Factors such as rising pet ownership trends, increasing government initiative as well as the growing availability of superior quality veterinary products and services, should foster market growth.
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Veterinary healthcare can be defined as the science associated with diagnosing, treating, and preventing diseases in animals. The increasing importance of the production of livestock animals is generating growth in the veterinary healthcare market.
Veterinary Care Market
Based on treatment type, the veterinary care market has been segmented into non-medicalized, basic medicalization, and under veterinary care. Amongst the treatment type category, the basic medicalization segment will have significant growth. The segment growth is attributable to the rising awareness regarding the pet as well as farm owners regarding animal preventive health.
Based on animal type, the veterinary care market has been segmented into dogs, cats, horses, cattle, pigs, and poultry. Dogs amongst the other companion animals are predicted to receive the utmost preventive as well as the long term veterinary care. Pet owners in developed and developing regions often consider pets as their companions and, therefore, provide them with necessary medicalization.
European countries experience positive trends regarding veterinary care since the animal owners follow all the animal welfare laws and regulations sincerely. The regional growth can also be associated with the increasing number of veterinarians and clinics in European countries.
Key Market Players
The prominent players in the veterinary care 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 have undertaken several initiatives to capture significant market share.
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Expected Revenue Growth:
Latin America animal health market is expected to reach USD 9 billion by 2025 from USD 5.2 billion in 2018, at a CAGR of 7.3% during the forecast period.
Merck is one of the leaders in the veterinary industry and has acquired considerable market share for the past few years. Moreover, it has maintained its prominent position by introducing new products to its existing portfolio.