Canada Veterinary Healthcare Market

Description

The Canadian veterinary healthcare market has been accounted for US$XX Million and is expected to grow to US$XX Million by 2022, at a CAGR of XX% during the forecast period. Increasing significance of livestock as an economic commodity – as a source of meat, dairy and a large number of applications of animal products from healthcare and nutrition to energy generation, has made the veterinary healthcare market to gain popularity. Increasing research in the field of animal health and its significance in the modern animal foods industry has helped the veterinary healthcare market to expand. Awareness about pet health care increased incidents of zoonotic diseases and coming of better diagnostic techniques in the veterinary health care market have helped the industry to grow.

Market Dynamics:

Increasing number of households with pets and the rising awareness regarding animal health have been the primary reasons for the growth of the veterinary healthcare market in Canada. The worldwide increase in demand for proteins, due to tremendous population growth has also increased the export of meat, indirectly increasing the demand for veterinary healthcare. Stringent regulations on poultry and meat-based foodstuff are also responsible to give the vet business its current status in the Food industry of the country. Technological advancements in the animal healthcare diagnostics have increased the scope of the industry. Innovative animal healthcare product launches have also gained popularity, especially in the companion animals sector. The research conducted by Canadian Veterinary Medical Association (CVMA) and various government initiatives for animal welfare has helped the industry to grow.

Market Segmentation:

The Canadian Veterinary market can be broadly segmented based on products, animal types and diagnostics. On the basis of animal type, the market is divided into farm animal health market (poultry, swine, fish, cattle and sheep) and companion animal health market (dogs, cats, horse). Poultry and cattle segments hold the largest market share amongst the farm animals, while Cats possess the largest market share in the companion animals segment. Based on diagnostic tools, the market is segmented into molecular diagnostics, diagnostic imaging, clinical chemistry, haematology tests, and other veterinary diagnostic products. Based on the products, the market is segmented into anti- infective, antiparasitic, medical feed additives, vaccines, and other pharmaceuticals.

Geographical Analysis:

Relatively accessible southern regions like Ontario, British Columbia, etc. have better reach to the Veterinary services and show a steady rise in demand. Ontario has the largest number veterinarians in the country, followed by Quebec, Alberta and British Columbia. A similar trend is seen in the sales of animal health products. Veterinarians in the region mostly cater the health needs of companion animals.

Key Players

Some of the key players in the market include Ceva Animal Health, Elanco Animal Health, Merck Ltd., Merial (Animal Health division of Sanofi), Novartis, and Zoetis Animal Healthcare.