Veterinary Eye Care Market - Growth, Trends, COVID-19 Impact, And Forecasts (2022 - 2027)

Veterinary Eye Care Market - Growth, Trends, COVID-19 Impact, And Forecasts (2022 - 2027)

Veterinary Eye Care Market is expected to witness a CAGR of 3.2% during the forecast period (2022-2027).

The COVID-19 pandemic is an unprecedented health concern and is adversely affecting communities, industries, businesses, and lives around the world. Governments are taking measures to mitigate the supply of medicines. For instance, in 2020, the European Medicines Agency issued guidance for companies responsible for veterinary medicines with respect to adaptations to the regulatory framework, primarily to address the challenges faced during this pandemic. Also, the Centers for Disease Control and Prevention, in July 2020, recommended certain guidelines to veterinary professionals for the treatment of companion animals during the COVID-19 pandemic. Moreover, the pandemic period was found to be propelling factor for the veterinary eye care market as due to the repeated lockdowns, people stayed mostly at home and took care of their pets. This stimulated the demand for veterinary services and products such as eye care products and had positive impact on the veterinary eye care market.

The veterinary eye care market is experiencing tremendous growth due to the rising adoption of companion animals coupled with increasing pet insurance which is giving rise to animal healthcare expenditures and thus propelling the growth of the market. A significant rise in the adoption of pet animals, including dogs, cats, and even horses, as companion of human beings, has been observed over the recent years. Moreover, farm animals, including cattle and swine, are also being taken in for various commercial purposes. The developed economies represent a substantial large share in companion animal-ownership, owing to the promising economic condition. For example, according to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), in the United States, seventy percent of United States households, or about 90.5 million families, own a pet. It is estimated that this trend will continue to rise even in the forecast period and the demand for their eye care will experience substantial growth in the future.

The increasing burden of eye disorders in pets such as cataract glaucoma etc and rising prevalence of risk factors such as early aging or due to diabetes etc are the primary factors driving the growth of the market. Further, factors such as technological advancements to find an effective ophthalmologic cure, a rising number of veterinary practitioners and veterinary care facilities, the novel products will fuel the market growth. In addition, novel product launches and rigorous R&D investments by the companies serve to be the high impact driver in the forecast period. For instance, in June 2020, Akorn announced the launch of its Abbreviated New Animal Drug Application (ANADA) for Neomycin and Polymyxin B Sulfates, and Bacitracin Zinc Ophthalmic Ointment, for the treatment of ocular bacterial infections in dogs and cats. However, lack of awareness pertaining to the eye care treatment and high cost may hamper the growth of the market

Key Market TrendsEye Care Products Boost the Market Growth

Veterinary Eye Care Products dominate the market currently due to increasing prevalence of eye disorders in animal, rising pet population and growing awareness related to animal eye care drives the market growth. Animal eye care products are used in cleaning animal’s eyes, treating infections, and ocular diseases. Cyclosporine and Tacrolimus are the most recommended drug for eye diseases and thus expected to boost the market growth in the forecast period.

Moreover, in April 2021, Ingeneus reported expansion of the eyeTelemed range of products with the IOPvet , a device capable of assessing the intraocular pressure (IOP) of animals with ease and accuracy. The symptoms of early-stage glaucoma are subtle, and can be easily missed in some animals. High eye pressure is the main indicator of glaucoma in animals, and can cause pain and permanent vision loss if left untreated. The early detection and ongoing assessment of high eye pressure conditions in animals, particularly high-risk breeds, is therefore crucial in veterinary settings. Therefore, such developments are anticipated to fuel the development of veterinary eye care products and services.

There have been numerous initiatives introduced globally for the proper management and accessibility of veterinary services and veterinary medicine to companion animals, which is likely to drive the market growth. For instance, in March 2020, the World Small Animal Veterinary Association (WSAVA) launched a list of essential medicines for dogs and cats, developed by the association’s Therapeutics Guidelines Group (TGG), in order to tackle the difficulties associated with companion animal veterinarians in accessing essential veterinary medicines by supporting the availability of the drugs required for minimum standards of clinical practice. Thus, these factors are expected to drive the veterinary eye care market during the forecast period.

North America to Remain the Largest Veterinary Eye Care Market

Globally, North America dominates the global Veterinary Eye Care Market owing to the high demand for Veterinary Eye Care products due to the increased adoption of pets in this region. Robust veterinary healthcare infrastructure increased veterinary healthcare spending and rising veterinary practices will serve as the major factors pertaining to the growth in this region.

According to the American Veterinary Medical Association, there were a total of 118,624 veterinary practitioners practicing in the United States in 2020. An increase in the veterinary hospitals and clinics and favorable government policies and easy access to medical reimbursement policies will further project the growth in this region. In addition, the data published by the American Pet Products Association (APPA) in 2022, stated that the total pet healthcare expenditure was estimated at USD 123.6 billion in 2021, while the expenditure in 2020 was around USD 103.6 billion.

Moreover, there is an increasing adoption of veterinary teleconsultation services due to the emergence of COVID-19. For instance, in October 2020, Chewy Inc., an American online retailer, launched a telehealth service that connects pet owners to a licensed veterinarian, which may further boost the market growth in the forecast period.

Competitive Landscape

some of the key players currently dominating the Veterinary Eye Care Marke includes I-MED Animal Health, Akorn Operating Company LLC, Bausch & Lomb Incorporated, NUTRI-VeT, and Zoetis etc. The Veterinary Eye Care Market is fragmented and competitive due to the presence of a large number of players. The major players are currently aiming their attention to expand their businesses in order to strengthen their position in the market.

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