Veterinary Wellness Demand Fuelled by Rising Pet Adoption Across the Globe, Says Fact.MR
Fact.MR, a global research & consulting firm, in their updated edition of the report, projected that the veterinary wellness market is expected to reflect exponential growth in 2021 & beyond. The growing number of government initiatives to endorse animal health products is projected to fuel the veterinary wellness industry. Rising concerns over zoonotic diseases which impacts both animals and human have a great influence on economies of the nation’s worldwide. This prompted a swelling focus on enhancing the safety and quality of food products in addition to assuring efficacious healthcare products to diminish the impact, thus encouraging market growth.
“Governments across the world are augmenting veterinary wellness via supported healthcare policies to control endemic ailments and chronic conditions. Together with these, technologically advanced economies have further introduced incentives programs and compensation schemes to enhance the veterinary wellness.” states Fact.MR.
Increasing Pet Adoption Worldwide Augment Demand for Veterinary Wellness
Growing number of pet adoption across the globe and consumer expenditure on veterinary care is anticipated to propel the expansion of the veterinary wellness market through the assessment period. Pet owners have become very worried regarding their pets health and further take huge care of their live stock or pet in case of an disease or injury. This is projected to lead to the healthy growth of the veterinary wellness market in 2021 and beyond.
Furthermore, the market is further fueled by technological advancements in veterinary wellness, and this is projected to provide future expansion prospects. These progressions incorporate the advent of effectual information management systems, vaccine banks, and animal owner mobile technology.
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Veterinary Hospitals to Witness Rapid Growth
Veterinary hospitals will foresee fastest growth in the veterinary wellness industry. The growth can be primarily attributed to several applications, for instance, clinical pathology, therapy, and toxicology tests. The accessibility of an extensive range of treatments in addition to diagnostic options in veterinary clinics and hospitals is a high impact delivering expansion driver for veterinary hospitals.
Also, several government animal welfare organizations have hand out guidelines for safety standards and practices to be implemented in veterinary hospitals, which has extended the growth scope.
How Huge is the Opportunity for the Market Players in the US?
The US is estimated to attain highest market share in revenue terms due to amplified veterinary care expenditure. The US region will be trailed by Germany, U.K, France, Brazil and Mexico due to increasing healthcare expenditure and disposable income in these regions.
China, India, and South Korea will record a faster growth pace in contrast to other regions as a result of growing pet adoption. GCC, S. Africa, and Turkey will reflect sluggish growth pace owing to absence of availability of veterinary doctors in these regions.
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Collaborations to Enhance R&D Capabilities Remains Key Focal Point: Fact.MR Survey
The veterinary wellness market players are undertaking various business strategies, for instance, collaborative research initiatives, M&A, and regional expansion strategies, to attain a competitive edge. Fact.MR’s survey indicated that the leading market players are focusing on collaborative efforts to improve their R&D capabilities together with ensuring high-quality standards. The latest edition of the report offers comprehensive coverage of the anticipated to remain the significant strategies of market players. Some of the players profiled in the report are VetNetwork, LLC, Veterinary Wellness Center, VetMatrix, Pitts Veterinary Hospital, Zoetis Services LLC., Wellness Veterinary Clinic, LLC, and Whole Pet Vet Hospital & Wellness Center Binford Pet Wellness Clinic. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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