(PharmaNewsWire.Com, March 22, 2021 ) The growth of the animal treatment market can be attributed to increasing government initiatives, which ensure maximum preventive healthcare in animals. A majority of the developed economies have norms that impel owners to have pet insurance.
The animal treatment market size is projected to reach USD 50 billion by 2024 from USD 40 billion in 2018, at a CAGR of 6% during the forecast period.
On the basis of animal type, the animal treatment market is segmented into dogs, cats, pigs, poultry, cattle, and horses. The poultry segment will receive maximum veterinary care in the coming years. Earlier, the health of poultry was neglected to a greater extent. Chickens having underlying conditions were discarded without providing any veterinary treatment. However, with various animal cruelty acts in place, the mortality rate in poultry has decreased.
Based on the type of treatment, the animal treatment market is segmented into no medicalization, basic medicalization, and veterinary care. There has been a considerable decline in the percentage of animals receiving no medicalization, due to the rising awareness regarding the availability of reimbursement for veterinary services. As a result, owners have started prioritizing the health of their companion animals.
The market in Europe is expected to witness significant growth during the forecast period.
European countries such as Germany, the UK, and France have shown positive trends in terms of companion animals receiving preventive healthcare. The number of dogs and cats receiving vaccination and treatment in these countries has increased. This trend is projected to continue until the end of 2024. Furthermore, in the case of livestock, animal welfare authorities have assigned diligent veterinarians for farms to assure maximum preventive healthcare.
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Key market players
The leading players in the animal healthcare market are Zoetis (US), Merck (US), Boehringer Ingelheim (Germany), Elanco (US), Ceva (France), Phibro Animal Health Corporation (US), Abaxis (US), Virbac SA (France), IDEXX Laboratories, Inc. (US), Neogen Corporation (US), and Heska Corporation (US). These players are pursuing various strategies such as mergers, acquisitions, product launches, and geographical expansions to further increase their shares in the animal treatment market.
Recent Developments
In January 2017, Neogen launched the Igenity Brangus profiler, a DNA test for the profiling and selection of commercial replacement heifers, in partnership with the International Brangus Breeders Association (IBBA). This launch helped Neogen to diversify and grow its genomic testing portfolio and services. In June 2016, IDEXX Laboratories launched a Rapid Visual Pregnancy Test for cattle, a point-of-care test that can detect a cow 28 days post-breeding, improving reproductive efficacy, and profitability. To speak to our analyst for a discussion on the above findings, click Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=180479252
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