According to the research report titled ‘Global Veterinary Healthcare Market Size study, By Product (Therapeutics, Diagnostics), By Animal Type (Dogs and Cats, Poultry, Horses, Ruminats, Swine, Other Animals), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global veterinary healthcare market was worth USD 49119.8 million in 2021 and is projected to grow with a healthy CAGR of 7.31% during the forecast period to reach a valuation of USD 78236.4 million by the year 2028.

Rising incidences of zoonotic disease and increasing pet ownership are the major growth determinant for global veterinary healthcare market. The World Health Organization (WHO) in 2020 estimated that there were over 200 zoonotic illnesses present in the world, including both new and old diseases.

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Furthermore, increasing government initiatives and animal welfare activities, along with surge in demand for online veterinary pharmacy in developed countries are expected to augment industry outlook in the forthcoming years.

For instance, the Food and Agriculture Organization of the United Nations (FAO), in partnership with the Ministry of Fisheries and Livestock, initiated a cattle vaccination campaign in the Democratic Republic of the Congo in February 2019.

However, high cost of diagnostic imaging technology and veterinary services may stifle the market progress during the stipulated timeframe.

Based on product terrain, the marketplace is split into diagnostics and therapeutics. In terms of animal type, worldwide veterinary healthcare industry is divided into swine, ruminats, horses, poultry, dogs & cats, and others.

Regionally, the latest industry trends are studied across North America (U.S., Canada), Europe (U.K, Italy, Spain, France, Germany, Rest of Europe), Asia Pacific (China, South Korea, India, Australia and Japan), and Latin America (Mexico, Brazil).

Among these, North America market holds a notable revenue share at present, owing to growing adoption of pets, and increasing prevalence of zoonotic diseases in the region.

Whereas Asia Pacific industry is slated to progress with a healthy CAGR during the stipulated timeframe, due to rising occurrence of rabies in the region, and increasing public awareness of animal-borne diseases.

On the competitive side, INDICAL BIOSCIENCE GmbH, Innovative Diagnostics (IDVet), IDEXX Laboratories Inc., Heska Corporation, Elanco Animal Health Incorporated, Ceva Animal Health LLC, Boehringer Ingelheim International GmbH, bioMerieux S.A., and BioChek B.V. are the leading players in global veterinary healthcare market.