Dublin, May 10, 2021 (GLOBE NEWSWIRE) – Added Veterinary Eye Care Market Growth, Trends, and Forecast (2021-2026) report ResearchAndMarkets.com Offer.
For the veterinary eye care market, a CAGR of 3% is expected over the forecast period. The market is currently experiencing tremendous growth due to the increased adoption of pets coupled with an increase in pet insurance that leads to animal health expenses and thus drives the growth of the market.
According to estimates by the Human Society of the United States, as of 2017, 84.6 million households in the United States had one or more pets. It is estimated that this trend will continue to grow in the forecast period and the demand for eye care will increase significantly in the future. The increasing exposure to pet eye diseases such as cataract glaucoma etc. and the increasing prevalence of risk factors such as early aging or due to diabetes etc. are the main drivers for the growth of the market.
In addition, factors such as technological advances in the search for an effective ophthalmic cure, increasing numbers of veterinarians and veterinary facilities will fuel market growth. In addition, novel product launches and rigorous corporate R&D investments are the main drivers over the forecast period. For example, Akorn, Incorporated, a major player in the market, announced the launch of its Abbreviated New Veterinary Medicinal Application (ANADA) for Neomycin and Polymyxin B Sulphates and Bacitracin Zinc Eye Ointment for the treatment of bacterial eye infections in dogs and cats. However, lack of eye care awareness and high cost can hamper the growth of the market
Important market trends
Eye care products promote market growth
The Veterinary Eye Care Market is segmented into Eye Care Products and Eye Care Services by Type. Veterinary eye care products are currently dominating the market. The increasing prevalence of animal eye diseases and growing awareness of animal eye care are driving market growth. Animal eye care products are used for cleaning animals’ eyes, treating infections and eye diseases. Cyclosporine and tacrolimus are the most recommended drugs for eye diseases and should therefore boost market growth over the forecast period.
North America remains the largest market for veterinary eye care
Globally, North America dominates the global veterinary eye care market due to the high demand for veterinary eye care products due to the increasing acceptance of pets in this region. A robust veterinary infrastructure, increased spending on veterinary health care and increasing veterinary practices will be the main drivers of growth in this region. According to the American Veterinary Medical Association, a total of 113,398 vets practiced in the U.S. in 2018, compared to 110,531 in 2017. An increase in veterinary clinics and clinics, along with favorable government policies and easy access to medical reimbursements, will continue to grow in the region project. For example, according to a 2018 report by the North American Pet Health Insurance Association (NAPHIA), about 2.0 million pets had health insurance in the United States, and it is estimated that this trend will increase exponentially over the forecast period.
Competitive landscape
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 main players are currently focused on growing their business to strengthen their position in the market. Mergers and acquisitions seem to be one of their top strategies for surviving in the market. For example, Pathway, a chain of veterinary clinics, acquired Eye Care for Animals (ECFA) in 2017 to bolster ECFA’s growth model and survive the competitive pace of the market.
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The story goes on
Main topics covered:
1 INTRODUCTION
1.1 Study assumptions and market definition
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 SUMMARY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market drivers
4.2.1 Increase in exposure to eye diseases in animals
4.2.2 Increasing adoption of animal companions
4.3 Market Restrictions
4.3.1 High costs
4.3.2 Lack of awareness
4.4 Porter’s Five Forces Analysis
4.4.1 New Participant Threat
4.4.2 Bargaining power of buyers / consumers
4.4.3 Bargaining power of suppliers
4.4.4 Threat from Substitute Products
4.4.5 Intensity of competitive rivalry
5 MARKET SEGMENTATION
5.1 By type
5.1.1 Eye care products
5.1.2 Eye Care Services
5.2 According to information
5.2.1 Ocular surface disorders
5.2.2 Glaucoma
5.2.3 Cataract
5.2.4 Infectious diseases
5.2.5 Others
5.3 After application
5.3.1 Dog
5.3.2 Cat.
5.3.3 Others
5.4 By geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of the Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company profiles
6.1.1 Akorn, Incorporated
6.1.2 Bausch & Lomb Incorporated
6.1.3 Boehringer Ingelheim International GmbH
6.1.4 I-MED animal health
6.1.5 Innovacyn, Inc.
6.1.6 MiracleCorp
6.1.7 NUTRI-VET
6.1.8 Zoetis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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