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.
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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
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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.
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