South America Companion Animal Healthcare Market Size, Share, Industry, Forecast and outlook (2023-2030)
The South America Companion Animal Health market is estimated to grow at a high CAGR in the forecasted period to reach a market value of USD 3,260.4 million by 2027 from an initial market value of USD 1,368.8 million in 2017. Companies focus on the development of new products, and increasing acquisition activity in the region for strengthening R &D and market share are some of the key trends in the South America Companion Animal Health market
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Market Dynamics
The increasing number of companion animal owners is boosting the market growth for the companion animal healthcare market. Developing economies and rising disposable income are some of the prime causes for increased pet ownership within the South American region.Further, the continued strengthening of the bond between owners and their animal companions is also helping the market to achieve a sustainable growth rate for the next few years.Growing companion animal care expectations and demands also play a vital role in the development and growth of the companion animal healthcare market. The rising prevalence of parasitic & infectious diseases in animals is even driving the growth of the market.
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Segment Analysis
The Companion Healthcare Market is segmented by Products into Vaccines, Anti-Infectives, Medicinal Feed Additives, Parasiticides, Diagnostics, and Others.Medicinal Feed Additives provide vital protection against disease-causing pathogen agents like bacteria, viruses, and fungi without involving the side effects associated with vaccines and anti-infectives.Demand for parasiticides is also on the rise because of the increase in flea and tick-infested Lyme disease in dogs and cats. The market is driven by the need for these products in tackling increasing cases of healthcare problems in companion animals and awareness of owners towards the availability of these products in commercial markets.
The emergence of new players in the market through strategic partnerships and meaningful collaborations between companies and laboratories ensures healthy market competition between companies.
Competitive Landscape
The market in the South American region is a relatively consolidated market with the top 4 companies occupying.The fluctuation of Brazil's currency over the interest rate is challenging the growth of foreign companies which majorly import products from the United States.
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