Veterinary Care Market: Rising Demand For Pet Insurance And Animal Health Product Consumption

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.

What the Market Looks Like?

Veterinary Care 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. Latin America is one of the regions that has experienced significant growth in animal health space for the past few years.

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. There has been a considerable demand for animal health products in Asian countries, and the animal health market is predicted to grow at 5.2% during the forecast period.

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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.

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.

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Latin America veterinary care market will experience considerable growth during the forecast years, by region

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.