The worldwide market for Animal Nutrition is expected to grow at a CAGR of roughly 5.2% over the next five years, will reach 72800 million US$ in 2024, from 53800 million US$ in 2019, according to a new study. According to IVA, the Veterinary Services industry is in the growth phase of its life cycle. The industry's contribution to the US economy is forecast to increase at an average annual rate of 3.9% during the 10 years to 2017.
The increasing focus by governments of various countries, to regulate and create awareness regarding Veterinary Researchers, has successfully resulted in the faster adoption of these tests across the world. The increasing R&D funding, along with the strong market presence by major players in the market, has created a strong entry barrier for new market participants. Innovation in product design, improvement in quality, and strong distribution partnerships are key parameters to retain a competitive edge in the market. In many countries, the local nomenclature for a veterinarian is a regulated and protected term, meaning that members of the public without the prerequisite qualifications and/or licensure are not able to use the title. In many cases, the activities that may be undertaken by a veterinarian (such as treatment of illness or surgery in animals) are restricted only to those professionals who are registered as a veterinarian. For instance, in the United Kingdom, as in other jurisdictions, animal treatment may only be performed by registered veterinary physicians (with a few designated exceptions, such as Para veterinary workers), and it is illegal for any person who is not registered to call themselves a veterinarian, prescribe any drugs, or perform treatment.