DUBLIN--(BUSINESS WIRE)--The "United States Veterinary Healthcare Market - Growth, Trends , COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The US Veterinary Healthcare market is expected to register a CAGR of 5% over the forecast period.
In the United States, the government is taking various measures to enhance the management of animal healthcare, in terms of diagnosis and treatment. For instance, the American College of Veterinary Surgeons, planned to fund the projects in 2021, primarily to encourage the surgeons to investigate varied topics. This is expected to lead to better surgical care for animals. Till now, grants have been awarded to topics, such as anesthesia, arthritis, regenerative medicine, and novel surgical procedures.
Furthermore, the approval of new products related to the treatment of animal disorders is expected to influence the market's growth. For instance, in May 2020, Felix Pharmaceuticals Pvt. Ltd., received approval from United States Food and Drug Administration for "Enrofloxacin Flavored Tablets", for the treatment of diseases associated with bacteria.
In addition, in January 2020, Zoetis, a leading animal health company has further expanded its poultry vaccine portfolio with the introduction of Poulvac Procerta HVT-ND, a vectored recombinant vaccine for protection against Newcastle and Marek's disease viruses. With the rising number of owners, product approvals and support from government will drive the veterinary healthcare market in the United States over the forecast period. However, high costs related to animal testing is expected to impede the market growth in near future.
Key Market Trends
Medical Feed Additives Segment is Estimated to Hold Good Growth Rate Over the Forecast Period
Medical feed additives are important ingredients added to an animal diet, to treat diseases and improve nutrition. It is a stress-free and safe manner in administering veterinary medicines and is as effective as other administrative routes, such as injection, in-water, and tablets.
COVID-19 is an incomparable public health emergency in the United States that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. In the initial days of pandemic 2020, in the United States, animal nutrition industry suffered from major supply chain disruption and feed sector to meet the demand.
In addition, the Centers for Disease Control and Prevention, in July 2020, recommended certain guidelines to the veterinary professionals for the treatment of companion animals during the COVID-19 pandemic.
Feed additives promote optimum lifetime performance, feed efficiency, animal health, and welfare in animals. Medical feed additives play an important role in animal nutrition, as livestock producers seek new sustainable and natural ways to enhance performance, improve gut health, diminish and replace antibiotic growth promoters (AGP) in feed, and address consumer demands.
The leading players in the segment studied are focused on business expansion. They are also focusing on the development and launch of new products, new mergers and acquisitions, and partnerships to gain a competitive edge in the market studied. For instance, in January 2020, Layn Corp., in the United States, launched TruGro MAX, a natural additive for animal feed that provides potent antioxidant support.
In January 2020, Kemin Industries launched VANNIX C4, a novel phytogenic feed additive in the United States. The product is a proprietary formulation of natural, gut-health-fortifying ingredients designed as a cost-effective solution for producers, to minimize the impact of enteric challenges on poultry performance. Hence, owing to the aforementioned factors, it is expected to drive the demand and usage of medical feed additives over the forecast period.
The United States Veterinary Healthcare Market is moderately competitive. The market players are focusing improved diagnostics techniques for animal care, specially protecting the animals from diseases from changing weather conditions. Some of the major players in the market are Boehringer Ingelheim International GmbH, IDEXX Laboratories, Elanco Animal Health, Merck & Co. Inc., and Zoetis Inc., among others.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Advanced Technology Leading to Innovations in Animal Healthcare
4.2.2 Increasing Productivity at the Risk of Emerging Zoonosis
4.2.3 Increasing Initiatives by the Governments and Animal Welfare Associations
4.3 Market Restraints
4.3.1 High Costs Related to Animal Testing
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
126.96.36.199 Medical Feed Additives
188.8.131.52 Other Therapeutics
184.108.40.206 Immunodiagnostic Tests
220.127.116.11 Molecular Diagnostics
18.104.22.168 Diagnostic Imaging
22.214.171.124 Clinical Chemistry
126.96.36.199 Other Diagnostics
5.2 By Animal Type
5.2.1 Dogs and Cats
5.2.6 Other Animals
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Boehringer Ingelheim International GmbH
6.1.2 Ceva Animal Health Inc.
6.1.3 Elanco Animal Health
6.1.4 IDEXX Laboratories
6.1.5 Merck & Co. Inc.
6.1.6 Randox Laboratories, Ltd.
6.1.7 Virbac SA
6.1.8 Zoetis, Inc.
6.1.10 Phibro Animal Health Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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