According to a new report published by Allied Market Research, titled, โVeterinary Medicine Market: Global Opportunity Analysis and Industry Forecast, 2020-2027โ Veterinary medicine is termed as any product used to treat various medical conditions in animals. For instance, veterinary medicine include drugs such as anti-infective drugs and parasiticides, which are administered orally in animals. Similarly, veterinary medicine also includes vaccines, which are used to build immunity in animals against various infectious diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. In addition, they also include medicated feed additives, which are mixed with animal feed to provide pharmaceutical effects in animals.
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The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. Furthermore, factors such as surge in prevalence of various medical conditions in animals and rise in demand for livestock products also boost the veterinary medicine market growth. In addition, rise in animal healthcare expenditure is another major factor that fuels growth of the market. However, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medicate feed additives restrict veterinary medicine market growth. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.
COVID-19 Impact Analysis:
COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This lead to disruption, limitation, challenges and changes in each sector of every industry. Similarly, veterinary medicines industry was also impacted by the pandemic. For instance, veterinary organizations across the globe have recommended limiting animal patient care to acutely ill animals and emergencies. Furthermore, the lockdowns have led to rescheduling of annual checkup exams and elective procedures. However, various key players have ensured the supply of veterinary medicines as the governmental institutions across the globe are taking strict measures to maintain the supply. Therefore, overall impact of COVID-19 on the veterinary market remains fairly negative, owing to fall in demand as veterinary visits are limited and animal healthcare approach is changed to providing care to emergency cases and critically ill animals.
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๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ:
- This report entails a detailed quantitative analysis along with the current global veterinary medicine market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
- The veterinary medicine market forecast is studied from 2020 to 2027.
- The veterinary medicine market size and estimations are based on a comprehensive analysis of key developments in the industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
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List Of Key Companies:
- Archer Daniels Midland
- Boehringer Ingelheim International GmbH
- Ceva Santรฉ Animale
- Dechra Pharmaceuticals PLC.
- Elanco Animal Health Incorporated.
- Evonik Industries AG (RAG Stiftung)
- Merck & Co., Inc.
- Soparfin SCA.
- Virbac SA.
- Zoetis Inc.
๐๐ญ๐ก๐๐ซ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
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