Veterinary Medicine Market
Major factors contributing to the growth of veterinary medicine market include increase in the number of pet owners & increase in livestock population worldwide
PORTLAND, OREGON, Aug. 26, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, “Veterinary Medicine Market by Product, Route of Administration, Animal Type and Distribution Channel: Opportunity Analysis and Industry Forecast , 2019-2027,” the global veterinary drug market was valued at $22 billion by 2019, and is expected to reach $29 billion by 2027, registering a CAGR of 4.6% from 2019 to 202 7.
Major factors contributing to the growth of the veterinary medicine market include increase in the number of pet owners and increase in livestock population worldwide. Moreover, factors such as increase in various medical conditions in animals and rise in demand for livestock products also fuel the growth of the veterinary medicine market. Increase in animal healthcare expenditure is another major factor driving the market growth. However, lack of veterinary infrastructure in underdeveloped nations and stringent regulations related to medical feed additives restrict the growth of the veterinary drug market. On the other hand, increasing awareness about animal health provides a lucrative opportunity for the veterinary medicine market.
𝐏𝐨𝐬𝐭 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨:
Additionally, the Covid-19 pandemic is another major factor affecting the veterinary drug market due to country-wide lockdowns across the globe. Thus, this lockdown has created new challenges and changes which are tedious to manage and are affecting every business. In the veterinary drug industry, demand for veterinary drugs has decreased due to COVID-19. However, the supply is in good condition and is ensured by the relevant government agencies present in various countries. Thus, the overall impact of the Covid-19 outbreak on the veterinary medicine market has been negative due to factors such as fewer veterinary visits and postponement of annual check-ups of companion animals.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲@ https://www.alliedmarketresearch.com/purchase-enquiry/3366
𝐊𝐞𝐲 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐂𝐨𝐯𝐞𝐫𝐞𝐝
On the basis of product, the pharmaceuticals segment accounted for the major share in 2019, due to factors such as increased parasite infestation in animals and spread of various infections, which are treated using anti-infectives.
By route of administration, the parenteral segment accounted for the largest share of the veterinary drug market in 2019. The growth of this segment is attributed to the large number of parenteral formulations offered by the major players in the market.
By animal type, the livestock segment accounted for the largest share of the veterinary drug market in 2019. The growth of this segment is attributed to the worldwide population of livestock animals. Moreover, the companion animal segment is expected to exhibit the fastest growth rate due to increasing awareness about their health.
Asia-Pacific is expected to exhibit the fastest growth rate due to the increasing awareness about the use of veterinary drugs. Other factors driving the market growth include increasing awareness about animal health and increasing ownership of companion animals in the region.
• By product, the vaccines segment occupied one-fourth share of the global veterinary medicine market in 2019
• By route of administration, the parenteral route segment is anticipated to grow with the highest CAGR throughout the forecast period.
• By distribution channel, the retail veterinary pharmacies segment accounted for more than half the share of the market in 2019.
• By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.
𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
Major players operating in the market include Zoetis, Inc., Merck & Co., Inc. (Intervet International BV), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Santé Animale, Virbac., Vetoquinol SA, Boehringer Ingelheim International GmbH., ADM Animal Nutrition, and Evonik Industries AG.
𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
Surgical Stents Market
𝐖𝐞 𝐚𝐥𝐬𝐨 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐚𝐧𝐝 𝐂𝐨𝐮𝐧𝐭𝐫𝐲 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
• North America Veterinary Medicine Market
• Japan Veterinary Medicine Market
• South Korea Veterinary Medicine Market
• Singapore Veterinary Medicine Market
• Australia Veterinary Medicine Market
• Europe Veterinary Medicine Market
• China Veterinary Medicine Market
• Taiwan Veterinary Medicine Market
• New Zealand Veterinary Medicine Market
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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August 26, 2022, 07:38 GMT
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