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The global veterinary eye care market size is estimated to grow by USD 1.05 billion at a CAGR of 5.62% between 2023 and 2028.
Improved diagnostic tools and technologies, such as advanced imaging techniques (ultrasound, CT scans, MRI), enable veterinarians to diagnose eye conditions more accurately. This, in turn, drives the demand for veterinary eye care services. Further, advances in veterinary surgical techniques, such as laser surgery and microsurgery, contribute to more precise and minimally invasive procedures for treating eye conditions in animals. Advances in personalized medicine for animals enable tailored treatment plans based on an individual animal's genetic makeup and specific health conditions. Thus, the precision medicine approach in veterinary care can optimize therapeutic outcomes for animals. Thus, advancements in veterinary medicine will propel the growth of the market during the forecast period.
Technavio has segmented the market into Application, Type, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the dogs segment will be significant during the forecast period. Dogs can develop bacterial, viral, or fungal eye infections. Veterinary eye care involves identifying the cause of the infection and prescribing appropriate medications, which may include topical antibiotics or antiviral drugs.
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The dogs segment was the largest and was valued at USD 1.22 billion in 2018. Further, with growing pet adoption and increasing emotional bonding with dogs, pet owners are becoming careful and trying not to compromise on their health. In addition, due to their sharp vision and hearing abilities, dogs are employed in search operations by police forces, bomb squads, and other security agencies to neutralize possible threats. Thus, dogs can experience a variety of eye conditions, ranging from common issues like conjunctivitis to more serious conditions such as glaucoma, which will drive the demand for veterinary eye care products for dogs and boost the growth of the market during the forecast period.
Veterinary eye drops or ointments that contain antibiotics or antifungal agents are used to treat bacterial or fungal eye infections in animals. Furthermore, tear stain removers, often in the form of wipes or solutions, are used to clean and remove tear stains around the eyes. Dietary supplements containing nutrients like antioxidants, omega-3 fatty acids, and vitamins may be recommended to support the overall eye health of animals. Thus, veterinary eye care products are designed to address ocular conditions and maintain the overall health of the eyes of animals, which, in turn, will drive the growth of the eye care products segment and enhance the growth of the veterinary eye care market during the forecast period.
Comprehensive eye examinations are conducted to assess the overall health of the eyes of animals, including the cornea, lens, retina, and surrounding structures. This helps identify any abnormalities or signs of eye disease. Refraction testing assesses the ability of the animal to focus its eyes, helping diagnose conditions such as nearsightedness or farsightedness in animals. Further, with the advances in telemedicine, veterinarians may offer remote consultations to assess certain eye conditions, provide initial guidance, or follow up on treatment plans. Thus, eye care services in veterinary medicine are essential for the early detection, diagnosis, and management of various ocular conditions in animals, which, in turn, will boost the growth of the eye care services segment and propel the growth of the global veterinary eye care market during
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The veterinary eye care market in North America is the largest and most dominant market in the world. Robust veterinary healthcare infrastructure, growing veterinary healthcare spending, and expanding veterinarian operations are expected to be the primary drivers of the development of the market in focus in North America. In addition, an expansion in veterinary hospitals and clinics, as well as beneficial government policies and convenient access to medical reimbursement schemes, has driven the growth of the veterinary eye care market in North America.
For instance, in October 2021, Nightingale Veterinary Partners, a veterinary pet healthcare service provider located in the US, opened a state-of-the-art veterinary eye center (VEC) in Manhattan's Midtown, which is dedicated exclusively to ophthalmology services and highly specialized ophthalmology care and surgery for animals. Therefore, such developments are expected to fuel the growth of the veterinary eye care market in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Bausch Lomb Corp. - The company offers veterinary eye care products such as Project Watson eye wash for dogs, and Project Watson eyelid wipes for dogs.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
Rising pet ownership is notably driving the market growth. Growing pet ownership and humanization of pets are complementing the expansion of the animal healthcare industry across the globe, which will propel further the growth of the global veterinary eye care market during the forecast period. Most of the pet owners believe that pets have a positive impact on their lives. Around 90% of dog owners, specifically, believe that their dogs make a huge contribution to their physical and mental health.
Moreover, according to the American Pet Products Association (APPA) 2020-2021 National Pet Owners Survey, over 67% of American households, which equates to 84.9 million homes, own at least one pet in their house. Therefore, the increasing adoption of pets in households is driving the demand for animal healthcare units for check-up of pet's health conditions, such as eye check-ups, which will propel the growth of the global veterinary eye care market during the forecast period.
Rising awareness about pet insurance is an emerging trend shaping the market growth. Pet insurance can help support unexpected costs incurred by pet owners while providing the best veterinary care for the pet. The higher adoptions of pet insurance are due to favourable pet insurance policies and will fuel the growth of the global veterinary eye care market during the forecast period. The demand for pet insurance has also increased in parts of Asia.
For instance, in China, the growing number of pets, such as cats and dogs, has increased the demand for pet insurance. Similarly, the UAE is also looking for pet insurance, with an increased number of pet owners. Therefore, the growing popularity of pet insurance should help owners avail proper medical treatment, which will drive the growth of the market during the forecast period.
The stringent regulatory approval process for drugs is a significant challenge hindering market growth. The US Food and Drug Administration (FDA), the Canadian Food Agency, the European Medicines Agency, the Ministry of Agriculture, Forestry, and Fisheries (MAFF), and the Australian Pesticides and Veterinary Medicines Authority (APVMA) are among the major regulatory bodies that approve veterinary medicines. The Veterinary International Committee for Harmonization (VICH) also plays an important role in bringing regulatory agencies from the US, Europe, and Japan together; it also harmonizes guidelines and technical standards for veterinary product registration.
However, these regulatory authorities have established severe guidelines for the approval of veterinary pharmaceutical drugs, including drugs prescribed by veterinary eye-care facilities. In nations such as Australia, Japan, and China, regulatory criteria for the authorization of novel veterinary pharmaceutical products, such as eye drops, antibiotics, vaccines, and other pharmaceutical products, are also highly demanding. All these factors will hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Veterinary Eye Care Market Customer Landscape
The veterinary eye care market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Veterinary Eye Care Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.62% |
Market Growth 2024-2028 |
USD 1.05 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.71 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AVENTIX, Bausch Lomb Corp., Boehringer Ingelheim International GmbH, BrightPet Nutrition Group LLC, Ceva Sante Animale, Compana Pet Brands LLC, Covetrus Inc., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., GoodVets Veterinary Services LLC, I MED Animal Health, Innovacyn Inc., Mars Inc., Merck and Co. Inc., Neogen Corp., NexGen Pharmaceuticals LLC, Norbrook Laboratories Ltd., Pfizer Inc., Senju Pharmaceutical Co. Ltd., Stokes Healthcare, Vetoquinol SA, Virbac Group, and Zoetis Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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