Veterinary Eye Care Market - Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

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Veterinary Eye Care Market - Global Industry Analysis, Size, Trends, Growth, Forecast 2019 - 2029

Status : March, 2023 | Medical Devices

Report Digest

Global Veterinary Eye Care Market: Overview

The global veterinary eye care market is set to witness growth over the period of 2019 to 2029, owing to more and more people gaining in interest in keeping animals as companions or as guides through life, as per TMRR.

It is pertinent to note here that animals are not only kept as pets, but also as beasts of burden by farmers. For efficient work, it is essential that the animals be in good health. Eye injuries are a major cause of debilitation in such settings, requiring special care. A host of medical and surgical techniques - from as basic as an eye ointment to complex surgical procedures - provide this care and are a part of the veterinary eye care market.

Global Veterinary Eye Care Market: Competitive Landscape

The global veterinary eye care market is witnessing some notable development – a result of proactive measures deployed by players to capture higher market share. Some of these are:

In April 2018, Mars Petcare acquired OptiGen LLC to enhance DNA testing among mixed breed dogs, which shall forewarn of any diseases among them. This led to better market penetration for the former and a consolidated market position.

In 2017, Pathway acquired the Eye Care for Animals (ECFA) facility to boost productivity in the eye care market. This has raised the level of competition in the market and helped Pathway grow its market share.

This market is fragmented owing to presence of a large number of manufactures of eye care products. Some of these players are:

  • Zoetis
  • Boehringer Ingelheim
  • Bayer
  • Merck
  • TVM
  • Akorn
  • Nutri-Vet
  • MiracleCorp
  • Farnam
  • I-Med Animal Health
  • Beaphar
  • Vetericyn

Global Veterinary Eye Care Market: Key Trends and Drivers

  • More and more people today keep pets. A registered dog population of 470 million in 2018 is due to increase in the future as people increasingly look for animal companionship. 29% of elderly people in the U.S. are staying alone today and they need pets not just for companionship but also as guides through the daily functions of life.
  • As pets are kept as family, they are cared for in the same manner. The average life expectancy of a dog has risen from 10.5 to 11.8 years in 10 years due to this increased level of care, especially in old age. Such care often involves therapies to combat age related diseases, like diabetes mellitus or age related macular degeneration of the eyes. 
  • Livestock valuation currently stands at about 800 billion dollars globally. Some of these are also used by farmers as an economic helping hand and a social prize. And this is not just true for developing countries. In the U.S., the importance of farm ranches as centers of social and cultural experience is resurging. This is leading to increased care for farm animals and demand for innovative products to increase their standard of living and lifetime.

Global Veterinary Eye Care Market: Regional Analysis

North America and Europe currently dominate the global veterinary eye care market owing to a robust veterinary healthcare infrastructure and an increased adoption of pets by the regional population. 

The Asia Pacific region (APAC) is expected to witness moderate growth in the market over the forecast period. This growth rate can be attributed to less penetration of pet adoption in large areas of this region and absence of robust infrastructure for veterinary care. However, an increasing interest in the appeal of animal companions is set to provide tailwinds to regional growth. 

The global veterinary eye care market can be segmented on the basis of treatment, indication, end users and geography.

Based on treatment:

  • Medical Treatment
    • Eye Drops
    • Ointments
    • Injections
    • Drugs
      • Cyclosporine
      • Tacrolimus
      • Corticosteroids
      • Others
  • Surgery
    • Diode Laser Surgery
      • Retinopexies
      • Retino Reattachment
      • Endoscopic CPC
    • Cataract Phacoemulsification & Lens Replacement
    • Automated Vitrectomy
    • Glaucoma Drainage Implant Surgery

Based on indications:

  • Ocular Surface Disorders
  • Glaucoma
  • Cataract
  • Anterior Uveitis
  • Retinal Diseases
  • Corneal Disease
  • Others

Based on distribution channel:

  • Veterinary Hospitals
  • Veterinary Clinics
  • Retail Pharmacies
  • Drug Stores
  • Online Pharmacy
  • Others

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5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?