DUBLIN – (BUSINESS WIRE) – Added “Veterinary Medicine Market – Growth, Trends, COVID-19 Impact, and Forecast (2021-2026)” report ResearchAndMarkets.com Offer.
The veterinary medicine market was valued at $ 42,633.76 million in 2020 and is projected to reach $ 65,797.09 million by 2026, a CAGR of 7.56% over the forecast period.
Mentioned companies
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Aptimmune Biologics
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Boehringer Ingelheim
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Cadila Pharmaceuticals Ltd.
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Something Animal Health LLC
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China Animal Husbandry Co. Ltd.
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Dechra Pharmaceuticals PLC
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Elanco
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Merck & Co. Inc.
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Neogen Corporation
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Nutreco NV
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Phibro Animal Health Corporation
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Sanofi SA
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Vetoquinol SA
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Virbac
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Zoetis
Important market trends
The vaccines segment is expected to hold significant market share
By products, the vaccines segment is expected to hold a significant market share. The growth of this segment is being driven by increasing demand for animal food, an increase in the population of domestic animals and an increasing incidence of zoonoses, as well as various initiatives by government agencies and animal associations to maintain animal health. According to the US Department of Agriculture’s NASS (National Agricultural Statistics Service), total egg, broiler and turkey production and sales of chickens were $ 46.3 billion in 2018, an increase of about 8% equates to USD 42.7 billion in 2017.
In addition, significant development by the major players in the Veterinary Vaccines market such as mergers and acquisitions, product development and launches to expand their product portfolio of vaccines is expected to increase the market’s potential for growth. For example, in October 2019, Ceva signed an agreement with ProBioGen Ag for the production of vectorized poultry vaccines using the AGE1.CR technology developed by ProBioGen. This agreement has helped both companies expand their long-term partnership and extensive experience in developing innovative vaccines.
North America dominates the market and the same trend is expected for the forecast period
North America has dominated the veterinary medicine market so far and is expected to continue to do so during the forecast period. Important factors for dominance are the increasing prevalence of zoonoses, cheap reimbursement programs and the increasing expenditure on pets. According to the American Veterinary Medical Association (AVMA) report, pet spending in the U.S. was over $ 95.7 billion in 2019, with dogs and cats making up a large portion. The increased adoption of pet health insurance in the US is also expected to fuel market growth. The increase in the concentration of large veterinary clinics in this region that offer good reimbursement rates is contributing to the growth of the market. The consolidation of the large health care system also leads to market growth due to an increase in purchasing power of the actors in the health care system, which leads to economies of scale.
In addition, there is a large presence of key market players focused on the market development strategies in this region. For example, Zoetis, a US-based company, signed a partnership agreement with Caritas in 2019 to improve the productivity and sustainability of the tilapia fish value chain in the country. The partnership should also provide tilapia farmers with training on fish health management and best aquaculture practices. All of these developments should continue to fuel market growth.
The Asia-Pacific Veterinary Medicine market is also expected to present tremendous growth opportunities during the forecast period. Greater pet acceptance coupled with increased animal awareness has fueled market growth in the region. In addition, increasing spending on animal health and veterinary services, as well as on the cattle population, are some of the main drivers driving the veterinary medicine market.
Main topics covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 SUMMARY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market drivers
4.2.1 Prevalence of infectious diseases in animals
4.2.2 Increase in drug preferences by animal and poultry farmers
4.2.3 Increased demand for meat and animal products in agriculture and health care
4.3 Market Restrictions
4.3.1 High costs related to animal health
4.3.2 Lack of animal health awareness in emerging countries
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By product type
5.2 By species
5.3 geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Middle East and Africa
5.3.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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