Veterinary Care Market for Asia & Latin America Worth $23 and $9 billion Respectively, by 2025 - Exclusive Report by MarketsandMarkets™
15 Sep, 2020, 16:30 BST
CHICAGO, Sept. 15, 2020 /PRNewswire/ -- According to the new market research 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 ", published by MarketsandMarkets™, 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 market can be observed through the animal health care market that has been parallelly growing at a faster rate.
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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.
By treatment type, the basic medicalization segment is expected to foresee considerable growth during the forecast period.
Based on treatment type, the 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. Moreover, the animal welfare authorities also take efforts to ensure maximum preventive health amongst the companion and the food-producing animals that prove beneficial for the segmental growth.
By animal type, dogs will receive maximum 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. Furthermore, authorities involved in animal welfare also create provisions for stray animals that will positively impact segmental growth.
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Eastern European countries have positive veterinary care trends throughout the forecast years
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.
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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