The global veterinary eye care market is expected to witness moderate growth over the forecast period. Several veterinary drugs are introduced in the veterinary eye care market.
The global veterinary eye care market is expected to witness moderate growth over the forecast period. Several veterinary drugs are introduced in the veterinary eye care market. Of these, some are still under clinical trials and thus, there is high competition among local and regional players. Among the two treatment types, the medical treatment segment, which includes eye drops, ointments, and drugs, is expected to lead the global veterinary eye care market over the forecast period. “The retail pharmacy distribution channels segment is expected to contribute a high share in the global veterinary eye care market as it is the most accessible channel and outpatient treatment is recommended for most animals,” states Fact.MR Veterinary hospitals also account for significant revenue generation in veterinary eye care market owing to a large number of eye surgeries performed by veterinarians in these facilities.
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With the large adoption of pets and increasing awareness pertaining to the eye disorders have encouraged the veterinary eye care providers to improve the quality of their products and develop effective therapies that ensure speedy recovery of pets. In addition, technological advancements in the healthcare industry have been helping the medical practitioners to provide painless surgeries, which is gaining momentum in the veterinary eye care market.
However, there are some factors that might impede the growth of the global market in the coming years of the forecast period. Hesitance in the adoption of advanced eye care infrastructure, on the back of high initial investment costs, is expected to limit the growth of the veterinary eye care market. Lack of awareness pertaining to the eye care of pets in the developing countries and average healthcare facilities to dampen the growth of the veterinary eye care market.
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Geographically, the global veterinary eye care market is segmented into North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is expected to be the dominant market in the global veterinary eye care market owing to high prevalence of eye diseases among animals and high spending on vet care as compared to other regions. The veterinary eye care market in APEJ is expected to grow at a significant CAGR due to an increase in the number of products offered by key domestic players. Europe is expected to register the second-largest share in the global veterinary eye care market throughout the forecast period owing to increased awareness about veterinary eye diseases among pet owners. “Increase in the GHDI of consumers and rising adoption of pets is expected to expand the spending capacity on vet care in North America. In addition, developed healthcare infrastructures and concentration of key market players bringing in the innovation are expected to influence the growth of the veterinary eye care market in the forthcoming years,” notes Fact.MR
Europe will hold the second position in the veterinary eye care market, which can be attributed to the popular trends of pet adoption and excellent pet insurance policies. However, Asia Pacific to witness a sluggish growth of the veterinary eye care market with slow traction of pet adoption propensities.
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