The veterinary healthcare market size in Latin America was worth USD 3.74 billion in 2022. It is expected to grow and be worth USD 5.52 billion by 2027, growing at a CAGR of 8.1% from 2022 to 2027.
Veterinary healthcare can be defined as the science associated with diagnosing, treating, and preventing animal diseases. The scope of Veterinary medicine is broad, covering various animal species, both domestic and wild. The increasing importance of the production of livestock animals is generating growth in the animal healthcare market. In addition, an ever-increasing population and a stable economy are expected to increase the demand for protein-rich foods, especially in developing countries.
There is an upsurge in the number of animal owners because of increased love for pets across the Latin American region, which is majorly driving the market growth in this region. The pet ownership trend has considerably grown in the Latin American region over the past decade. According to the statistics published by World Bank, Latin America has an estimated 160 million pets. Factors such as growing awareness among the population of Latin America regarding the benefits associated with having pets, increasing disposable income, and rising urbanization are propelling the rise in pet ownership.
Rising awareness among individuals regarding animal health and few requirements for animals' drug approval are other significant factors promoting the growth of the veterinary healthcare market in Latin America. In addition, the rising number of foodborne diseases is further aiding the growth of the animal healthcare market in this region.
However, the market must overcome a few restraints to prosper in the future, including rising antibiotic regulations and high costs related to animal testing.
This research report on the Latin American Veterinary Healthcare Market has been segmented and sub-segmented into the following categories:
By Animal Type:
Regionally, the Latin American veterinary healthcare market has been growing steadily since 2015, and it is predicted that the market's future will be stable.
In Latin America, the Mexican veterinary healthcare market is anticipated to grow at a promising pace and register a healthy CAGR. The growing availability of advanced veterinary products and services and the increasing adoption of pet insurance are driving the market in Mexico.
On the other hand, the Brazilian market is predicted to grow at a steady CAGR during the forecast period. Furthermore, the demand for veterinary products and services is significantly growing in Argentina, driving the growth of the Argentina veterinary healthcare market. Various government initiatives regarding the pets' health and adoption of pets are other positive signs for the market to grow further.
KEY MARKET PLAYERS:
Some of the notable companies leading the Latin American Veterinary Healthcare Market profiled in this report are Merck & Co., Inc., Bayer AG, Boehringer Ingelheim GmbH, Cargill, Inc., Ceva Santé Animale, Novasep, Eli Lilly and Company, Koninklijke DSM N.V, Novartis AG, Nutreco N.V., Sanofi S.A., SeQuent Scientific Ltd., Virbac S.A., Vétoquinol S.A., and Zoetis Inc.
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