Asia Pacific Veterinary Rehabilitation Services Market is anticipated to witness the fastest CAGR of 13% during the forecast period 2023 -2033. The companion animal segment is expected to dominate the application segment with a market revenue share of around 70% by 2033
NEWARK, Del, Dec. 12, 2022 (GLOBE NEWSWIRE) — The global veterinary rehabilitation services market size is valued at US$ 792.5 Million in 2022 and it is anticipated to achieve a market valuation of US$ 882 Million in 2023. It is expected to reach a market valuation of US$ 2.1 Billion by the end of the forecast period while exhibiting a CAGR of 9.06%.
The rising number of companion animals & pet humanization trends, increasing prevalence of musculoskeletal & orthopedic disorders among animals, and growing awareness among pet owners regarding physical rehabilitation as non-invasive & drug-free treatment are some of the key factors driving this market. In addition, with the rising number of people valuing wildlife conservation, the count of volunteer rehabilitators who rescue and protect wounded/injured wildlife animals is also increasing. For instance, according to a study published in March 2022, by the National Library of Medicine, millions of native animals are rescued, rehabilitated, and protected by wildlife rehabilitators each year globally.
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The COVID-19 pandemic adversely impacted the veterinary rehabilitation services market, especially during the year 2020. This negative impact was majorly due to the lockdowns in various countries which resulted in the closure and restricted access to veterinary care. This circumstance has created hurdles among pet owners in accessing veterinary rehabilitation services for their beloved companions due to the cancellation and mandatory closure of rehab centers. Moreover, wildlife rehabilitation centers have faced severe challenges during the pandemic with disease contamination risks within the facilities and among native habitats. This concern led the wildlife rehab centers to have interrupted veterinary visits or reduced personnel by around 85% in specific cases.
Furthermore, the increasing adoption of pet insurance with rehabilitation services coverage, post-pandemic return to normality with the resumption of veterinary rehab services, growth in the number of vet rehab centers, and increased pet healthcare expenditure are some of the other factors propelling the veterinary rehabilitation services market. According to the American Pet Products Association (APPA), the pet care expenditure in the U.S. raised to reach 123.6 billion in 2021 from USD 90.5 billion in 2018. Hence, the increasing annual pet healthcare expenditure is one of the major factors driving the market growth. Moreover, the rising popularity of veterinary rehab has reflected the devotion of pet owners who have proven their willingness to invest more time and money in their pets’ healthcare. Considering the perceived applications and benefits of rehab, the sector is expected to grow at a fast pace in veterinary medicine.
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Key Takeaways-
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The veterinary rehabilitation services market was valued at USD 510 million in 2019 and it will reach an impressive valuation of USD 2.1 billion while exhibiting a CAGR of 12.1% by 2033.
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Pet humanization trends and increasing pet expenditure are augmenting the growth of the veterinary rehab service market.
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By Animal type, the companion animal segment is expected to dominate the market with a 70% revenue share by 2033.
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By therapy type, the therapeutic exercises segment is expected to generate the highest revenue during the forecast period.
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By Indication type, Post surgery segment accounted for a market share of 31% in 2022 and is anticipated to lead the segment by the end of the forecast period.
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By End-use, Veterinary rehab centers dominated the market with a 45.8 % segment share in 2022.
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APAC will exhibit the highest CAGR of 13% in the veterinary rehab service market in the upcoming years.
“The market’s expansion may be linked to a paradigm shift toward workflows and process automation across a wide range of businesses and industrial verticals. Enterprises all over the world are eager to embrace effective and smooth business processes that can be executed regardless of location, which is propelling this industry ahead.” comments a Future Market Insights analyst
Competitive Landscape-
Some of the major company profiles included in the global veterinary rehabilitation services market report are-
Back on Track Veterinary Rehabilitation Center LLC, Animal Acupuncture and Rehabilitation Center, BARC, Treasure Coast Animal Rehab & Fitness, Animal Rehab Center of Michigan, Blue Springs Animal Rehabilitation Center, Essex Animal Hospital, Triangle Veterinary Referral Hospital, Butterwick animal rehab clinic Ltd, Animal Rehab and Conditioning Center.
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In April 2022, the FDA approved Vatinoxan hydrochlorides and Medetomidine injections for dogs undergoing specific clinical examinations and procedures and minor surgical operations. Medetomidine is a synthetic drug used as a surgical anesthetic and an analgesic. Vatinoxan brings down the adverse cardiovascular effects of medetomidine by maintaining the heart rate in the normal range, thus improving the cardiovascular function and the safety profile of medetomidine while the dog is sedated. Zenalpha is aimed to provide sedation and relief of pain that lasts for the duration of the sedation to dogs for clinical examinations or procedures which require the dog to remain still, calm or quiet.
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In January 2022, the US FDA provided approval to Elanco Animal Health’s Zorbium which is a (buprenorphine transdermal solution). Due to this approval, veterinarians now have another alternative for managing postoperative pain in cats, owing to this approval.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global digital transaction management market, presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of component (solutions and services), by end-user (large and small and medium-sized), by vertical (retail, BFSI, healthcare, IT & telecommunication, travel & transportation, manufacturing, government, others) and regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Profiled in the Veterinary rehabilitation services market Industry Survey
By Animal Type:
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Companion Animals
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Wildlife Animals
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Production Animals
By Therapy Type:
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Therapeutic Exercises
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Manual Therapy
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Hydrotherapy
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Hot & Cold Therapies
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Electrotherapies
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Acupuncture
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Shockwave Therapy
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Other Therapies
By Indication:
By End Use:
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
Click Here for Veterinary Rehabilitation Services Market 301 pages TOC Report
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