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LONDON, October 7th 2020 (GLOBE NEWSWIRE) – (Veterinary companies: Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co., Elanco Animal Health Inc., Bayer AG)
In light of other developments in the global animal health market, the rapid increase in animal ownership is driving the demand for easy-to-administer veterinary medicines to treat disease. The increasing ownership of pets and the increasing trend of treating pets as family members enable pet owners to provide high quality care to their pets, including high quality treatment for various diseases, increasing the demand for veterinary treatment. To meet the growing demand, veterinary drug companies have begun producing easy-to-administer drugs for the treatment of various diseases in pets, including cat hypertension, in the form of oral drug solutions.
Chewable tablets are also increasingly being used to prevent animals from being attacked by ticks, worms, fleas and other parasites. Such tablets are usually soft chew and come in a variety of flavors such as beef. Treatments with these tablets are easier to administer than regular tablets because they can easily be added to normal animal meals. Many veterinary medicine manufacturers are constantly working to create effective, easy-to-administer drugs to thrive in the highly consolidated veterinary medicine market.
Business Research Company’s report, titled Veterinary Market Opportunities and Strategies Global Forecast to 2030, covers major Veterinary Companies, Veterinary Market Share by Company, Veterinary Drug Manufacturers, Veterinary Market Size, and Veterinary Market forecast. The report also covers the global Veterinary Medicine market and its segments. The Veterinary Market is divided into Veterinary Medicines and Feed Additives by type of medicine. The veterinary drug market is further divided into veterinary parasiticides, veterinary vaccines, veterinary antibiotics, and others by drug type, while the feed additives market is further divided into antibiotics, amino acids and antioxidants, vitamins, acidulants, enzymes, and others by additive type.
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The market size for veterinary medicine reached a value of almost $ 42.47 billion in 2019 with a compound annual growth rate (CAGR) of 4.8% since 2015 and is expected to grow with a CAGR of 6.53% too almost $ 54.69 billion by 2023. The market is also expected to grow $ 62.01 billion in 2025 with a CAGR of 6.48% and to $ 85.06 billion in 2030 with a CAGR of 6.53%.
The demand for veterinary medicine increased as people panicked buying their veterinary medicines to ensure their pets were looked after during the lockdown. The stockpiling of veterinary medicines by livestock keepers and farmers has led to increased demand in the market. In addition to stockpiling veterinary drugs in retail stores, online orders have also increased. Consumers find it safer to order veterinary medicines online with their daily purchases than to go outside to physical stores.
Another important point in the size of the veterinary market is that due to the global lockdown, animal lovers are showing an interest in adopting pets that may otherwise be neglected during the pandemic. As more people become isolated, the companionship of a pet provides emotional and mental support to many families. In this regard, appeals and social media campaigns have helped increase animal adoption rates, particularly in the US, where animal shelters across the country have seen a significant increase in dog and cat adoptions.
Veterinary Market Opportunities and Strategies Global Forecast to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, market size, and growth for the entire market, market segments and animal regions for Veterinary, Animal, analyze and forecast trends on the Medical Market, Veterinary Market Drivers, Veterinary Market Restrictions, Key Players in the Veterinary Market, sales, profiles, and market shares of the leading competitors in the Veterinary Market in 1,000+ industry reports covering over 2,500 market segments and 60 regions. The report also includes an in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 records, extensive desk research and exclusive insights from interviews with industry leaders. A very experienced and competent team of analysts and modelers provides market analyzes and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and the approaches of leading competitors.
Here is a list of similar reports from the Business Research Company:
Veterinary Medicines Market – By Species (Livestock, Companion Animal), Types of Medicines (Veterinary Parasiticides, Veterinary Vaccines, Veterinary Antibiotics, Other), By Route of Administration (Oral, Other), By End Use, and By Region, Opportunities and Strategies – Global Forecast to 2030
Veterinary Antibiotics Global Market Report 2020-30: Impact and Recovery from COVID 19
Veterinary Parasiticides Global Market Report 2020-30: COVID 19 Impact And Recovery
2020-30 World Veterinary Equipment Market Report: COVID 19 Impact and Recovery
Veterinary Services Market – By Type (Veterinary Clinics, Veterinary Clinics, Surgical Procedures, Laboratory Services, and Pet Food), By Region, Opportunities, and Strategies – Global Forecast to 2021
Global Pet Food Market Report 2020-30: Impact And Recovery From COVID 19
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