The report "Veterinary Care Market by Treatment Type (No medicalization, Basic Medicalization, and Under Long Term Veterinary Care), Animal Type (Dogs, Cats, Cattle, Horses, Pigs, and Poultry), and Region - Forecasts to 2025", The veterinary care market is predicted to grow considerably during the forecast period. 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. Moreover, positive trends for the veterinary care market can be observed through the animal health care market that has been parallelly growing at a faster rate.
For instance, the Asian animal health market is growing at around 5.2%, and the market is predicted to reach USD 23 billion in 2025. Similarly, there are tremendous growth opportunities for the animal health market in Latin American countries due to improving regulatory scenarios. 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. Taking into consideration the fact that animal health is improving in developing regions, it is evident that the veterinary care market will continue to grow in these countries.
The demand for veterinary care services is driven by a number of factors, including an aging pet population, increased awareness of animal health, and the need for preventive care. Veterinary care is also becoming more affordable, with technological advances in medical equipment and the availability of generic drugs.
Veterinary care is divided into two major categories: companion animal care and livestock care. Companion animal care includes the treatment and prevention of diseases in cats, dogs, birds, and other small animals. Livestock care includes the prevention and treatment of diseases in livestock, such as cows, horses, and pigs.
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Top Lading Players: 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
Some Key Highlights from the Report:
• The global veterinary care market is estimated to reach USD 23 billion by 2025, expanding at a CAGR of 7.3%, according to a new report by MarketsandMarkets™
• Growing awareness about pet health care and rising pet adoption are anticipated to be major drivers for the market’s growth over the forecast period.
• Increasing number of veterinary practitioners and rising number of animal hospitals are expected to further support the market’s growth over the forecast period.
• The market is segmented into services, equipment and consumables, drugs and vaccines, and other products.
• The services segment is expected to grow at the highest CAGR of 8.1% during the forecast period.
• The drugs and vaccines segment accounted for the largest market share.
• North America accounted for the largest share and is expected to remain dominant during the forecast period.
• The market is highly competitive and is characterized by the presence of many small and large players. Key players include Merck Animal Health, Boehringer Ingelheim GmbH, Sanofi S.A., Zoetis, Inc., and Ceva Sante Animale S.A.
Segments covered in the report:
By Animal Type
· Dogs
· Cats
· Cattle
· Pigs
· Horses
· Poultry
By Medicalization Type
· No medicalization
· Basic Medicalization
· Veterinary Care
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Regional Outlook:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
1. What are the dominating factors that are influencing the growth of the industry?
2. In the forecast period, which market segment is expected to rise the most?
3. What are the risks and challenges that the industry is facing?
4. In the coming years, which area is projected to dominate the market?
5. Who are the major players in the market?
6. What kind of strategic business plans have they made?
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