Veterinary Medicine Market Share Is Projected To Reach USD 42,985.42 Million, Enlisting a CAGR Of 5.57% By 2027 | Market Research Report
Research Reports
Dec 22, 2022
Market Research Future Insights
The Veterinary Medicine market was valued at USD 28,012.73 Million in 2019 and is expected to reach USD 42,985.42 Million at CAGR of 5.57% during the forecast period of 2020 to 2027.
The main drivers of the veterinary medicine market are expanding due to the rising prevalence of chronic diseases in animals, rising adoption rates for pets and farm animals, and rising drug preferences among pet and poultry farm owners. These factors are also linked to the continuing population growth of humans, which raises the demand for meat and other animal-based products. Another significant factor driving market expansion is a rise in the cost of veterinary care for animals. The development of the veterinary pharmaceutical industry is nevertheless constrained by the lack of veterinary infrastructure in developing nations and stringent regulations governing pharmaceutical feed additives. On the other hand, a greater understanding of animal health offers the veterinary care industry a lucrative potential. The rising cost of healthcare, which aids in developing its infrastructure, is another important aspect affecting the market’s development rate for veterinary medicine. The market for veterinary medicine will also grow due to increasing efforts by both public and private groups to raise awareness about animal health and, as a result, an increase in the use of veterinary experts.
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Regional Analysis
North America dominated the market for veterinary medicine in 2021. Favorable government rules, such as the EU Veterinary Medicines Regulation and the rising use of pet insurance, are the main causes of this growth. The region has important key players and sophisticated healthcare infrastructure. The market’s growth rate in this region will also be aided by the prevalence of supportive government policies and rising attempts to promote animal health.
Asia Pacific region is expected to register tremendous growth in the market for veterinary medicine. The industry in this area has grown due to increased companion animal adoption and rising animal health concerns. The Asia Pacific area market is also driven by the region’s growing cattle population and rising spending on animal health and veterinary services.
Market Segmentation
The global veterinary-medicine market has been segmented into animal type, mode of delivery and end user.
The market has been segmented based on animal type into production and companion. The production segment accounted for the biggest share of the veterinary-medicine market in 2021. The production of animals now dominates most of the market due to the increase in the world’s demand for protein. Additionally, it’s believed that rising expenditures on animal health, particularly in industrialized countries, are a contributing factor to the extensive use of production animals.
Based on the mode of delivery, the market has been segmented into oral, powder, tablets, parenteral, suspension, topical and carrier. The tablet segment accounted for the largest revenue share in 2021 in the veterinary-medicine market. The development of chewable tablets in the oral veterinary medicine sector and the rising prevalence of chronic ailments in dogs are anticipated to fuel market expansion.
Based on end-user, the veterinary-medicine market has been segmented into biologics, live attenuated vaccines, recombinant vaccines, DNA vaccines, inactivated vaccines, and others. The vaccine segment accounted for the largest revenue share in 2021 in the market for veterinary medicine. It is anticipated that vaccines will have a sizable market share. This market’s expansion is fueled by increased zoonotic disease incidence, a rise in the number of companion animals, rising zoonotic food product demand, and several government and animal-related initiatives.
Key Players
Some of the key market players are Merck Animal Health; Ceva Sante Animale; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim GmbH; Elanco; Nutreco N.V.; Virbac; Kindred Biosciences, Inc.; Biogenesis Bago; Indian Immunologicals Ltd.; Neogen Corp.; Hester Biosciences; Phibro Animal Health; Dechra Pharmaceuticals PLC
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