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The Future of Animal Treatment Market

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Nilkanth Rathod
The Future of Animal Treatment Market

The growth of the animal treatment market can be attributed to increasing government initiatives, which ensure maximum preventive healthcare for 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. 

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. 

 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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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. 

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. 

Research Developments

  • In June 2016, Abaxis partnered with the American Animal Hospital Association (AAHA) to develop a wellness testing initiative that is focused on improving compliance for blood diagnostic testing.
  • In June 2016, IDEXX Laboratories launched a Rapid Visual Pregnancy Test for cattle, a point-of-care test that can detect a cow 28 days post-breeding, improving reproductive efficacy, and profitability.
  • In January 2017, Neogen launched the Igenity Brangus profiler, a DNA test for the profiling and selection of commercial replacement heifers, in partnership with the International Brangus Breeders Association (IBBA). This launch helped Neogen to diversify and grow its genomic testing portfolio and services.
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Nilkanth Rathod
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