Canada Veterinary Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canada Veterinary Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Canadian veterinary healthcare market is expected to register a CAGR of nearly 7.54% during the forecast period (2022-2027), with a revenue of approximately USD 2,127.35 million in 2021 and expected to reach USD 3,391.36 million by 2027.

The Canadian veterinary healthcare market is primarily driven by increasing animal adoption, the rising burden of animal diseases, and increased spending on animal health. The Canadian population has high levels of awareness regarding companion animals and livestock, resulting in the increasing adoption of these animals for social well-being and a healthy lifestyle. The COVID-19 pandemic had a significant impact on the market. Extensive information is available regarding coronavirus in animals with respect to their evolution and pathophysiology. Swine coronavirus disease can be used as a reference for understanding the transmission of coronavirus from one species to another. According to the study of Current Opinion in Virology, in 2019, porcine delta coronavirus was identified as the causative agent of severe diarrhea outbreaks in North America. According to the World Health Organization (WHO), in 2020, there were over 200 prevailing zoonosis diseases across the world, including new and existing diseases. The UN Food and Agriculture Organization’s report stated that most diseases affecting human beings were transferred through animals.

Considering the risk of transferring human diseases to animals and vice versa, recent years have seen increased medications and diagnostics treatment for companion animals. Moreover, this has provided high business demand for diagnostic imaging and molecular diagnostics tests across the country.​

In addition, there has been increasing demand for analgesics, antibiotics, anti-inflammatory drugs, and anesthetics, followed by biologics and vaccines for veterinary services such as dogs and cats. These are regulated by several agencies across Canada.

Key Market TrendsVaccines Segment Dominating the Canada Veterinary Healthcare Market

Vaccines comprise viruses, bacteria, or other disease-causing organisms that have been killed or attenuated so that they cannot cause further disease and can boost immunity.

Veterinary biologics, like vaccines, are regulated by the Canadian Food Inspection Agency to ensure that the products used on animals in Canada are pure, potent, safe, and effective. The import of veterinary vaccines to Canada needs a valid import permit issued by the CFIA-CCVB in Ottawa. In some parts of Canada, it is mandatory to vaccinate every cat and dog, especially where there are high risks of rabies. According to the veterinary community of Canada, every dog should be vaccinated with core vaccines. Furthermore, several initiatives have been undertaken by Canada. According to the report published by Canadian Animal Health Institute in February 2021, from 2018 to 2020, the Canadian dog population continued to grow, increasing from 7.6 million to 7.7 million, while the population of cats stabilized. However, cats continue to outnumber dogs, with 8.1 million cats being considered household pets in 2020. Of the population of dogs and cats, the percentage of pets receiving veterinary medical care during the past 12 months increased more significantly for cats than dogs. The increase in veterinary visits for cats was most pronounced in the months following the COVID-19 outbreak. Hence, the increasing number of pets is expected to support the market’s growth. The increasing number of pets will increase the number of vaccines required and boost the market’s growth. Moreover, recent advancements, availability of vaccines, and new product launches are projected to fuel the segment’s growth over the forecast period.

In January 2019, Hipra Canada launched VEPURED, the latest vaccine to control edema disease in its clinical and subclinical form. Thus, the market for veterinary healthcare in Canada is projected to grow over the forecast period.

Competitive Landscape

The Canadian veterinary healthcare market has rapidly evolved over the last few years. The industry observed significant mergers and acquisitions in recent years. The major companies in the Canadian veterinary healthcare market include Bayer Healthcare, Boehringer Ingelheim, Ceva Animal Health Inc., Elanco (Eli Lilly and Company), Idexx Laboratories, Merck Animal Health, Virbac Corporation, Vitoquinol SA, and Zoetis Animal Healthcare, among others.

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