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.
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.
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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 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.
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 animal treatment market.
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).