DUBLIN–(BUSINESS WIRE)–The “Veterinary Eye Care Market – Growth, Trends, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
Veterinary Eye Care Market is expected to envision a CAGR of 3% during the forecast period.
The market currently is experiencing tremendous growth due to the rising adoption of companion animals coupled with increasing pet insurance which is giving rise to animal healthcare expenditures and thus propelling the growth of the market.
As per the Human Society of the United States estimation, in 2017, 84.6 million households are the United States have one or more pets. It is estimated that this trend will continue to rise even in the forecast period and the demand for their eye care will experience substantial growth in the future.
The increasing burden of eye disorders in pets such as cataract glaucoma etc and the rising prevalence of risk factors such as early aging or diabetes etc are the primary factors driving the growth of the market.
Further, factors such as technological advancements to find an effective ophthalmologic cure, a rising number of veterinary practitioners and veterinary care facilities, the novel products will fuel the market growth. In addition, novel product launches and rigorous R&D investments by the companies serve to be the high impact driver in the forecast period.
Key Market Trends
Eye Care Products Boost the Market Growth
The Veterinary Eye Care Market by type is segmented into, Eye Care Products and Eye Care Services. Veterinary Eye Care Products dominate the market currently, Increase in the prevalence of eye disorders in animals and growing awareness related to animal eye care drives the market growth.
Animal eye care products are used in cleaning animals’ eyes, and treating infections, and ocular diseases. Cyclosporine and Tacrolimus are the most recommended drug for eye diseases and are thus expected to boost the market growth in the forecast period.
North America to Remain the Largest Veterinary Eye Care Market
Globally, North America dominates the global Veterinary Eye Care Market owing to the high demand for Veterinary Eye Care products due to the increased adoption of pets in this region. Robust veterinary healthcare infrastructure increased veterinary healthcare spending and rising veterinary practices will serve as the major factors pertaining to the growth in this region.
According to the American Veterinary Medical Association, there were a total of 113,398 veterinary practitioners practicing in the United States in 2018, as compared to 110,531 practitioners in 2017. An increase in the veterinary hospitals and clinics and favorable government policies and easy access to medical reimbursement policies will further project the growth in this region.
For instance, according to a report published by the North American Pet Health Insurance Association (NAPHIA) in 2018, approximately 2.0 million pets were covered in health insurance in United State and estimated that this trend will increase exponentially in the forecast period.
I-MED Animal Health, Akorn, Incorporated, Bausch & Lomb Incorporated, NUTRI-VeT, and Zoetis are some of the key players currently dominating the Veterinary Eye Care Market. The Veterinary Eye Care Market is fragmented and competitive due to the presence of a large number of players.
The major players are currently aiming their attention to expanding their businesses in order to strengthen their position in the market. Mergers and acquisitions seem to be one of their top strategy to uphold in the market space. For instance, in 2017, Pathway, a chain of veterinary hospitals acquired Eye Care for Animals (ECFA), to strengthen ECFA’s growth model to sustain in the competitive pace of the market.
Bausch & Lomb Incorporated
Boehringer Ingelheim International GmbH
I-MED Animal Health
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