Veterinary Medicine Market Size is Expected to Exhibit 5.57% CAGR by 2027 | Market Research Future (MRFR)

Veterinary Medicine Market Overview

The global veterinary medicine market has been expected to grow at a CAGR of 5.57% during the forecast period of 2020-2027. The major factors responsible for the growth of the veterinary medicine market are the increasing burden of chronic diseases and the animals and growing animal adoption, and the increase in drug preferences by pet and poultry farm owners, coupled with continued growth in the human population. Veterinary professionals especially use veterinary drugs to treat diseases, injuries and help the growth of animals. These are used heavily to cure the disease and prevent the spread of infectious diseases among the animals. Such drugs indirectly benefit the human healthcare sector by restricting the spread of infectious diseases from animals to humans.

The number, frequency, and variety of zoonotic disease outbreaks have increased dramatically during the last century. Such occurrences are caused by the infections spilling from the animal hosts to the humans that might have increased by thrice in the previous years. The outbreak of Covid-19 has had a huge impact on all industries, including the veterinary medicine market. Moreover, pet owners are still advised to maintain a distance from pets to maintain hygiene and reduce the risk of contamination. The impact of the global epidemic has been observed in the livestock sector as well. The supply chain has been disrupted, leading to difficulty moving animal products like milk, meat, and eggs to the market sectors.

Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/844

Veterinary Medicine Market Segmentation

According to the global analysis report, the veterinary medicine market has been divided into five sections animal type, product, route of administration, distribution channel and region. In terms of the animal type, the market has been divided into two sections production and companion. On a product basis, the global veterinary medicine market has been classified into three parts pharmaceuticals, biological and medicinal feed additives. Based on the route of administration, the market has been classified into three parts oral, parental and others. With the distributional channel, the global market has been classified into veterinary hospitals & clinics, retail stores and online pharmacies. According to the regional sectors, the entire market has been classified into five parts: Asia-Pacific, Europe, South America, North America, and the Middle East & Africa.

Veterinary Medicine Market Regional Analysis

North America has dominated the highest share of the veterinary medicine market. The major contributing factors attributing to the dominance are the increasing awareness of zoonotic diseases, favorable reimbursement programs, and the rising expenditure on comparing the different types of animals. Also, the increasing adoption of pet health insurance in the United States is expected to rise the global market growth. The rise in the concentration of the major veterinary hospitals in such regions offers good reimbursement rates, which adds fuel to the growth of the global veterinary medicine market.

Veterinary Medicine Market Key Players

Dechra Pharmaceuticals plc, Elanco, Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Merck Animal Health, Norbrook Laboratories, Vetiqyubik SA, Bayer AG, Zoetis

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/veterinary-medicine-market-844

Veterinary Medicine Industry News

The Asia-Pacific veterinary medicine market has also expected to increase significantly during the estimated forecasting period. Due to the tremendous growth opportunities, the higher adoption of companion animals and the increasing awareness regarding the animal have promoted market growth in such regions.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact Info:
Name: Market Research Future
E-mail: send e-mail
Organization: Market Research Future (part of Wantstats Research and Media Private Limited)
Address: 99 Hudson Street, 5th Floor, New York, New York 10013 United States of America
Phone: +1 628 258 0071
Website: https://www.marketresearchfuture.com/reports/veterinary-medicine-market-844

Release ID: 89072746

If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.

comtex tracking

COMTEX_405325299/2773/2022-04-06T16:15:11