats and dogs, resulting in poor vision has hard-pressed the 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 veterinary eye care manufacturers in the forthcoming years.
However, lack of awareness pertaining to the treatments for cataract in pets among pet owners is expected to dampen the growth of the veterinary eye care market.
Veterinary Eye Care Market – Novel Developments
Veterinary eye care market has been growing on account of the key developments proposed and implemented by the key players. These players have been strengthening their position in the market by leveraging expansion strategies. In addition, an increase in the funding has offered a smooth path for the advancements to these veterinary eye care market players.
Some of the key players operating are 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 as 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 the 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.
Demand for Effective Ophthalmologic Treatment to Fuel Innovation in the Vet Eye Care Vicinity
With the large adoption of pets and increasing awareness pertaining to the eye disorders have encouraged the veterinary eye care providers to improve the quality of their products and develop effective therapies that ensure speedy recovery of pets. In addition, technological advancements in the healthcare industry have been helping the medical practitioners to provide painless surgeries, which is gaining momentum in the market.
North America to Remain the Largest Veterinary Eye Care Market
Increase in the GHDI of consumers and rising adoption of pets is expected to expand the spending capacity on vet care in North America. In addition, developed healthcare infrastructures and concentration of key market players bringing in the innovation are expected to influence the growth of the veterinary eye care in the forthcoming years.
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 a sluggish growth of the veterinary eye care market with slow traction of pet adoption propensities.
- Hesitance in the adoption of advanced eye care infrastructure, on the back of high initial investment costs, is expected to limit the demand for veterinary eye care products.
- Lack of awareness pertaining to the eye care of pets in the developing countries and average healthcare facilities to dampen the growth of the animal eye care treatment.
The market can be segmented on the basis of treatment, indication, end users and geography.
Based on treatment, the global veterinary eye care market has been segmented into:
- Medical Treatment
- Eye Drops
- Diode Laser Surgery
- Retino Reattachment
- Endoscopic CPC
- Cataract Phacoemulsification & Lens Replacement
- Automated Vitrectomy
- Glaucoma Drainage Implant Surgery
- Diode Laser Surgery
Based on indications, the global veterinary eye care market has been segmented into:
- Ocular Surface Disorders
- Anterior Uveitis
- Retinal Diseases
- Corneal Disease
Based on distribution channel, the global veterinary eye care market has been segmented into:
- Veterinary Hospitals
- Veterinary Clinics
- Retail Pharmacies
- Drug Stores
- Online Pharmacy
Veterinary Eye Care Market: Overview
The global veterinary eye care market is expected to witness moderate growth over the forecast period. Several veterinary drugs are introduced in the veterinary eye care 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 market over the forecast period. The retail pharmacy distribution channels segment is expected to contribute a high share in the global veterinary 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 veterinary eye care market owing to a large number of eye surgeries performed by veterinarians in these facilities.
Veterinary Eye Care Market: Regional Outlook
Geographically, the global veterinary eye care market is segmented into North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is expected to be the dominant market in the global veterinary eye care market owing to high prevalence of eye diseases among animals and high spending on vet care as compared to other regions. The veterinary eye care market in APEJ is expected to grow at a significant CAGR due to an increase in the number of products offered by key domestic players. Europe is expected to register the second-largest share in the global veterinary eye care market throughout the forecast period owing to increased awareness about veterinary eye diseases among pet owners.
Veterinary Eye Care Market: Key Players
The global veterinary eye care market is highly fragmented owing to presence of large number of domestic manufacturers. Some of the key players operating in the global veterinary eye care market are
- Bausch & Lomb Incorporated
- I-Med Animal Health
- Menicon Co., Ltd.
- Animal Eye Care LLC and Akorn, Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX)
- Eastern Europe (Russia, Poland, Rest Of Eastern Europe)
- Asia Pacific Excluding Japan (China, India, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, Rest Of MEA)
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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