Veterinary Eye Care Market to Grow by USD 1.05 Billion (2024-2028) as AI Drives Market Transformation, Rising Pet Ownership Boosts Revenue – Technavio

NEW YORK, Nov. 20, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global veterinary eye care market size is estimated to grow by USD 1.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.62% during the forecast period. Rising pet ownership is driving market growth, with a trend towards rising awareness about pet insurance. However, stringent regulatory approval process for drugs poses a challenge.Key market players include AVENTIX, Bausch Lomb Corp., Boehringer Ingelheim International GmbH, BrightPet Nutrition Group LLC, Ceva Sante Animale, Compana Pet Brands LLC, Covetrus Inc., Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., GoodVets Veterinary Services LLC, I MED Animal Health, Innovacyn Inc., Mars Inc., Merck and Co. Inc., Neogen Corp., NexGen Pharmaceuticals LLC, Norbrook Laboratories Ltd., Pfizer Inc., Senju Pharmaceutical Co. Ltd., Stokes Healthcare, Vetoquinol SA, Virbac Group, and Zoetis Inc..

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Market Driver

The veterinary eye care market is experiencing significant growth due to the increasing prevalence of eye disorders in cats and dogs. Early aging signs, diabetes, and poor vision are common reasons for pet owners seeking medical treatment for their furry friends. Cataracts are a major concern, leading to the use of veterinary drugs like Cyclosporine, Tacrolimus, and Corticosteroids for treatment. Clinical trials are ongoing for new eye drops and ointments, while veterinary hospitals and clinics offer surgery options such as Diode Laser Surgery, Retinopexies, Retino Reattachment, Endoscopic CPC, Cataract Phacoemulsification, and Lens Replacement. Indications for eye care include Ocular Surface Disorders, Glaucoma, Cataract, Anterior Uveitis, and Retinal Diseases, among others. Retail pharmacies, drug stores, and online pharmacies offer various eye care products and drugs for pet owners. Pet insurance coverage is essential for managing the costs of veterinary eye care. Eye lid abnormalities, Uveitis, Conjunctivitis, and Corneal complications are common conditions treated in veterinary medicine. Feline Herpesvirus 1, Feline infectious peritonitis, Toxoplasmosis, Feline immunodeficiency virus, and Feline leukemia virus are infectious diseases affecting eye health in cats. Systemic conditions like Hyperthyroidism, Chronic renal failure, Systemic hypertension, Leptospirosis, Lyme disease, Equine influenza, Strangles, Rhodococcus equi, Salmonellosis, Hydrocephalus, Bovine viral diarrhea, Bluetongue virus, Vitamin A deficiency, Night blindness, Mydriasis, Ocular nerve atrophy, Retinal degeneration, Papilledema, and Genetic conditions also impact eye health in various animal populations, including dogs, cats, horses, farm animals, and livestock. Ingeneus and Telehealth services offer remote consultations and treatments for veterinary eye care. 

Pet insurance plays a crucial role in supporting pet owners with unexpected veterinary expenses, particularly in eye care. The increasing popularity of pet insurance is attributed to favorable policies, leading to market growth in the global veterinary eye care industry. Countries like the US, Australia, and Canada have adopted pet health insurance, covering over 2.68 million pets in the US alone, as per NAPHIA’s 2020 report. This trend is projected to expand significantly during the forecast period.

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Market Challenges

• The Veterinary Eye Care Market faces several challenges in addressing various eye disorders in cats, dogs, and other companion animals, as well as livestock. Early aging signs, diabetes, and poor vision are common issues for pets. Eye disorders include cataracts, glaucoma, uveitis, conjunctivitis, corneal complications, and retinal complications. Veterinary hospitals, clinics, retail pharmacies, drug stores, and online pharmacies provide medical treatment through veterinary drugs such as Cyclosporine, Tacrolimus, and Corticosteroids. Clinical trials test the effectiveness of eye drops, ointments, injections, and surgeries like Diode Laser Surgery, Retinopexies, Retino Reattachment, Endoscopic CPC, Cataract Phacoemulsification, Lens Replacement, and Automated Vitrectomy. Indications include ocular surface disorders, infectious diseases, and systemic conditions. Veterinary medicine addresses feline herpesvirus 1, feline infectious peritonitis, toxoplasmosis, feline immunodeficiency virus, and feline leukemia virus. Systemic conditions like hyperthyroidism, chronic renal failure, and systemic hypertension also impact eye health. Livestock populations face challenges with diseases like leptospirosis, Lyme disease, equine influenza, strangles, rhodococcus equi, salmonellosis, hydrocephalus, bovine viral diarrhea, bluetongue virus, vitamin A deficiency, night blindness, mydriasis, ocular nerve atrophy, retinal degeneration, papilledema, and genetic conditions. Ingeneus offers telehealth services to expand access to ophthalmologic care.
• The Veterinary Eye Care Market is subject to rigorous regulation by various authoritative bodies to ensure the safety and efficacy of veterinary pharmaceutical products. The US Food and Drug Administration (FDA), Canadian Food Agency, European Medicines Agency, Ministry of Agriculture, Forestry, and Fisheries (MAFF), and Australian Pesticides and Veterinary Medicines Authority (APVMA) are some of the key regulatory entities. The Veterinary International Committee for Harmonization (VICH) facilitates collaboration among these agencies, harmonizing guidelines and technical standards for veterinary product registration. Regulatory requirements for the approval of novel veterinary pharmaceuticals, including eye drops, antibiotics, vaccines, and other products, are stringent in countries like Australia, Japan, and China.

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Segment Overview

This veterinary eye care market report extensively covers market segmentation by

1. Application

• 1.1 Dogs
• 1.2 Cats
• 1.3 Horses

Type

• 2.1 Eye care products
• 2.2 Eye care services

Geography

• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Dogs- The veterinary eye care market is driven by the prevalence of various eye conditions in dogs, including bacterial, viral, and fungal infections, conjunctivitis, corneal injuries, and ulcers. Veterinary eye care involves identifying the cause of these conditions and prescribing appropriate treatments, such as topical antibiotics, antiviral drugs, cleansing solutions, or ointments. For instance, Vfend from Pfizer is a triazole antifungal medicine used to treat serious fungal infections in dogs, while Tiacil from Virbac is a gentamicin-based eye drop solution for treating eye infections in dogs. Dogs are also susceptible to corneal injuries and ulcers caused by foreign objects or trauma, which require thorough examinations, removal of foreign bodies, and application of appropriate medications or ointments. With growing pet adoption and increasing emotional bonding with dogs, pet owners are prioritizing their health, leading to an uptick in demand for veterinary eye care products. Furthermore, dogs’ sharp vision and hearing abilities make them valuable assets in search operations, increasing their importance and the need for optimal eye health. The market for veterinary eye care products for dogs is expected to grow significantly during the forecast period due to the rising prevalence of eye conditions and the importance of maintaining the health of these valuable companions.

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Research Analysis

The Veterinary Eye Care Market encompasses a wide range of conditions and treatments related to eye disorders in companion animals, horses, and farm animals. Early aging signs, such as poor vision and eye lid abnormalities, are common in cats and dogs and can be indicative of various ocular disorders like cataracts, uveitis, conjunctivitis, corneal complications, and retinal complications. Pet owners increasingly seek veterinary eye care services to ensure their pets receive proper diagnosis and treatment for these conditions. Veterinary medicine focuses on the diagnosis and ophthalmologic cure of infectious diseases like Feline Herpesvirus 1 and Feline Infectious Peritonitis. Telehealth services, like those offered by Ingeneus, provide convenient access to eye care for pet owners. Additionally, pet insurance coverage plays a crucial role in making veterinary eye care more accessible and affordable for pet owners. Overall, the Veterinary Eye Care Market continues to grow in response to the increasing demand for advanced eye care services for companion animals, horses, and farm animals.

Market Research Overview

The Veterinary Eye Care Market encompasses a wide range of products and services dedicated to diagnosing and treating various eye disorders in cats, dogs, and other companion animals, as well as livestock. Early aging signs, such as poor vision, eye lid abnormalities, and eye disorders related to systemic conditions like diabetes, are common reasons for veterinary eye care. Conditions like cataracts, glaucoma, uveitis, conjunctivitis, corneal complications, and retinal complications are treated with veterinary drugs, including eye drops, ointments, injections, and surgeries like Cyclosporine, Tacrolimus, and Corticosteroids. Veterinary hospitals, vet hospitals, and veterinary clinics offer medical treatment for these conditions, while retail pharmacies, drug stores, and online pharmacies provide access to necessary medications. Pet insurance coverage can help offset the costs of veterinary eye care. Indications for veterinary eye care include ocular surface disorders, retinal diseases, and genetic conditions, as well as infectious diseases like Feline Herpesvirus 1, Feline infectious peritonitis, Toxoplasmosis, Feline leukemia virus, and Feline immunodeficiency virus, and systemic conditions like Hyperthyroidism, Chronic renal failure, Systemic hypertension, Leptospirosis, Lyme disease, Equine influenza, Strangles, Rhodococcus equi, Salmonellosis, Hydrocephalus, Bovine viral diarrhea, Bluetongue virus, Vitamin A deficiency, Night blindness, Mydriasis, Ocular nerve atrophy, Retinal degeneration, Papilledema, and Genetic conditions. Eye Care Products and Eye Care Services are also key components of the market. Ingeus, a telehealth service, is an emerging player in the market, offering remote consultations and monitoring for pets with eye conditions.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Application
• Dogs
• Cats
• Horses
• Type
• Eye Care Products
• Eye Care Services
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

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SOURCE Infiniti Research, Inc.

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