The global veterinary eye care market size was valued at USD 800.15 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030. The market is majorly driven by technological advancement in diagnostics & treatment and a significant increase in the adoption of pet animals, including cats, dogs, and horses. Veterinary eyecare is expanding due to rising adoption of pet insurance.
The COVID-19 pandemic significantly impacted the veterinary eye care market. During the early stages of the pandemic, many veterinary clinics limited their operations to essential and emergency services only. This meant that routine eye care check-ups and non-urgent ophthalmic procedures for pets were postponed or canceled. This reduction in routine appointments might have affected the revenue of veterinary eye care specialists.
Ongoing advancements in veterinary medicine, including diagnostic tools and surgical techniques, have improved the ability to diagnose and treat eye conditions in animals. These innovations attract pet owners to seek specialized veterinary eye care services.Advancements in AI technology have resulted in substantial enhancements in ocular healthcare for animals. This has simplified the process of diagnosing and treating a range of eye-related issues in both domestic pets and wildlife for veterinarians.The role of artificial intelligence (AI) in veterinary ophthalmology is progressively gaining importance, especially in the domains of diagnosis and treatment. Similar to humans, animals can also experience intricate and difficult-to-diagnose eye diseases.
The widespread adoption of pets and the increasing awareness of eye disorders have prompted veterinary eye care providers to enhance the quality of their products and develop effective therapies to expedite pets' recovery. Furthermore, advancements in healthcare technology have facilitated painless surgeries, which are gaining popularity in the field of veterinary eye care.
The global veterinary eye care market is projected to experience moderate growth in the coming years. Numerous veterinary drugs are being introduced to the market, with some still undergoing clinical trials, leading to intense competition among local and regional players. Within the two primary treatment categories, medical treatments, including eye drops, ointments, and medications, are expected to dominate the global veterinary eye care industry during the forecast period.
Based on the type, the veterinary eye care market is segmented into eye care products and eye care services. The eye care products segment held the largest market share in 2023. This can be attributed to the escalating incidence of eye disorders in animals, a rising pet population, and increasing awareness regarding the importance of animal eye care, which are driving the market's expansion. These products are employed for cleaning animals' eyes and for the treatment of ocular diseases.
On the basis of indication, the market is segmented into ocular surface disorders, glaucoma, cataract, infectious diseases, and others. The cataract segment is expected to witness a significant growth in the coming years. Some dog breeds are genetically predisposed to cataracts. For instance, breeds like the Labrador Retriever and Cocker Spaniel have a higher likelihood of developing cataracts at a younger age. This breed-specific susceptibility drives the need for cataract surgery and treatment.Cataracts are relatively common in older animals, including dogs and cats. Just like in humans, age-related cataracts can develop in senior pets. As the pet population ages, the incidence of cataracts increases, leading to a higher demand for cataract-related veterinary eye care services.
Based on animal type, the veterinary eye care market is segmented by dog, cat, and others. The dog segment dominated the market in 2023.Dogs are one of the most popular pets globally. Their prevalence as companion animals means that there is a significant and consistent demand for veterinary services, including eye care. Moreover, Dogs come in a wide variety of breeds, many of which are prone to specific eye conditions. This diversity drives the need for specialized veterinary eye care, as different breeds may have different eye health requirements.
North America dominated the market in 2023 due to the heightened demand for veterinary eye care products, stemming from the increased adoption of pets in the region. Factors such as a strong veterinary healthcare infrastructure, rising expenditure on veterinary healthcare, and a growing number of veterinary practices are significant contributors to the region's growth.
Key players operating in the market are Akorn, Incorporated Bausch & Lomb Incorporated, Boehringer Ingelheim International GmbH, I-MED Animal Health, Innovacyn, Inc., MiracleCorp, NUTRI-VET, Zoetis. The market participants are constantly working towards new product development, M&A activities, and other strategic alliances to gain new market avenues. The following are some instances of such initiatives.
In October 2023, Veterinary Vision introduced a cutting-edge facility in Bamber Bridge, prioritizing sustainability throughout its design and construction. The center features three advanced operating theaters, a generously sized waiting area, a spacious central preparation room, and a specialized sterilization and instrument preparation room.
In October 2022, Bausch + Lomb introduced Project Watson, a range of healthcare products designed for dogs in the U.S. This innovative line of products has been carefully crafted to promote the well-being of dogs by addressing their eye and ear health, as well as their overall vitality. These products feature top-tier ingredients inspired by nature, ensuring high quality and effectiveness.
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