Veterinary Medicine Market Trends
Like humans, animals are prone to various diseases caused by bacteria, parasites, fungi, and viruses. Veterinary medicine is one of the most effective ways to reduce the disease burden in farm animals and pets. Increasing zoonotic and chronic diseases among animals affect human interests widely. One of the main reasons for the growing number of chronic diseases is the increasing life expectancy of pets due to the developing healthcare facilities and good nutrition.
Global Veterinary Medicine Market is likely to register a CAGR of 5.57% during the forecast period and expected to hit USD 42,985.42 Million by 2027.
The growing rates of pet ownership, rising chronic diseases, and increasing consumption of meat are anticipated to drive the growth of the global veterinary medicine market. Recently, in November 2018, Merck Animal Health launched new vaccine INNOVAX-ND-IBD in the US. This vaccine is mainly used for treatment of highly infectious diseases such as infectious bursal disease and new castle disease. Moreover, in July 2019, Vetoquinol S.A. announced a plan to reorganize its production facilities in Europe. Under the agreement, the company will hand over the production of the Ascor range, currently manufactured at the Vetoquinol Italia plant in Emilia-Romagna, to pharmaceutical facilities in Europe. The Ascor range includes veterinary drugs and non-medicinal products primarily designed for pig and poultry farmers.
Major Key Players:
MRFR recognizes the following companies as the Key Players in the global Veterinary Medicine Market— Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
The global veterinary medicine market, as per MRFR’s analysis, can be segmented on the basis of products, animals, route of administration, and end-users. Such a segmentation has in-depth analysis of various market factors that can be considered for future expansion plans.
Based on animals, the market includes companion and domesticated animals. The number of companion animals is growing due to hike in disposable income.
Based on products, the veterinary medicine market comprises injury medicine, disorder medicine, and diagnosis medicine, homeopathic veterinary medicine. These segments are providing ample support to the regional market.
Based on the route of administration, the veterinary medicine market can be into Parental, oral, and topical. Oral medicines are gaining popularity as that can be inserted into other food items for intake.
Based on end users, the veterinary medicine segmented into research institutions, veterinary hospitals, veterinary clinics, and others. The research institutions are developing means to gain from the market as their research facility is already expected to support the need.
Global Veterinary Medicine Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa. The Americas is likely to hold the largest share of the global veterinary medicine market during the assessment period owing to the rise in companion animal ownership and growing prevalence of animal diseases in the region. The Europe market is expected to register a substantial growth in the market owing to the rising prevalence of diseases, new product approvals, and presence of developed veterinary healthcare infrastructure. Asia-Pacific is estimated to be the fastest-growing regional market due to the growing penetration of the veterinary sector, surge in the number of private veterinary clinics, increasing awareness about animal welfare, and government campaigns for the welfare of pet animals in China, Japan, India, South Korea, and Australia. The veterinary medicine market in Middle East & Africa is expected to witness gradual growth owing to the presence of low-income countries in the region.
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