PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606427
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606427
Veterinary Endocrinology Market size was valued at USD 320.87 million in 2023, expanding at a CAGR of 6.9% from 2024 to 2032.
Veterinary endocrinology is a specialized branch of veterinary medicine focused on the diagnosis and treatment of endocrine disorders in animals. The endocrine system comprises glands that produce hormones, which are critical for regulating various bodily functions, including metabolism, growth, reproduction, and mood.
Veterinary Endocrinology Market- Market Dynamics
The rising incidence of endocrine disorders in pets is anticipated to significantly enhance market demand. Common conditions such as diabetes mellitus, hyperthyroidism, and Cushing's disease (hyperadrenocorticism) are increasingly observed, particularly in older animals. According to Vetsource, approximately 1 in 300 dogs and 1 in 230 cats are expected to develop diabetes during their lifetimes, with these figures continuing to escalate. The increasing number of diagnosed cases is propelling the demand for specialized veterinary services and treatments, thereby heightening the need for expertise in endocrinology.
Moreover, ongoing research within the field of veterinary medicine may yield new therapies and improved treatment protocols for endocrine disorders, further stimulating market growth. Nevertheless, economic downturns may pose challenges to this growth trajectory.
Veterinary Endocrinology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.9% over the forecast period (2024-2032)
Based on Animal Type segmentation, Dogs was predicted to show maximum market share in the year 2023
Based on Route of Administration segmentation, Oral was the leading segment in 2023
Based on Application segmentation, Pancreatic Disorders was the leading segment in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Veterinary Endocrinology Market is segmented based on Animal Type, Route of Administration, Application, and Region.
The market is classified into three categories according to Animal Type: Dogs, Cats, and Other Animals. The Dogs segment holds a dominant position within the market. The Veterinary Endocrinology Market, particularly for dogs, represents a substantial segment owing to the rising incidence of endocrine disorders among canines.
The market is classified into two segments according to the Route of Administration: Oral and Other Routes. The Oral segment holds a dominant position in the market. Oral medications are essential in the management of various endocrine disorders, providing pet owners with convenient and effective treatment alternatives.
The market is categorized into two segments based on application: Pancreatic Disorders and Other Disorders. Pancreatic Disorders are the primary drivers of market growth. The Veterinary Endocrinology Market about pancreatic disorders constitutes a crucial segment of pet healthcare, propelled by the rising incidence of ailments such as diabetes and pancreatitis.
Veterinary Endocrinology Market- Geographical Insights
This market is geographically extensive, encompassing North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These areas are further categorized based on the countries contributing to business activities. North America leads in market expansion, primarily due to the increasing awareness among pet owners. There is a growing trend among pet owners to engage in preventive care, resulting in more frequent veterinary visits and earlier detection of endocrine disorders. This heightened awareness facilitates more effective management of conditions such as diabetes mellitus and Cushing's disease. According to the American Pet Products (APPA) National Pet Owners Survey for 2023 and 2024, 66 percent of households in the United States, equating to 86.9 million, have a pet. Europe ranks as the second largest region for market growth, attributed to its well-established veterinary infrastructure and significant research and development initiatives.
The Veterinary Endocrinology Market presents a competitive environment featuring a diverse array of participants, from major pharmaceutical firms to niche veterinary clinics. Competitors are prioritizing the expansion of their product portfolios to encompass a comprehensive selection of medications, diagnostic instruments, and supplements aimed at treating various endocrine disorders in animals. Significant investment in research and development is essential for the creation of innovative and effective therapies for these conditions. Additionally, companies are forming partnerships with veterinary colleges and research organizations to enhance their product offerings.
On July 30, 2024, Dechra Limited, a worldwide leader in veterinary pharmaceuticals and associated products, along with Akston Biosciences Corporation, which is committed to advancing the biologics revolution in Animal Health, has announced that Dechra will acquire all of Akston's interests in the long-acting insulin programs for dogs and cats.