The Veterinary medicine market accounted for $22,973 million in 2019, and is expected to reach $29,698 million by 2027, registering a CAGR of 4.6% from 2020 to 2027.ย
The veterinary medicine market is the market for drugs, vaccines, and medical devices used to prevent, diagnose, and treat animal diseases. It includes products for a wide variety of animals, including livestock, companion animals, and exotic animals.
The global veterinary medicine market was valued at approximately $35 billion in 2020 and is expected to grow at a CAGR of around 6% from 2021 to 2028. The market is driven by several factors, including an increase in pet ownership, growing awareness about animal health, and the rising prevalence of animal diseases.
In terms of product type, the market is divided into drugs, vaccines, and medical devices. The drugs segment is further segmented into anti-infectives, anti-inflammatory drugs, parasiticides, and others. The vaccines segment is further divided into livestock vaccines and companion animal vaccines.
Geographically, North America and Europe are the largest markets for veterinary medicine due to high pet ownership rates and strong animal healthcare infrastructure. The Asia Pacific region is expected to experience significant growth due to rising awareness about animal health and increasing pet ownership rates in countries like China and India.
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Covid-19 impact-
The production of veterinary medicines has not been impacted during Covid-19 , as most of the regions have included veterinary medicines under essential services.
The Indian dairy industry has promoted the use of “Pashu Ayurveda” or ethno-veterinary medicine, in order to curb animal diseases as well as to control the chances of pathogens jumping from them to humans.
The supply chain disruptions, however, have been a major issue behind shortage of raw materials. Whereas, the government in several regions have eased on certain restrictions, in order to maintain economic benefits.
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Which market perspectives are enlightened in the Veterinary Medicine Market report?
Executive Summary: It covers a summary of the most vital studies, the Worldwide Veterinary Medicine Market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
Study Analysis: This covers major players, vital market segments, the scope of the products offered in the Veterinary Medicine Market, the years measured and the study points.
Competitive Analysis: In this segment each player is screened based on a products, services, value, SWOT analysis, growth and other significant features.
Geographic Analysis: This Veterinary Medicine Market report analyses data on the basis of production, sales, imports & exports, and key players in all regional markets.
List Of Key Players : Major Key Players: Zoetis, Inc., Merck & Co., Inc. (Intervet International B.V.), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Santรฉ Animale, Virbac., Vetoquinol S.A., Boehringer Ingelheim International GmbH., ADM Animal Nutrition, Evonik Industries AG.
Veterinary Medicine Market Segments and Sub-segments:
The global veterinary medicine market is segmented on the basis of product, route of administration, animal type, distribution channel, and region to provide a detailed assessment of the market. By product, it is divided into drugs, vaccines, and medicated feed additives. The drugs segment is further divided into anti-infective, anti-inflammatory, and parasiticide. In addition, the vaccines segment is divided into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Similarly, the medicated feed additives segment is divided into amino acids and antibiotics.
By route of administration, the market is classified into oral route, parenteral route, and topical route. By animal type, it is divided into companion animals and livestock animals. By distribution channel, it is classified into veterinary hospitals, veterinary clinics, and pharmacies & drug stores. By region, the veterinary medicine market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
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KEY FINDINGS OF THE STUDY:
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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