(PharmaNewsWire.Com, July 07, 2017 ) The Latin America Veterinary Healthcare Market is currently estimated at $2.97 billion market in 2016 and is expected to reach $4.38 billion by 2021 with a CAGR of 8.1% in the forecast period. Veterinary medicine can be defined as the science associated with the diagnosis, treatment and prevention of diseases in animals. The scope of Veterinary medicine is broad covering various animal species both domestic and wild. The increasing importance for the production of livestock animals is generating growth in the animal healthcare market. Ever increasing population, stable economy is expected to result in increased demand for protein rich foods, especially in the developing countries.
There is an upsurge in the number of animal ownerships as a result of increased love towards pets. Rising awareness among individuals regarding animal health and few requirements for drug approval of animals are the primary driving factors for the Veterinary healthcare market. Rising number of foodborne diseases is also aiding the growth of animal healthcare market. However, there a few restraints the market has to overcome in order to prosper in the future which include rising regulations on antibiotics and high costs related to animal testing.
Latin America Veterinary Healthcare market is segmented based on the animals type into companion and farm animal. Farm animals are again segmented into poultry, swine, fish, cattle and sheep.
Companion animals are sub segmented into dogs and cats. On the basis of product, the market is segmented as vaccines, pharmaceuticals and additives. Feed additives are further categorized as nutrition and medical feed additives. Nutrition feed additives includes hormones, enzymes, prebiotics, probiotics and immune-modulator. Pharmaceutical products includes ectoparasiticides, antibiotics, endectocides, endoparasiticides, anti-inflammatories, and medicines for reproductive problems. Based on the geography, Latin America veterinary healthcare market is segmented into various regions of Brazil, Argentina and Mexico.
The key players in the market are BoehringerIngelheim GmbH, Sanofi S.A., Merck & Co., Novasep, Ceva Santé Animale, Koninklijke DSM N.V, SeQuent Scientific Ltd., Zoetis Inc., Nutreco N.V., Vétoquinol S.A., Bayer AG, Cargill, Inc., Eli Lilly, Novartis AG and Virbac S.A.
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