Veterinary Market Research Reports, Analysis & Trends
A veterinary is related to diseases, injuries and treatment of farm, domestic or wild animals. A vet also called as a veterinary or veterinary surgeon or veterinarian is a doctor who practices veterinary medicine.
Veterinary medicine is widely practiced, both with and without professional supervision. Most of the time, professional care of animals is led by veterinary physician also known as a vet, veterinary surgeon or veterinarian, but sometimes the care is taken by paraveterinary workers such as veterinary nurses or technicians who assist a veterinarian in the performance of their duties.
In Veterinary service, there are various industry activities which include operating animal hospitals, animal disease testing, livestock inspecting and testing, performing animal vaccinations, Operating veterinary clinics, operating veterinary testing laboratories and providing livestock veterinary services.
Growth and Revenue of Veterinary Industry
Growth in the global veterinary industry is mainly because of increased pet ownership, awareness of animal health issues, demand for animal related products and the availability of advanced surgical and diagnostic procedures. There are various technologies involved in veterinary medicine. Nowadays, animal health product such as metabolic drugs, anti-infective, reproductive aids, feed additives, vaccines, imaging diagnostics, topical solutions and parasite controls are becoming more popular.
In animal hospitals and clinics, the doctors treat injuries and disease of animals, but get most of the revenue from animal health procedures such as neutering and spaying, vaccinations, and regular checkups. A few animal hospitals also bathe, groom, board, and provide testing services to domestic animals such as dogs, cat, horses etc. Routine examinations and non-surgical treatments each account for about 25 % of industry revenue; surgical procedures and lab services, about 15 %. Sales of pet food, vitamins, and accessories account for about 10 %.
Employment Outlook of veterinarians
Employment opportunities for veterinarians are expected to increase. Pet owners are more willing to pay for more elective and intensive care than before. The increase in the importance on scientific methods of breeding and raising livestock, poultry, and fish, disease control programs will contribute to the demand for veterinarians. The employment outlook is especially good for veterinarians with specialty training such as equine medicine and surgery.
Veterinary Industry Current Trends
As per the reports by Freedonia, in US, consumers are spending on domestic animals is forecast to reach $33 billion in 2014 and the pet health product demand at the manufacturer level is expected to rise almost 6% yearly to reach $5.5 billion in 2014.
According to IVA, the Veterinary Services industry is in the growth phase of its life cycle. The industry's contribution to the US economy is forecast to increase at an average annual rate of 3.9% during the 10 years to 2017.
Major Veterinary Industry Players
Major global Veterinary industry players are Bayer, Virbac, Alpharma, Merial, Pfizer, Tetnate, Novartis, Schering-Plough, Elanco/Eli Lilly, Merial and Fort Dodge/Wyeth.