Companies and animal healthcare organizations associated with the veterinary care market include Zoetis (US), Merck (US), Boehringer Ingelheim (Germany), Elanco (US), Ceva (France), Phibro Animal Health Corporation (US), Abaxis, Virbac SA (France), IDEXX Laboratories, Inc., Neogen Corporation, Heska Corporation (US) and others.
These major companies have achieved significant market share in the veterinary space. Companies such as Zoetis, Merck, Abaxis, and others undertake several strategic initiatives to maintain their position in the market. The strategic initiative includes mergers and other inorganic growth strategies. Companies such as Elanco, Zoetis, and others acquire a veterinary business portfolio of niche veterinary companies that are focused on particular product production. For instance, Elanco acquired Bayer that has helped Elanco to expand its product portfolio, thereby enhancing the overall profitability of the company. Several other companies consider expanding their existing business in different geographies that have potential demand.
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Merck is one of the leaders in the veterinary industry and has acquired considerable market share for the past few years. Moreover, it has maintained its prominent position by introducing new products to its existing portfolio. Besides, the company invests heavily in R&D to add innovations in the veterinary products that are being developed. Also, its vast portfolio complements its geographical presence that has positively impacted its revenue generation.
The veterinary care market ecosystem includes suppliers and end-users that have a major impact on the industry. Huge demand is created by the veterinarians and authorities that work for animal welfare. Animal welfare authorities undertake several initiatives, such as establishing animal rescue centers that increase the demand for veterinary products and services. Even the regional authorities work collaboratively with the veterinarians to improve the health of farm animals as well as companion animals that further proves beneficial for market growth.
Veterinary Care Market by Treatment Type (No medicalization, Basic Medicalization, and Under Long Term Veterinary Care), Animal Type (Dogs, Cats, Cattle, Horses, Pigs, and Poultry), and Region - Forecasts to 2025
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