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The global veterinary medicine market size was valued at USD 29.2 billion in 2021 and is anticipated to grow at a CAGR of 7.4% during the forecast period 2022-2028. Whether an animal species is produced for food or not, veterinary drugs are used to maintain or promote its health. In addition to serving as a source of food, they are designed and produced to achieve a variety of preventative and therapeutic goals. They are provided to wild animals, domestic pets, and exotic species. The UK’s system is used to illustrate how most countries have a state regulations agency in charge of examining veterinary medications and providing some type of marketing license before a product may be sold.
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The Veterinary Medicine Market Growth Factors:
Two key factors propelling the Veterinary Medicine Market ahead are the rise in pet ownership and the expansion of the world’s livestock population. The Veterinary Medicine Market is also being propelled forward by growth in livestock product demand as well as an increase in the prevalence of several medical illnesses in animals. Another significant factor driving market expansion is a rise in the cost of veterinary care for animals. The COVID-19 pandemic has adversely affected the market as well. Countries all across the world used state wide lockdowns to force social separation as a prophylactic precaution after the World Health Organization declared COVID-19 to be a pandemic. The lockdowns have also resulted in the rescheduling of elective surgeries and annual checkup exams. On the other hand, a number of crucial parties have ensured the supply of veterinary medications as governments all over the world make diligent measures to guarantee the supply. As a result, COVID-19 has had a negative growth impact on the veterinary medicine market as a whole.
The Veterinary Medicine Market Segmentation:
The global Veterinary Medicine Market Animal on the basis of Type, the market is categorized into Companion Animals and Livestock Animals. On the basis of Product, the market is classified into Vaccines, and Medicated Feed Additives. On the basis of Distribution Channel, the market is divided into Retail Veterinary Pharmacies and Veterinary Hospitals Pharmacies.
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The Veterinary Medicine Market Regional Analysis:
The Veterinary Medicine Market is currently dominated by North America, and it is expected to remain so in the future. The increase in zoonotic illnesses, favorable reimbursement policies, and rising costs for companion animals are all factors in the dominance. The industry is also projected to rise as pet health insurance becomes more widely accepted in the US. The growth of the market is being fueled by the concentration of large veterinary hospitals in this area that provide competitive reimbursement for services.
Key players in the veterinary medicine market report are Zoetis, Boehringer Ingelheim, Bayer AG, Ceva, Vetiqyubik SA, Chanelle Pharma Group, Norbrook Laboratories, Dechra Pharmaceuticals plc.
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