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.
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.
Major Growth Boosters: 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.
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.
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Recent Developments
- In February 2020, Zoetis acquired Ethos Diagnostic Science. This acquisition will not only expand company’s product portfolio but will also help the company to grow exponentially in the veterinary space.
- In November 2019, Zoetis acquired ZNLabs a reference laboratory company that is operational across the U.S. This has helped the company to enhance its offerings and improve its business performance
- In June 2020, Merck completed the acquisition of a Quantified Ag leading data analytics company that monitors cattle temperature and helps in the early detection of any disease. This acquisition will diversify Merck’s veterinary product offerings and will positively impact the company’s profitability.
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.
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What are the animal population trends in different countries?
The report includes companion as well as farm animal population data. Animal population forecasts have also been provided that helps one to understand the demand-supply gap of veterinary care products and services. Countries with higher companion animal populations will have a higher demand for veterinary care products since there has been a drastic change in the midset of owners.
The companion animal owners often provided maximum preventive as well as veterinary care to their pets. Therefore, an increase in the animal population will help the players in veterinary space to understand the demand-supply gap.
Regional 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.
