The new concern in the veterinary community is the wave of corporatisation hitting the industry. With Mars’ acquisition of Veterinary Medicine Company, small market players began to feel disenfranchised and restricted by the corporatization. Mars also expanded into the pet healthcare industry in 2015, with the acquisition of BluePearl. This corporatization could work as a positive force by centering the veterinarian agency and autonomy and also support the infrastructure and business training to the veterinarians, without rigidly dictating the smaller players. As the animal healthcare industry consolidates, the margins are expected to witness some resiliency. Potential acquisition targets also offer some interesting investment opportunities.
THE BUSINESS RESEARCH COMPANY VALUED THE VETERINARY HEALTHCARE MARKET AT $27 BILLION IN 2017
North America was the largest geographic region in the market, accounting for around 44% of the global market. The USA was the largest country accounting for nearly 40% of the global veterinary healthcare market.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the pet insurance industry is offering new product lines for veterinary services in developed markets. The insurance cover helps pet owners to explore a range of treatment options available ensuring better health care of animals. For example, Healthy Paws pet insurance offers insurance for pet illness, accidents, hereditary and congenital conditions, chronic conditions and alternative care.
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Bayer AG was the biggest player in the veterinary healthcare market in 2017, with revenues of $4.5 billion in 2016. Bayer AG ranks among the leading international innovators in its field. Driven by an increasing world population and higher incomes, the animal health market remains very attractive. In the companion animals segment, Bayer AG is benefiting from growing pet ownership rates.
Veterinary healthcare deals with veterinary medical and remedial care services. Veterinary healthcare includes veterinary services, animal medicine and veterinary medical equipment.
Veterinary Healthcare Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $6000 for an individual user. To use across your office, the price is $9000 and $12000 if you wish to use across a multinational company.
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