Veterinary Medicine Market: Global Market Estimation, Dynamics, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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Veterinary Medicine Market Animal Type (Companion Animals and Livestock Animals), by Product (Vaccines, and Medicated Feed Additives), Distribution Channel (Retail Veterinary Pharmacies and Veterinary Hospitals Pharmacies), Global Opportunity Analysis and Industry Forecast, 2020–2027.

 

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Report

Description

The global veterinary medicine market was accounted at USD 29.2 billion in 2020 and anticipated to grow at CAGR of 7.4% during the forecast period 2021-2027. Veterinary drugs are used to treat injuries, illnesses, and diseases in animals. Vaccines, veterinary medicines such as antimicrobial drugs, and diagnostic kits are examples of veterinary medicine used to heal animals of pathogens. Furthermore, the medicine can be used for animal health care, surgery, and prevention. Veterinary medicine is used in several medical conditions to treat animals. It contains vaccines, which build immunity in animals against many infections illnesses like respiratory syncytial, influenza and parainfluenza 3. It contains drugs such as parasiticides and anti-infective drugs. These drugs are given to animals orally. Furthermore, this medicine is given to different kinds of animals including livestock animals such as poultry, cattle and pigs and companion animals like dogs and cats. The rising number of chronic diseases greatly contributes in driving the global market. A few other factors that are driving the veterinary medicine market are procedural developments, obligatory vaccination, increasing intake of meats and pet adoption.

Veterinary Medicine Market

MARKET SUMMARY
-
7.4% CAGR
  • Study Period– 2021 – 2027
  • Base Year– 2020
  • CAGR– 12.4%
  • Largest Market– North America
  • Fastest Growing Market– Europe

Veterinary Medicine Market

  • The report on global veterinary medicine market gives historical, current and future market sizes (US$ Bn) based on animal type, by product type, distribution channel and region.
  • veterinary medicine market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
Key Players
  • Merck Animal Health
  • Ceva Sante Animale
  • Zoetis
  • Elanco
  • Nutreco N.V.
  • Biogenesis Bago
  • Hester Biosciences
  • Kindred Biosciences, Inc.
  • Indian Immunologicals Ltd.
Veterinary Medicine Market

Drivers And Restraints

Increasing number of pet owners and flow towards livestock population are the major reasons for the increasing demand of veterinary medicine. In addition, a few other factors that drive veterinary medicine market growth are increasing number of occurrence of medical illnesses in animals and increasing demand for livestock. Increase in animal healthcare expenses is also contributing in driving the market growth. Strict policies related with medicate feed additives as well as shortages of veterinary infrastructure facilities in undersized nations are the factors that restrain the veterinary medicine market growth. Another restraining factor for veterinary medicine industry is COVID-19. COVID-19 pandemic greatly affected the market growth as these industries asked to limit the animal patient care to intensely sick animals. Rising awareness among pet owners about animal health increases the chance for the veterinary medicine market to grow.


North-America got significant share

Veterinary Medicine Market

North America dominates the veterinary medicine market due to the prevalence of favourable government policies and rising initiatives to improve animal health, whereas the Asia-Pacific region is expected to grow at the fastest rate from 2020 to 2027 due to the expansion of manufacturing facilities and livestock vaccination.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East
Veterinary Medicine Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content

Description

The global veterinary medicine market was accounted at USD 29.2 billion in 2020 and anticipated to grow at CAGR of 7.4% during the forecast period 2021-2027. Veterinary drugs are used to treat injuries, illnesses, and diseases in animals. Vaccines, veterinary medicines such as antimicrobial drugs, and diagnostic kits are examples of veterinary medicine used to heal animals of pathogens. Furthermore, the medicine can be used for animal health care, surgery, and prevention. Veterinary medicine is used in several medical conditions to treat animals. It contains vaccines, which build immunity in animals against many infections illnesses like respiratory syncytial, influenza and parainfluenza 3. It contains drugs such as parasiticides and anti-infective drugs. These drugs are given to animals orally. Furthermore, this medicine is given to different kinds of animals including livestock animals such as poultry, cattle and pigs and companion animals like dogs and cats. The rising number of chronic diseases greatly contributes in driving the global market. A few other factors that are driving the veterinary medicine market are procedural developments, obligatory vaccination, increasing intake of meats and pet adoption.

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