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The United States Veterinary Healthcare market is expected to register a CAGR of 5.0%, over the forecast period 2022-2031.
The contagious COVID-19 has been impacting various economies, along with implications on most of the sectors, including the pharmaceutical and medical device industries. The United State government has responding to the threat of COVID-19, by taking essential measures, such as social distancing, travel restrictions, and large-scale quarantines, which are anticipated to impact the businesses and consumer spending negatively in the first quarter of 2020.
The Centers for Disease Control and Prevention, recommended veterinary hospitals and clinics prioritize urgent and emergency visits and procedures. Moreover, pet adoptions increased during this pandemic situation. Several animal shelters, non-profit rescue organizations, private breeders, and pet stores observed increased consumer demand. Foster Inc., a non-profit organization, claimed to register more than 1,000% increase in foster applications during the lockdown period in New York, which was the epicenter of COVID-19 cases in the United States.
Also, the Society for the Prevention of Cruelty to Animals, Los Angeles, reported that the rate of adoption was doubled in June 2020, with daily adoptions of about 10 to 13 per day. The rising adoption of pets may drive the growth of the veterinary healthcare management market in the longer term.
The United States is among the major regions across the world which highly support the healthcare of veterinary animals both in companion animals (e.g. dogs, cats, and horses) and production (e.g. cattle, pigs, sheep, poultry, etc.) animal species categories.
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A large population investing in pet insurance, across the developed markets, is driving growth in the market being studied. According to the 2019-2020 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), around 67% of United States households, or about 84.9 million families, own a pet. Not only has the pet ownership been increasing in recent years, but the number of livestock population has also increased at a steady rate.
In 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.
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.
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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 imporved diagnostics technqies for animal care, specially protecting the aniamls 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.
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