Dublin, Oct. 01, 2020 (GLOBE NEWSWIRE) -- The "Animal Treatment Market by Animal Type, Treatment Type, and Country - Forecast 2024" report has been added to ResearchAndMarkets.com's offering.
The animal treatment market has witnessed a paradigm shift from conventional veterinary diagnostic procedures to advanced ones.
In 2019, ~70-80% of farm animals in developed economies and ~60-70% of farm animals in emerging countries received basic medicalization. The rate of basic medicalization is projected to increase in the coming years owing to the increasing animal welfare initiatives and the improving regulatory framework. Several countries involved in the animal treatment market have been developing superior quality and highly efficient veterinary products. This has further boosted the growth of the animal treatment market.
The treatment rate in dogs has been growing since 2018, owing to the growing awareness levels regarding animal diagnostic services.
Based on animal type, the animal treatment market has been segmented into dogs, cats, pigs, horses, poultry, and cattle. During the course of the study, positive growth trends have been observed in the case of companion animals. Increasing pet ownership rates and rising pet expenditure are supporting the medicalization trends in companion animals such as dogs and cats. Moreover, stringent laws have been framed for maintaining the health of dogs and cats. For instance, in the US, the government enforces strict actions against pet owners for neglecting the health of their companion animals. Furthermore, pet owners have to abide by certain pet health norms before adoption. These factors have resulted in an increasing medicalization rate in dogs and cats.
By treatment type, the veterinary care segment is projected to witness significant growth in the forecast period.
Based on treatment type, the animal treatment market is segmented into no medicalization, basic medicalization, and veterinary care. The veterinary care segment is projected to register high growth in the forecast period. One of the major reasons behind this growth is the rising affordability among the population in emerging countries such as India and China. In the case of farm animals such as cattle, the Ministry of Agriculture and Animal Health in various countries has established a strong veterinary network that performs routine check-ups at the farms to control the sudden outbreak of viruses.
The animal treatment rate is considerably high in North America.
North America has showcased positive trends for the animal treatment market in 2018, and this trend is expected to continue in the coming years. This can be attributed to the increasing availability of veterinary products and services. Moreover, there has also been a behavioral shift; the sense of responsibility among pet owners has increased over the years.
Key Topics Covered:
2 Research Methodology
3 Animal Healthcare - Key Insights
3.1 Companion Animal Diagnostics Market
3.2 Veterinary Vaccines Market
3.3 Veterinary Equipment and Disposables Market
3.4 Veterinary Reference Laboratories Market
3.5 Veterinary Imaging Market
4 Animal Healthcare Medicalization, by Country
4.2.4 South Korea
4.3 North America
4.4 Saudi Arabia
5.1 Knowledge Store: The Subscription Portal
5.2 Author Detail
IDEXX Laboratories Inc.
Phibro Animal Health Corporation
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