Animal Treatment Market worth $50 billion by 2024 - Exclusive Report by MarketsandMarkets™
The growth of this 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.
According to the new market research report "Animal Treatment Market By Animal Type (Dogs, Cats, Horses, Cattle, Pigs, Poultry) & Treatment Type (No Medicalization, Basic Medicalization, Veterinary Care), Country (US, Canada, Germany, UK, France, Spain, Italy, Russia, Austria, Poland, Netherlands, Turkey, Bulgaria, China, India, Japan, Australia, India, South Korea, Thailand, Saudi Arabia – Forecast to 2024", published by MarketsandMarkets™, the North America and Europe Animal Healthcare 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.
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The growth of the animal treatment market is attributed to the positive trends in pet ownership. Over the years, the demand for veterinary services has increased due to the increasing adoption of companion animals, rising disposable incomes, increasing penetration of pet insurance, growing demand for animal-derived food products, and increased awareness of animal welfare. All these factors are expected to support the growth of the market.
By animal type, the horses segment is expected to register the highest growth rate during the forecast period.
Based on animal type, the animal treatment market is segmented into dogs, cats, horses, cattle, pigs, and poultry. The percentage of medical treatment received by horses is predicted to grow by 2024. In several countries, racehorses are considered to be of economic importance. Therefore, it becomes imperative for caretakers to provide maximum preventive as well as long-term veterinary care to equine species, as negligence pertaining to equine species may have an economic impact. On average, over 70-75% of the horses receive maximum preventive healthcare.
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By treatment type, the veterinary care segment is expected to register the highest growth rate in the forecast period.
Based on treatment type, the market is segmented into no medicalization, basic medicalization, and veterinary care. Over the years, the demand for veterinary care services has increased. Veterinary clinics and hospitals in developed as well as developing countries are well-equipped with the necessary equipment for diagnosis and treatment. For instance, Banfield Hospital in the US is one of the most sophisticated hospitals that provides diagnostic tests for animals.
North America is the largest market for animal treatment
North America is the largest market in terms of the consumption of veterinary products. People are well versed with animal healthcare regulations, and hence high-quality care is provided to animals in this region. However, the animal treatment market has become saturated in the US, as the number of veterinary visits has stabilized. On the contrary, the animal treatment rate in European countries has increased. The increasing standard of living and the growing number of veterinarians providing exceptional medical services to animals are the major factors driving the European market.
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Prominent players in the animal treatment 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).
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