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“Veterinary care market is predicted to foresee exceptional growth in the coming years.”
The veterinary care market has experienced considerable growth since the past few years. Market growth can be associated with the introduction of highly efficient veterinary diagnostic tools that enables early disease diagnosis. The disease diagnosis rate in companion, as well as livestock, has drastically explicitly increased in South East Asian countries. Moreover, veterinary market growth can be traced via the animal health market that is also growing significantly. For instance, Asia Pacific animal health market size is projected to reach ~ USD 23 billion by 2025 from around USD 17 billion in 2018, at a CAGR of 5.2% during the forecast period. The market growth is attributed to the rising animal diagnosis rate, improving economic conditions coupled with government initiatives. On similar lines, Latin America animal health market size is projected to reach ~ USD 9 billion by 2025 from around USD 5.2 billion in 2018, at a CAGR of 7.3% during the forecast period. The government of emerging countries such as Chile & Colombia funds certain livestock healthcare programs that ensure routine health check-ups in farm animals. In conclusion, an increase in animal health market growth has created a paradigm shift in the veterinary care market that has proved beneficial for industry growth.
“By animal type, companion animals such as dogs and cats receive maximum preventive as well as long term veterinary care.”
Based on animal type, the veterinary care market has been categorized into dogs, cats, pigs, horses, poultry, cattle. Positive animal health trends were observed in dogs in countries such as Denmark, Singapore, the Czech Republic, and Finland. Similarly, animal medicalization rate in emerging countries has gradually started increasing. Several studies conducted to understand the pet ownership trends reveal that the majority of pet owners consider pets as their companions that have elevated the medicalization rate in animals.
“By treatment type, under veterinary care segment is forecasted to experience considerable growth.”
Based on treatment type, the animal treatment market is segmented into no medicalization, basic medicalization, and under veterinary care. Percentage of animals receiving long term veterinary care is expected to increase throughout the forecast timeframe. The rise in the number of animals receiving long term veterinary treatment can be associated with an increase in per capita income that subsequently leads to a rise in affordability rates. Due to a rise in the income level, owners can provide the necessary care to the animals.
“Veterinary care is observed to be significantly high in Asia Pacific.”
The animal medicalization rate in South East Asian countries has increased since 2018. The rise in the medicalization rate in emerging countries is due to the improving awareness level. Awareness is promoted to educate the farm owners as well as the pet owners to enhance animal health. Anti-cruelty acts have been framed to reduce the harm that has been caused to stray animals. Rescue centers have been developed to protect the stray dogs and cats in South East Asian countries that have surged market growth.
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: Europe–40%, Asia Pacific–15%, Latin America- 25%, Africa- 20%
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. Species such as dogs, cats, cattle, horses, pigs, and poultry were 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 any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Penetration: Animal treatment rates provided in this report will help the key players in veterinary space to understand market dynamics at the country level. This will help in understanding the demand-supply gap.
- Business analytics: It is a kind of advisory study that will help the key industry players to undertake business-related decisions such as estimating the target audience while launching new products.
- Regulatory assessment: The report covers regulatory scenarios in different countries that will enable the clients to analyze the level of entry barriers.
- Risk assessment & mitigation: Detailed insights on animal medicalization rate and regulatory scenario will reduce the probability of failures during new product launch/ geographical expansions.