The North America and Europe 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.
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 animal treatment 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.
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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 animal healthcare 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.
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.
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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).