The veterinary industry is constantly evolving. The global veterinary market size is expected to reach USD 114.4 billion by 2028. As new technologies take shape and innovative treatments are realized, animal care will change too. Eurovets outlines three trends that will shape veterinary industry in 2023.
Technology is gripping all areas of our lives. From Internet of Things to blockchain and artificial intelligence (AI), technology is booming. The veterinary industry has adopted technology to a great extent and in 2023, the industry will rely on tech to play a part in veterinary care including enhanced practice management software that will include features beyond automated appointment reminders. It will also include smart feeders, online prescription refill requests, wearables for pets and more. Technology will only continue to be an important aspect of the industry and will enhance the segment in 2023.
“Technology is at its best when it brings people and pets together. Super excited to continue having Eurovets play a role in advancing tech solutions for our customers, pet parents and ultimately pets” said Yakub Omarji, the COO of Eurovets.
Alternative Pet Food
As humans, the pet food industry is also experiencing a shift – particularly with insect protein and novel protein meals. Studies suggest that insects are already an emerging trend in sustainable foods for pets.
Research indicates that demand for insect protein as an ingredient in pet food and animal feed could hit half a million metric tons in 2030, up from about 10,000 metric tons currently.
In addition, the nutritional value of insects does not differ from the nutritional value of other meat sources. Insects also scored higher than chicken meal for digestibility. Similarly, insects are packed with vitamins and minerals, which the body can absorb at a faster rate than beef or wheat and have a high content of antioxidants, which help protect the body from cell damage.
Eurovets has recently launched a new line in Calibra pet food with insect protein.
Wellness is one important element of the industry. From Hydrotherapy to Class IV laser therapy and acupuncture, pet wellness is a booming market. In 2023, these services will be a gateway for industry practitioners to stay ahead of the curve.
While these are just a few of the trends Eurovets think will shape veterinary medicine in 2023, there are several other components such as pet insurance, tailored blood bank for pets, high tech cancer therapies, MRI/CT’s tailored for pets etc… which will also see a rise in demand in 2023.