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LONDON, Jan 12, 2022 (GLOBE NEWSWIRE) – According to The Business Research Company’s research report on the veterinary market, the manufacture of medical feed additives is a major trend in the veterinary market. Medical feed additives generally help maintain animal health and promote growth and feed efficiency. These include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and mushrooms. Veterinary drug manufacturers have increasingly started making medical feed additives to improve production efficiency.
In January 2020, Kemin Industries, a US ingredients manufacturer, launched VANNIX ™ C4, a novel phytogenic feed additive for the intestinal health of poultry. VANNIX C4 is a probiotic feed additive formulation made from intestinal health-strengthening ingredients to minimize the effects of enteric challenges on poultry performance.
The global veterinary market size grew from $ 32.7 billion in 2020 to $ 37.88 billion in 2021 at an average annual growth rate (CAGR) of 15.8%. The growth is mainly due to companies reorganizing their operations and recovering from the effects of COVID-19, which previously resulted in restrictive containment measures including social distancing, remote working and the closure of commercial activities that had created operational challenges . The market is expected to reach $ 48.55 billion in 2025 at a CAGR of 6%.
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The global market for veterinary medicinal products is concentrated in a few large players. the Top ten competitors on the market up to 50% of the total market in 2020. Major players in the market include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc., Elanco Animal Health Incorporated, Ceva Santé Animale and others.
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The veterinary drug market is divided into veterinary drugs and feed additives by type; by animal species in poultry, cattle (for milk and meat purposes), dogs and cats, other domestic animals and other farm animals; by type of prescription in OTC and prescription; by the route of administration into oral, intravenous, subcutaneous and others; by sales channel in veterinary services, online and others.
Numerous veterinary drug manufacturers enter into strategic collaborations and partnership agreements. The industry overview of the animal health industry shows that the major players in the veterinary market are increasingly collaborating and partnering with other players to drive product innovation, thrive in the increasingly competitive veterinary market, and enter new regions for the development of innovative products through the sharing of skills and expertise to tap into with other players. In June 2021, for example, the Pride Veterinary Medical Community of USA announced a collaboration with Covetrus, a US-based animal health technology company. With this collaboration, Covetrus aimed to empower veterinarians by providing advanced medicines based on the needs of different segments of the veterinary market. In April 2019, Bayer Animal Health, a Germany-based animal health division of Bayer AG, partnered with Adivo GmbH, a biotech company that makes therapeutic antibodies for pets, to develop therapeutic antibodies for veterinary medicine.
North America was that largest region in the world market for veterinary medicine with a share of 58.0% the 2020 total. Asia Pacific, Western Europe, and then the other regions followed. In the future the fastest growing regions in the veterinary market South America and Middle East where the growth will be CAGRs of 7.2% and 7.0% or.
Animal Medicine Market Global Report 2022: Market Size, Trends and Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company providing overviews of the veterinary medicine market, analysis of the veterinary medicine market, and forecast of market size and growth for the overall market , Veterinary Market Segments and Geographies, Veterinary Market Trends, Veterinary Market Drivers, Veterinary Market Restrictions, Revenue, Profiles, and Market Shares of Market-Leading Competitors in Veterinary Medicine in 1,000+ Industry Reports Covering 2,500+ Market Segments and 60 Geographies.
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.
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