Veterinary Medicine Market
According to the latest report by IMARC Group, titled “Veterinary Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global veterinary medicine market reached a value of US$ 31.06 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 48.58 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027. Veterinary medicine is a branch of science that deals with maintaining health and preventing, alleviating, and curing diseases that affect domestic and wild animals. It includes various drugs, medicated feed additives and vaccines that are used to build immunity in animals against various infectious diseases, such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. Veterinary medicines aid in maintaining health, inhibiting the transmission of zoonotic diseases from animal species to humans, and providing advanced medical, dental, and surgical care.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The outbreak of COVID 19 pandemic has impacted all the sectors, including veterinary medicine. The emergence of unfavorable conditions and lack of awareness affected the market growth. The livestock market was affected too. The has been a shortage of animal products in the market due to mobility restrictions. Veterinary doctors across the globe limited animal patient care to provide aid to acutely ill animals and emergencies. The overall impact of the COVID 19 pandemic on the veterinary medicine market was negative due to fall in veterinary visits and changes in animal healthcare approaches.
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Global Veterinary Medicine Market Trends:
The increasing prevalence of infectious diseases among pets and wild animals across the globe represents one of the key factors creating a positive outlook for the market. Veterinary medicine is widely used to treat and manage various zoonotic diseases, such as echinococcosis, leptospirosis, toxoplasmosis, cysticercosis, nipah, rabies, plague, trypanosomiasis, and kyasanur forest disease (KFD). Furthermore, the rising consumption of meat and dairy products and the expanding animal husbandry activities have facilitated the demand for veterinary medicines to meet the concerns of food safety, which, in turn, is acting as another growth-inducing factor. Additionally, growing animal health awareness among pet owners and the rising demand for efficient pet care solutions are positively impacting the market growth.
Apart from this, the introduction of cloud-based wearable devices that assist in monitoring animal health and keep track of body temperature, heart rate, respiration rate, and pH levels are providing an impetus to the market growth. Moreover, the easy availability of advanced regenerative medicines, diagnostic imaging, laser diagnostics, novel therapies, and specialized surgeries across numerous vet hospitals and clinics is positively influencing the market growth. Other factors, including the introduction of safe and effective vaccines to prevent pet diseases, rising expenditure capacities of consumers, and increasing domestication of animals, are anticipated to drive the market toward growth.
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Global Veterinary Medicine Market 2022-2027 Analysis and Segmentation:
Competitive landscape with key players:
• Archer-Daniels-Midland Company
• Boehringer Ingelheim GmbH
• Cargill Incorporated
• Ceva Santé Animale
• Dechra Pharmaceuticals PLC
• Elanco Animal Health Incorporated
• Merck & Co. Inc.
• Neogen Corporation
• Vetoquinol SA
• Virbac and Zoetis Inc.
Breakup by Product:
o Inactivated vaccines
o Attenuated vaccines
o Recombinant vaccines
• Medicated feed additives
o Amino Acids
Breakup by Animal Type:
Breakup by route of administration:
Breakup by Distribution Channel:
• Veterinary Hospitals and Clinics
• Point of care testing/in-house testing
Breakup by region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value chain
• Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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