Market Trends of Canada Veterinary Healthcare Industry
This section covers the major market trends shaping the Canada Veterinary Healthcare Market according to our research experts:
Vaccines Segment is Expected to Witness High Growth Over the Forecast Period
Vaccines comprise viruses, bacteria, or other disease-causing organisms that have been killed or attenuated so that they cannot cause further disease and can boost the immunity. The Canadian Food Inspection Agency regulates veterinary biologics like vaccines to ensure that the products used on animals in the country are pure, potent, safe, and effective. The import of veterinary vaccines to the country needs a valid import permit issued by the CFIA-CCVB in Ottawa. In some parts of the country, it is mandatory to vaccinate every cat and dog, especially where there are high risks of rabies. According to the Canadian veterinary community, every dog should be vaccinated with core vaccines.
Furthermore, several initiatives have been undertaken by the country to promote veterinary care. According to the report published by Canadian Animal Health Institute in February 2021, from 2018 to 2020, the Canadian dog population continued to grow from 7.6 million to 7.7 million, while the population of cats stabilized. However, cats continue to outnumber dogs, with 8.1 million cats being considered household pets in 2020. Out of the population of dogs and cats, the percentage of pets receiving veterinary medical care during the past 12 months increased more significantly for cats than dogs. The increase in veterinary visits for cats was most pronounced in the months following the COVID-19 outbreak. Hence, an increasing number of pets are expected to augment the market's growth. The growing number of pets will increase the number of vaccines required and boost the market's growth. Moreover, recent advancements, the availability of vaccines, and new product launches are projected to fuel the segment's growth over the forecast period.
Thus, the market for veterinary healthcare in Canada is projected to grow over the forecast period.
Dogs and Cats Segment is Expected to Witness High Growth Over the Forecast Period
The rising number of pet insurance in the country and the increasing ownership of pet animals among the population are expected to drive segmental growth. For instance, according to the 2022 statistics published by the Insurance Information Institute, it has been observed that in Canada, 432,533 pets were insured at the end of 2021, with an increase of 22.7% as compared to 2020. Hence, an increase in pet insurance is expected to drive the market in the country.
Additionally, according to an article published by the Frontiers in Veterinary Medicines in October 2021, 'Perspectives of Canadian and American Cats Owners on Provision of Uncontrolled Outdoor Access for Owned Domestics Cats,' it has been observed that 37% of Canadian households own one or more cats. Thus, an increase in pet adoption is expected to boost the market.
Thus, the market studied in Canada is expected to project growth over the forecast period due to the abovementioned factors.
