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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The veterinary care market ecosystem includes suppliers and end-users that have a major impact on the industry. Huge demand is created by the veterinarians and authorities that work for animal welfare. Animal welfare authorities undertake several initiatives, such as establishing animal rescue centers that increase the demand for veterinary products and services. Even the regional authorities work collaboratively with the veterinarians to improve the health of farm animals as well as companion animals that further proves beneficial for market growth.
Key Market Players
Companies and animal healthcare organizations associated with the veterinary care market include Zoetis (US), Merck (US), Boehringer Ingelheim (Germany), Elanco (US), Ceva (France), Phibro Animal Health Corporation (US), Abaxis, Virbac SA (France), IDEXX Laboratories, Inc., Neogen Corporation, Heska Corporation (US) and others.
These major companies have achieved significant market share in the veterinary space. Companies such as Zoetis, Merck, Abaxis, and others undertake several strategic initiatives to maintain their position in the market. The strategic initiative includes mergers and other inorganic growth strategies. Companies such as Elanco, Zoetis, and others acquire a veterinary business portfolio of niche veterinary companies that are focused on particular product production. For instance, Elanco acquired Bayer that has helped Elanco to expand its product portfolio, thereby enhancing the overall profitability of the company. Several other companies consider expanding their existing business in different geographies that have potential demand.
Merck is one of the leaders in the veterinary industry and has acquired considerable market share for the past few years. Moreover, it has maintained its prominent position by introducing new products to its existing portfolio. Besides, the company invests heavily in R&D to add innovations in the veterinary products that are being developed. Also, its vast portfolio complements its geographical presence that has positively impacted its revenue generation.
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Global Veterinary Care Market Segmentation
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.
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.
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.
Recent Developments
- 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.
- 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
- 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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