New York, May 26, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Animal Medicine Global Market Report 2022” – https://www.reportlinker.com/p06281014/?utm_source=GNW
The global animal medicine market is expected to grow from $41.09 billion in 2021 to $45.33 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The market is expected to grow to $62.95 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%.
The animal medicine market consists of sales of veterinary medicines and related services by entities (organizations, sole traders, and partnerships) that manufacture veterinary medicines used to treat animal diseases and/or to improve animals’ performance and health. The animal medicine industry includes establishments that manufacture veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals and establishments that manufacture medical feed additives and nutritional feed additives.
The main types of animal medicines are veterinary pharmaceuticals, feed additives, and are used for livestock, and companion animals.Veterinary pharmaceuticals refer to the animal medicine that is given to the animals for treating a disease.
Animal medicine is used by veterinary hospitals, pharmacies, drug stores, veterinary clinics.
North America was the largest region in animal medicine market in 2021. Asia Pacific was the second-largest region in the animal medicine market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing penetration of pet insurance is expected to drive the animal medicine market. Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity.
In developed economies such as the USA, the pet insurance penetration rate is around 1%, although in Western European countries such as the UK the penetration rate is around 20%. During the forecast period, the pet insurance market in the USA is expected to grow $2 billion in 2022, at a compound annual growth rate of 14%, mainly driven by the increasing consumer awareness and rising disposable income of companion animal owners. Increasing penetration of pet insurance will increase the number of visits at veterinary clinics supporting the use of animal medicine in the treatment of different diseases
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the animal medicine market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ‘lock down’ and the outbreak hurt businesses throughout 2020 and into 2021.
However, it is expected that the animal medicine market will recover from the shock across the forecast period as it is a ‘black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute for veterinary antibiotics to tackle antibiotic resistance.Nanotechnology is the study of controlling matter on an atomic and molecular scale.
Nanotechnology in the animal medicine industry is used to improve diagnosis, treatment, animal growth promotion, and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria.
They are also used as drug delivery agents for new drugs and vaccines candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.
The countries covered in the animal medicine market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel , Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey , UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06281014/?utm_source=GNW
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