Veterinary medicine market
The demand for veterinary medicine is increasing due to the increasing acceptance of veterinary medicine around the world
Veterinary medicine is referred to as any product used to treat various diseases in animals. Veterinary medicine includes, for example, drugs such as anti-infectives and parasiticides. “
– Allied market research
PORTLAND, OR, UNITED STATES, Oct 6, 2021 /EINPresswire.com/ – The increase in pet ownership, the increase in livestock around the world, and the increase in animal health spending are fueling growth in the global veterinary medicine market. In addition, the increase in the prevalence of various diseases in animals is driving market growth. On the other hand, strict regulatory approvals related to veterinary drugs and vaccines, as well as a lack of veterinary infrastructure facilities in underdeveloped countries, inhibit growth to a certain extent. However, increasing animal health awareness is expected to create several opportunities in the industry.
Veterinary Medicine Market by Product (Drugs, Vaccines, and Medical Feed Additives), Route of Administration (oral route, parenteral route, and topical route), Animal Type (pets and farm animals), and Distribution Channel (Veterinary Clinics, Pharmacies, and Retail Veterinary Pharmacies): Global Opportunity Analysis and Industry Forecast, 2020-2027 “According to the report, the global veterinary medicine market was valued at $ 22.97 billion in 2019 and is projected to reach $ 29.69 billion by 2027, a CAGR of 4.6% from 2020 to 2027.
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Effects of Covid-19
– Veterinary drug production was not impacted during Covid-19 as most regions have veterinary drugs as an essential service.
– The Indian dairy industry has promoted the use of “Pashu Ayurveda” or ethno-veterinary medicine to curb animal diseases and control the likelihood of pathogens passing through them to humans.
– However, the interruptions in the supply chain were a major problem of raw material scarcity. In contrast, the government has relaxed certain restrictions in several regions in order to maintain economic benefits.
The drug segment is set to lead by 2027 –
Based on species, the pharmaceuticals segment contributed more than half of global sales in the veterinary market in 2019 and is expected to dominate through the end of 2027. This is due to the prevalence of parasites in both domestic animals and farm animals. However, the vaccine segment would have the fastest CAGR of 5.7% during the study period. This is due to the increase in the prevalence of various infectious diseases in pets and farm animals.
The parental route segment to maintain the lion’s share
Based on the route of administration, the parenteral route segment accounted for more than half of the global veterinary market share in 2019 and is expected to maintain its top status through 2027. The same segment is also expected to have the fastest CAGR of 5.2%. throughout the forecast period. The parenteral route of administration results in greater drug efficacy associated with the use of the parenteral route, higher bioavailability, and avoidance of first pass metabolism, which in turn drives segment growth.
North America remains lucrative in terms of sales
Geographically, North America had the largest share in 2019, holding more than two-fifths of the global veterinary medicine market. This is due to the ready availability of veterinary medicines, the rise in pet ownership, and increasing awareness of the importance of vaccination in both farm and domestic animals. On the other hand, Asia Pacific would also grow at the fastest CAGR of 6.3% through 2027. A growing awareness of the use of veterinary drugs to treat diseases in animals in this region is driving the growth of the market.
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Key player in the industry
Key market players 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.
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We have also published some syndicated market research in a similar area that may be of interest to you. Below is the report title for your reference considering the impact of Covid-19 on this market
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October 06, 2021 at 7:08 pm GMT
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