May 21, 2019 by Steve Blade
Veterinary eye care has been going through a phase of technological advancements, which have found effective cure for numerous ophthalmologic treatments. Increasing incidences of eye disorders among the pets in parallel to their early aging are the primary factors driving the growth of the veterinary eye care market.
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Prevalence of diabetes in pets, especially in cats and dogs, resulting in poor vision has hard-pressed the pet owners to opt for veterinary eye care treatment. In addition, the rising number of households with pets coupled with increasing expenditures on pet care will deliver affluent growth opportunities to the Veterinary Eye Care Market in the forthcoming years. However, lack of awareness pertaining to the treatments for cataract in pets among pet owners is expected to dampen the growth of the veterinary eye care market.
Veterinary Eye Care Market – Novel Developments
Veterinary eye care market has been growing on account of the key developments proposed and implemented by the key players. These players have been strengthening their position in the market by leveraging expansion strategies. In addition, an increase in the funding has offered a smooth path for the advancements to these veterinary eye care market players.
Some of the key players operating in the veterinary eye care market constitute of Akorn, Inc., Animal Eye Care LLC, Menicon Co., Ltd., I-Med Animal Health, and Bausch & Lomb Incorporated. Some of the novel developments implemented by these companies are as discussed below.
Mergers and acquisitions have been a strategy for availing two-way benefits for the companies. Along the same lines, Pathway acquired Eye Care for Animals (ECFA) in 2017, to leverage ECFA’s growth model and stay sustainable in the intensely competitive veterinary eye care market.
In April 2018, Mars Petcare completed the acquisition of OptiGen LLC, to conduct the highest quality of DNA testing especially for dogs. This testing will help in detecting several health risks among the mixed-breed dogs.
Recently, I-Med Pharma entered into an agreement with DryCom to open up a distribution channel for I-PEN Tear Osmolarity System in Brazil.
With the large adoption of pets and increasing awareness pertaining to the eye disorders have encouraged the veterinary eye care providers to improve the quality of their products and develop effective therapies that ensure speedy recovery of pets. In addition, technological advancements in the healthcare industry have been helping the medical practitioners to provide painless surgeries, which is gaining momentum in the veterinary eye care market.
North America to Remain the Largest Veterinary Eye Care Market
Increase in the GHDI of consumers and rising adoption of pets is expected to expand the spending capacity on vet care in North America. In addition, developed healthcare infrastructures and concentration of key market players bringing in the innovation are expected to influence the growth of the veterinary eye care market in the forthcoming years.
Europe will hold the second position in the veterinary eye care market, which can be attributed to the popular trends of pet adoption and excellent pet insurance policies. However, Asia Pacific to witness a sluggish growth of the veterinary eye care market with slow traction of pet adoption propensities.
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The global veterinary eye care market is expected to witness moderate growth over the forecast period. Several veterinary drugs are introduced in the veterinary eye care market. Of these, some are still under clinical trials and thus, there is high competition among local and regional players. Among the two treatment types, the medical treatment segment, which includes eye drops, ointments, and drugs, is expected to lead the global veterinary eye care market over the forecast period. The retail pharmacy distribution channels segment is expected to contribute a high share in the global veterinary eye care market as it is the most accessible channel and outpatient treatment is recommended for most animals. Veterinary hospitals also account for significant revenue generation in veterinary eye care market owing to a large number of eye surgeries performed by veterinarians in these facilities.
Geographically, the global veterinary eye care market is segmented into North America, Latin America, Europe, Asia-Pacific excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is expected to be the dominant market in the global veterinary eye care market owing to high prevalence of eye diseases among animals and high spending on vet care as compared to other regions. The veterinary eye care market in APEJ is expected to grow at a significant CAGR due to an increase in the number of products offered by key domestic players. Europe is expected to register the second-largest share in the global veterinary eye care market throughout the forecast period owing to increased awareness about veterinary eye diseases among pet owners.
Veterinary Eye Care Market: Key Players
The global veterinary eye care market is highly fragmented owing to presence of large number of domestic manufacturers. Some of the key players operating in the global veterinary eye care market are Bausch & Lomb Incorporated; I-Med Animal Health; Menicon Co., Ltd.; Animal Eye Care LLC and Akorn, Inc., among others.
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