Veterinary Care Market - Key Players & Growth Strategies Adopted By Them

By Author: Johnny
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Overview of This Study:

This study involved the extensive use of both primary and secondary sources. The research process included a study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

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Major Growth Driving Factors:

The veterinary medicine market is expected to grow significantly during the forecast period. Factors such as increasing tendency to own pets, increasing government initiatives, and increasing availability of high quality veterinary products and services should drive the market growth. A positive trend can be observed for the veterinary market as well as the animal health care market is growing at a faster rate.

Recent Developments in Veterinary Care Market

· In February 2020, Zoetis acquired Ethos Diagnostic Science. This acquisition will not only expand company’s product portfolio but will also help the company to grow exponentially in the veterinary ...
... space.

· In November 2019, Zoetis acquired ZNLabs a reference laboratory company that is operational across the U.S. This has helped the company to enhance its offerings and improve its business performance

· In June 2020, Merck completed the acquisition of a Quantified Ag leading data analytics company that monitors cattle temperature and helps in the early detection of any disease. This acquisition will diversify Merck’s veterinary product offerings and will positively impact the company’s profitability.

Some of the other prominent players operating in the Veterinary Care

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.

Different Growth Strategies Adopted by Them:

Market Competitive Analysis:

Top 10 players in this industry profiled in the report include. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.

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.

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Major Revenue Growth Expectations:

Animal health market is predicted to grow at 5.2% during the forecast period. Similarly, Latin America animal health market size is projected to reach around USD 9 billion by 2025 from around USD 5.2 billion in 2018, at a CAGR of 7.3% during the forecast period.