Mon. Aug 15th, 2022

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.

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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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By ajinkya