Veterinary Care Market: Leading Companies – Exclusive Report by MarketsandMarkets™

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. 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.

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Key market players

The leading players in the animal treatment market include Zoetis (US), Merck (US), Boehringer Ingelheim (Germany), Elanco (US), Ceva (France), Phibro Animal Health Corporation (US), Virbac SA (France), IDEXX Laboratories, Inc., Neogen Corporation (US), Heska Corporation (US) and others. These players undertake several strategic initiatives such as mergers, acquisitions, new product launches, and geographical expansions that helps them in sustaining market competition.

Growth Strategies Adopted:

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.

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.

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 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.

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