“Global Veterinary Endocrinology Market to reach a market value of USD 482.2 Million by 2031 growing at a CAGR of 6.6%”
The Global Veterinary Endocrinology Market size is expected to reach $482.2 million by 2031, rising at a market growth of 6.6% CAGR during the forecast period.
North America has a significant population of companion animals, including dogs, cats, and other pets. Thus, the North America region acquired 39% revenue share in the market 2023. The high prevalence of pets in households contributes to a larger pool of potential patients requiring specialized veterinary care, including endocrinology services. Pets in North America are often considered family members, leading to greater investments in their health and well-being. Pet owners prioritize preventive healthcare, advanced diagnostics, and specialized treatments, including veterinary endocrinology, to ensure their pets lead healthy and comfortable lives.
There’s growing awareness among pet owners and veterinarians about various endocrine disorders that affect animals, such as diabetes mellitus, thyroid disorders, adrenal gland disorders, and reproductive hormone imbalances. This awareness leads to more animals being diagnosed and treated for these conditions.
Additionally, the global pet population, including dogs, cats, and exotic pets, continues to increase. This demographic trend directly correlates with a higher incidence of pet health issues, including endocrine disorders such as diabetes mellitus, thyroid disorders, and adrenal gland disorders. Therefore, increasing pet ownership and expenditures on pet healthcare drive the market's growth.
However, veterinary diagnostics and treatments for endocrine disorders can be expensive, especially when multiple diagnostic tests, specialized imaging studies, and ongoing treatment regimens are required. This can create financial constraints for pet owners, leading to hesitation or delay in seeking veterinary care. Thus, the high cost of diagnostic and treatment procedures impedes growth.
Based on route of administration, the market is divided into oral and others. In 2023, the oral segment garnered 57.7% revenue share in the market. Oral medications are typically easier to administer than other forms, such as injections or transdermal treatments.
On the basis of animal type, the market is segmented into dogs, cats, and others. In 2023, the cats segment attained 30.7% revenue share in the market. The cat population, like the dog population, is aging due to advancements in veterinary medicine and nutrition.
Based on application, the market is categorized into pancreatic disorders and others. In 2023, the pancreatic disorders segment registered 53.2% revenue share in the market. Pancreatic disorders often present with nonspecific clinical signs, making accurate diagnosis challenging.
Free Valuable Insights: Global Veterinary Endocrinology Market size to reach USD 482.2 Million by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Europe region generated 29.9% revenue share in the market. European veterinarians undergo rigorous training and education, often specializing in specific fields such as endocrinology.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 292.1 Million |
| Market size forecast in 2031 | USD 482.2 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.6% from 2024 to 2031 |
| Number of Pages | 221 |
| Number of Tables | 328 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Route of Administration, Animal Type, Application, Region |
| Country scope |
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| Companies Included | Dechra Pharmaceuticals PLC (EQT AB), Elanco Animal Health Incorporated, Merck & Co., Inc., Boehringer Ingelheim International GmbH, Zoetis, Inc., LLOYD, Inc., Covetrus, Inc. (Clayton, Dubilier & Rice, LLC), and Mars, Inc. (Antech Diagnostics, Inc) |
By Route of Administration
By Animal Type
By Application
By Geography
This Market size is expected to reach $482.2 million by 2031.
Rising prevalence of endocrine disorders in animals are driving the Market in coming years, however, High cost of diagnostic and treatment procedures restraints the growth of the Market.
Dechra Pharmaceuticals PLC (EQT AB), Elanco Animal Health Incorporated, Merck & Co., Inc., Boehringer Ingelheim International GmbH, Zoetis, Inc., LLOYD, Inc., Covetrus, Inc. (Clayton, Dubilier & Rice, LLC), and Mars, Inc. (Antech Diagnostics, Inc)
The expected CAGR of this Market is 6.6% from 2024 to 2031.
The Dogs segment is leading the Market by Animal Type in 2023; thereby, achieving a market value of $280.5 million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $181.3 million by 2031.
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