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.

What the Market Looks Like?

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

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 Healthcare 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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