Veterinary Eye Care Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: March 31, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
CAGR |
3.4% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Treatment, Indication, Animal Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary eye care therapeutics market is expected to register a revenue CAGR of 3.4% during the forecast period 2023-2031.
Veterinary Eye Care Therapeutics Market Fundamentals
The veterinary eye care therapeutics market is driven by the increasing prevalence of eye diseases and animal disorders, such as cataracts, glaucoma, conjunctivitis, and dry eye syndrome. The rising awareness about animal healthcare and the increasing number of pet owners seeking specialized eye care. The rising demand for pet healthcare services and the growing number of pet owners willing to spend money on their pet's health. In addition, advances in veterinary medicine and technology allow more effective treatments and better outcomes for animals with eye conditions.
Veterinary eye care therapeutics refers to medical treatments aimed at diagnosing, preventing, and treating eye conditions and diseases in animals. This may include using medications and other forms of therapy to manage a variety of eye disorders, such as cataracts, glaucoma, conjunctivitis, corneal ulcers, and retinal diseases.
Veterinary Eye Care Therapeutics Market Dynamics
The rising prevalence of eye diseases in animals, such as cataracts, glaucoma, and dry eye, is increasing the demand for veterinary eye care therapeutics. The rising number of pet owners worldwide has led to an increase in demand for veterinary eye care products as more pet owners seek to ensure the health and well-being of their animals. Advanced technologies such as gene therapy, stem cell therapy, and immunotherapy are gaining traction in the veterinary eye care therapeutics market. These technologies offer new treatment options for eye diseases and disorders in animals, fueling the revenue growth of the veterinary eye care therapeutics market. Pet owners are growing aware of the importance of regular veterinary check-ups and treatments. This is driving demand for eye care therapeutics that can prevent and treat eye conditions in animals.
Moreover, pet owners increasingly seek natural and organic products, including eye care products. This has led to the development of new products in the market. The increasing popularity of pet insurance has facilitated greater access to specialized eye care services for pet owners. Consequently, there is a surge in demand for veterinary eye care therapeutics as pet owners are more inclined to seek specialized treatments for their pets. According to the North American Pet Health Insurance Association (NAPHIA) report, the total premium volume for pet insurance in the U.S. was nearly US$ 2.6 billion.
Key players in the veterinary eye care therapeutics market include major pharmaceutical companies that also produce human eye care products and smaller specialized companies that focus exclusively on veterinary eye care. This results in the overall market revenue growth.
The total number of pets insured in the U.S. at the end of 2021 was 3.9 million. As pets live longer, they become more susceptible to age-related eye conditions. This is driving demand for eye care therapeutics that can improve the quality of life for aging pets.
However, the high cost related to eye care therapeutics is restricting the revenue growth of the veterinary eye care therapeutics market. Developing and marketing veterinary eye care therapeutics requires regulatory approval, which can be a lengthy and expensive process that is also hindering the growth of the veterinary eye care therapeutics market.
Veterinary Eye Care Therapeutics Market Ecosystem
The global veterinary eye care therapeutics market is analyzed from five perspectives: treatment, indication, animal type, end-user, and region.
Veterinary Eye Care Therapeutics Market by Treatment
Based on the treatment, the global veterinary eye care therapeutics market is segmented into eye drops, ointments, injections, and drugs.
The eye drops segment accounts for a significant revenue share of the veterinary eye care therapeutics market. Animal eye drops can be administered with a fair amount of ease and without special knowledge or training. Without extensive guidance from a veterinarian, most pet owners can provide eye drops to their animals. Eye drops have a broad range of applications in treating various eye conditions in animals, such as infections, allergies, and inflammation. Their versatility has made them a preferred option among veterinarians. With a fast-acting mechanism, eye drops provide swift relief to animals suffering from eye problems, which is crucial in treating such ailments. This quick response helps minimize discomfort and avoid further harm to the eyes. Furthermore, the side effects of using eye drops are typically negligible, making them a secure choice for managing eye conditions in animals. This is especially important when treating persistent conditions that require extended medication use.
Veterinary Eye Care Therapeutics Market by Indication
Based on the indications, the global veterinary eye care therapeutics market is segmented into ocular surface disorders, glaucoma, cataract, anterior uveitis, retinal diseases, corneal disease, and others.
The corneal disease segment accounts for the major revenue share of the veterinary eye care therapeutics market. Corneal diseases are prevalent in animals, particularly in dogs and cats. These diseases can be caused by various factors, including infections, trauma, genetics, and underlying health conditions. As a result, there is a significant demand for a wide range of therapeutics to treat these diseases. Advances in veterinary ophthalmology have led to the development of more effective and targeted treatments for corneal diseases. These treatments include topical antibiotics and anti-inflammatory drugs. These advancements have led to veterinarians' increased adoption of these therapeutics, further driving the revenue growth of the corneal disease segment.
Veterinary Eye Care Therapeutics Market by Animal Type
Based on the animal type, the global veterinary eye care therapeutics market is segmented into dogs, cats, and others.
The dog segment dominates the veterinary eye care therapeutics market with the highest revenue share. Dogs are more prone to eye disorders such as cataracts, glaucoma, dry eye syndrome, and conjunctivitis. This rising prevalence of eye disorders in dogs leads to a greater demand for veterinary eye care therapeutics. The number of pet owners has increased in recent years, and many consider their pets as their family members. This emotional attachment to pets increases willingness to spend on their healthcare needs, including veterinary eye care therapeutics. According to the National Pet Owners Survey conducted by the American Pet Products Association (APPA), there are around 69 million dog owners in the U.S. There are several specialized veterinary eye care products available in the market, such as eye drops, ointments, and contact lenses, which are specifically designed for dogs. These products are highly effective in treating a wide range of eye disorders in dogs, which has led to their increased use and dominance in the veterinary eye care therapeutics market. Additionally, there has been significant research and development in veterinary eye care therapeutics, with many new products and treatments being developed specifically for dogs.
Veterinary Eye Care Therapeutics Market by End User
Based on the end user, the global veterinary eye care therapeutics market is segmented into veterinary hospitals, veterinary clinics, and others.
Veterinary hospitals have highly trained and experienced veterinarians who specialize in diagnosing and treating a wide range of animal health problems, including eye problems. These specialists are often better equipped to diagnose and treat complex eye conditions than general practitioners, boosting the segment's revenue growth. Veterinary hospitals have advanced diagnostic and therapeutic equipment, including ophthalmoscopes and tonometers. This allows them to provide more comprehensive eye care services than smaller clinics. Veterinary hospitals often have partnerships with manufacturers of veterinary eye care therapeutics. This allows them to have access to the latest and most effective treatments and medications and propel their revenue share in the global market. Hospitals tend to attract more clientele willing to invest in the best pet care. This means that they are more likely to seek out comprehensive eye care services for their animals, further strengthening the veterinary hospital's dominance in the veterinary eye care therapeutics market.
Veterinary Eye Care Therapeutics Market by Region
Based on region, the global veterinary eye care therapeutics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the veterinary eye care therapeutics market with the largest revenue share in 2022. North America has a large pet population. This large population creates a significant demand for veterinary eye care therapeutics. According to the National Pet Owners Survey, around 70% of U.S. households, or about 90.5 million families, own a pet. North America has a well-developed veterinary industry, with many veterinary hospitals, clinics, and specialists available to provide comprehensive eye care services for pets. There has been significant research and development in the area of veterinary eye care therapeutics in North America. This has led to the development of many new products and treatments, further strengthening the revenue share of North America in the global veterinary eye care therapeutics market.
Competitive Landscape for Veterinary Eye Care Therapeutics Market
The prominent players operating in the global veterinary eye care therapeutics market are:
Strategic Developments in Veterinary Eye Care Therapeutics Market
Veterinary eye care therapeutics refers to the use of medical treatments aimed at diagnosing, preventing, and treating eye conditions and diseases in animals.
The increasing prevalence of eye diseases and disorders in animals and raising awareness about animal healthcare are some of the driving factors for the global veterinary eye care therapeutics market revenue share.
The prominent players operating in the global veterinary eye care therapeutics market are Akorn Operating Company LLC, Boehringer Ingelheim International GmbH, Bausch & Lomb Incorporated, and Zoetis Inc.
The corneal disease segment dominates the global veterinary eye care therapeutics market.
The high cost related to veterinary eye care therapeutics and stringent regulatory policy is restricting the global market revenue growth to its full potential.
*Insights on financial performance are subject to the availability of information in the public domain