Global Veterinary Medicine Market: Information by Animal Type (Domestic and Companion), Product (Drugs and Vaccines), Route of Administration (oral, parental), Distribution Channel (Veterinary Clinics, Retail Stores, Online Pharmacies), and Region (Americas, Europe, Asia-Pacific and Near East & Africa) – Forecast to 2027
Veterinary Medicine Market Overview
The importance of veterinary medicine shows a marked increase in disorders and injuries in animals. Health sector related market reports made available by Market Research Future as well as published reports on other sectors have recently been published along with a report on that industry. The market is expected to hit a CAGR of 8.1 percent over the forecast period.
The market is growing due to factors such as the increasing number of pet adoptions, the increasing number of veterinarians, and the increasing demand for pet insurance. The increasing importance of animals in research and increasing spending on veterinary medicine in countries around the world are considered key drivers of the market. Government initiatives to protect animals and the increase in the number of pet adoptions worldwide are likely to fuel the growth of the market over the forecast period.
The Veterinary Medicine market is segmented based on the route of administration, animals, products, and end-users. By animals, the market is divided into domesticated animals and pets. By product, the market is divided into disorder medicine, injury medicine and diagnostic medicine. According to the route of administration, the market is divided into oral, parenteral and topical. According to end users, the market is divided into veterinary clinics, veterinary clinics, research institutions and others.
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Detailed regional analysis
The regional analysis of the market includes America, the Asia-Pacific region, Europe as well as the Middle East and Africa. The Americas region controls the market because it is a well developed region and has a good animal welfare policy. America invests huge sums in animal welfare and market research. The rapidly increasing absorption of the large veterinary clinics in the advanced countries of this region together with good reimbursement rates are fueling the market growth. The European region is the next big market in the world due to the growing healthcare industry and penetration of healthcare. The Asia Pacific region is expected to grow rapidly, and China and India are expected to lead this market due to the rapidly growing healthcare sector and huge unmet needs over the forecast period. Growing number of private veterinary clinics and increasing awareness of animal welfare. Growing animal welfare NGOs and the government’s pet welfare campaign are major drivers of market development in this region.
The market pull and the inclinations of the competitors are significantly improved by the strategies of the market competitors. The remarkable success factors in the market are easy to achieve in the market, which contributes to an increased pace of development in the forecast period. Variation of the products increases the number of customers in the market considerably. The novelty of the products and services of the markets will significantly change the development of the market. Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco / Novartis), Zoetis, Inc. (Pfizer), Boehringer Ingelheim GmbH, Bayer Healthcare AG, Ceva Santé Animale, Vetoquinol SA, Virbac SA, Nutreco NV and Sanofi SA (MERIAL Limited) are some of the key competitors operating in this market.
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