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“North America & Europe animal healthcare market size was around USD 40 billion in 2018 and is predicted to be reach USD 50 billion by 2024. The rising diagnosis rate in companion animals, as well as livestock, has positively influenced the medicalization rate in animals.”
The animal treatment market has witnessed a paradigm shift from conventional veterinary diagnostic procedures to advanced ones. In 2019, ~70-80% of farm animals in developed economies and ~60-70% of farm animals in emerging countries received basic medicalization. The rate of basic medicalization is projected to increase in the coming years owing to the increasing animal welfare initiatives and the improving regulatory framework. Several countries involved in the animal treatment market have been developing superior quality and highly efficient veterinary products. This has further boosted the growth of the animal treatment market.
“The treatment rate in dogs has been growing since 2018, owing to the growing awareness levels regarding animal diagnostic services.”
Based on animal type, the animal treatment market has been segmented into dogs, cats, pigs, horses, poultry, and cattle. During the course of the study, positive growth trends have been observed in the case of companion animals. Increasing pet ownership rates and rising pet expenditure are supporting the medicalization trends in companion animals such as dogs and cats. Moreover, stringent laws have been framed for maintaining the health of dogs and cats. For instance, in the US, the government enforces strict actions against pet owners for neglecting the health of their companion animals. Furthermore, pet owners have to abide by certain pet health norms before adoption. These factors have resulted in the increasing medicalization rate in dogs and cats.
“By treatment type, the veterinary care segment is projected to witness significant growth in the forecast period.”
Based on treatment type, the animal treatment market is segmented into no medicalization, basic medicalization, and veterinary care.The veterinary care segment is projected to register high growth in the forecast period. One of the major reasons behind this growth is the rising affordability among the population in emerging countries such as India and China. In the case of farm animals such as cattle, the Ministry of Agriculture and Animal Health in various countries has established a strong veterinary network that performs routine check-ups at the farms to control the sudden outbreak of viruses.
“The animal treatment rate is considerably high in North America.”
North America has showcased positive trends for the animal treatment market in 2018, and this trend is expected to continue in the coming years. This can be attributed to the increasing availability of veterinary products and services. Moreover, there has also been a behavioral shift; the sense of responsibility among pet owners has increased over the years.
The breakdown of primary participants is mentioned below:
- By Company/Association Type: Tier 1–30%, Tier 2–45%, and Tier 3–25%
- By Designation: C-level–35%, Director Level–25%, and Others–40%
- By Region: North America–35%, Europe–30%, Asia Pacific–15%, and the Middle East & Africa – 10%
The animal treatment market report includes an in-depth analysis of the medicalization rate at the country level. Medicalization rate is a broad term that is categorized into animals that receive no medicalization, animals that receive basic medicalization, and animals that receive long-term veterinary care. Dogs, cats, cattle, horses, pigs, and poultry are considered while analyzing the medicalization (treatment) rate.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which would help them garner a greater share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their share in the market.
This report provides insights on the following pointers:
- Market Penetration: Animal treatment rates provided in this report will help key players in the veterinary space to understand market dynamics at the country level. This will help in understanding the demand and supply gap.
- Business Analytics: An advisory study that will help key industry players to undertake business-related decisions such as estimating the target audience while launching new products.
- Regulatory Assessment: The report covers the regulatory scenario in different countries, which will enable clients to analyze the level of entry barriers.
- Risk Assessment &Mitigation: Detailed insights on animal medicalization rates and regulatory scenarios, which will help in reducing the probability of failures during new product launches/geographical expansions.