This study involved the extensive use of both primary and secondary sources. The research process included a study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Major Growth Drivers:
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.
Expected Revenue Growth:
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. Thus, positive trends in the animal health market will have a subsequent impact on the veterinary market growth.
Accessories to Fuel the Growth of Veterinary Care Market :
Furthermore, veterinary care market growth can be tracked based on animal health product consumption. 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.
Demand for veterinary products and services was high in developed economies and was pretty much low in developing economies. However, due to the rise in disposable income in developing economies, such as Indonesia, the Philippines, and Colombia, there has been an improvement in the animal health scenario. Therefore, it is essential to understand the dynamics of Asia Pacific animal health market and Latin America Animal Health market that is projected in this report.
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Livestock animals such as cattle and poultry are expected to receive maximum medicalization in the coming years
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.
The decline in non-medicalized animals has positively impacted the veterinary care market.
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.
Latin America veterinary care market will experience considerable growth during the forecast years, by region
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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Key market players
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.