Latest News- Veterinary Eye Care Market: Dogs is expected to lead the Application segment during 2024-2028

The Veterinary Eye Care Market is being driven by Rising pet ownership

The Veterinary Eye Care Market is expected to grow at a CAGR of 5.62% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1.05 billion. Pet insurance plays a crucial role in mitigating unexpected expenses for pet owners seeking top-tier veterinary eye care. The increasing popularity of pet insurance, driven by favorable policies, is projected to significantly contribute to the expansion of the global veterinary eye care market. Notably, countries such as the United States, Australia, and Canada have seen a surge in pet health insurance adoption, with approximately 2.68 million insured pets in the US alone, as reported by the North American Pet Health Insurance Association (NAPHIA) in 2020. This trend is poised for exponential growth during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Dogs
  • Cats
  • Horses
• Type
  • Eye care products
  • Eye care services
• Route of Administration
  • Oral
  • Topical
  • Injectable
• Sale Channel
  • Veterinary Hospitals & Clinics
  • Pet Specialty Stores
  • E-Commerce
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising pet ownership
• Advancements in veterinary medicine
• Improvements in veterinary healthcare infrastructure

However, the market also witnesses some limitations, which are as follows:

• Stringent regulatory approval process for drugs
• Shortage of specialized veterinarians
• Complexity of ocular conditions

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Market Scope in Veterinary Eye Care Market Research Report

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Research Analysis Overview

The Veterinary Eye Care Market encompasses various eye disorders in cats and dogs, including early aging signs, diabetes, poor vision, cataracts, eye lid abnormalities, uveitis, conjunctivitis, corneal complications, and retinal complications. Pet owners seek veterinary medicine for the treatment of these ocular disorders, which can also affect companion animals like horses and farm animals. Infectious diseases such as Feline Herpesvirus 1 and Feline Infectious Peritonitis are common causes of eye problems. Eye Care Services offer ophthalmologic cures through insurance coverage, telehealth services like Ingeneus, and specialized treatments for conditions such as cataracts and uveitis.

Market Research Overview

The Veterinary Eye Care Market is a significant segment of the global Pharmaceuticals industry, encompassing companies and research institutions focused on the development and production of veterinary drugs. According to Technavio, the global Pharmaceuticals market, which includes the revenue generated from manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services, is projected to expand due to several key drivers. One such factor is the increasing aging population of cats and dogs, leading to a rise in eye disorders such as cataracts and diabetes-related complications. As pet owners become more proactive in addressing their pets' health concerns, there is a growing demand for veterinary eye care solutions, including eye drops, ointments, and clinical trials for new treatments. This trend is expected to fuel the growth of the Veterinary Eye Care Market within the broader Pharmaceuticals industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/