The veterinary care market is expected to foresee positive trends throughout the forecast period. Substantial market growth can be attributed to the rising initiatives undertaken by the regulatory authorities. Government authorities collaborate with veterinarians and develop schemes that assure the availability of optimum inventory at fields for treating the farm animals.
An increase in demand for animal health products showcases growth trends for the veterinary care market. There has been a considerable demand for animal health products in Asian countries, and the animal health market is predicted to grow at 5.2% during the forecast period.
According to the new market research report by MarketsandMarkets, the global Latin America animal health market size is projected to reach around USD 9 billion by 2025 from around USD 5.2 billion in 2018, at a CAGR of 7.3% during the forecast period.
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Global Veterinary Care Market is Segmented on:
The animal type segment of the veterinary care market is bifurcated further into dogs, cats, pigs, poultry, cattle, and horses. Livestock animals such as cattle and poultry are expected to experience higher medicalization rates during the forecast years. In emerging economies such as the Philippines and Vietnam, earlier, poultry health was neglected, and owners used to discard the chickens in bulk during a virus outbreak. Similar was the condition of a few cattle farms. Unorganized farms were often neglected, and that hampered the overall meat production in such countries. However, the current laws have been framed to scrutinize the situation in farms and ensure maximum animal protection.
Based on the type of treatment, the veterinary care market is segmented into no medicalization, basic medicalization, and under veterinary care. The percentage of non-medicalized animals is going to experience a decline over the next few years. The major reason behind this sharp decrease in no medicalization in animals is rising awareness amongst the farm as well as the pet owners. Moreover, government initiatives to promote animal welfare has also raised the medicalization rate in animals; thus, proving beneficial for the overall market.
Geographical Growth Analysis:
Latin America is one of the regions that has experienced significant growth in animal health space for the past few years. Countries such as Brazil and Argentina have shown potential demand for veterinary products and services. Several major players in the veterinary space have considered expansion Latin America due to the enormous growth opportunities it offers in the animal health industry.
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Some key players mentioned in the research report are:
The leading players in the animal treatment market include Zoetis (US), Merck (US), Boehringer Ingelheim (Germany), Elanco (US), Ceva (France), Phibro Animal Health Corporation (US), Virbac SA (France), IDEXX Laboratories, Inc., Neogen Corporation (US), Heska Corporation (US) and others. These players undertake several strategic initiatives such as mergers, acquisitions, new product launches, and geographical expansions that helps them in sustaining market competition.