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MarketResearch.biz announces the publication of its latest research report entitled “Global Veterinary Medicine Market by product type (drugs, vaccines, medical feed additives), by animal type (pets, farm animals), by route of administration (oral route of administration, parenteral route of administration, topical route of administration) and by end use (reference laboratories, point nursing tests / internal tests, veterinary clinics and clinics, other final consumption) and region – Global forecast to 2020 and 2030.“Which offers a holistic view of the global veterinary medicine market through systematic segmentation that covers every aspect of the target market. Cumulative sales for the first five years (2021-2025) are projected to exceed $ 163.0 billion and are expected to increase moderately in the second half of the five-year forecast period.
Pet ownership is expected to improve human overall health, thereby prolonging life and reducing the risk of disease. In a recent study, when analyzing the impact of debt, it found that the owner’s risk of cardiovascular disease was reduced by 36% and the likelihood of a heart attack was reduced by 11%. Not only domestic animals, but also food producing animals such as chickens, pigs and other farm animals also contribute to enormous incomes and promote economic growth. Maintaining the health and safety of these animals ensures that they are not affected by pathogens and other diseases that can be transmitted to humans. As a growing industry, there is a high demand for veterinary services, which in turn attracts the younger population to use them as a profession. Emerging markets like veterinary software have also integrated IT and communication systems with universities to simplify services and attract various animal welfare organizations. Imaging methods such as ultrasound have been integrated into the animal health services to ensure better care for the animals.
The global veterinary medicine market is projected to reach $ 52,636.5 million in 2030, at a CAGR of 6.9% by 2021-2030.
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Global Veterinary Medicine Market: Market Dynamics
The global pandemic coronavirus, also known as COVID-19, is a highly contagious disease that can easily be transmitted from one person to another. Because pets such as dogs, cats, and other animals are placed close to people, the likelihood of disease transmission is relatively high. In turn, recent cases of this virus being transmitted to domestic cats and dogs have resulted in the need to restrict human-to-human contact in order to limit the spread of the virus. As a result, regulators like the FDA have prevented doctors from personally examining animals and encouraged the use of telemedicine platforms to treat patients. Practitioners make video calls to examine patients and interact with pet owners, and to provide electronic prescriptions and the freedom to pay online. It is one of the main factors that is expected to drive the growth of the global veterinary pharmaceuticals market.
Strict regulations regarding drug testing and approval phases formulated by different countries make the drug development process lengthy and costly. Hence, this is another factor that can negatively affect target market growth.
Global Veterinary Medicine Market: Market Forecast
The comprehensive research report has a complete forecast of the global Veterinary Medicine market based on factors influencing the market and their impact in the foreseeable future. According to the forecast projections, sales of the global Veterinary Medicine market are expected to grow at a moderate CAGR of 6.9% over the forecast period.
Global Veterinary Medicine Market: Segmental Snapshot
The market report has been segmented based on the product type, animal type, route of administration, and region. The product type segment includes drugs, vaccines and medical feed additives. The animal species segment includes companion animals and farm animals. The route of administration segment includes the oral route, parenteral route and topical route. The end-use segment includes reference laboratories, point-of-care tests / in-house tests, veterinary clinics and clinics, other end-use applications. The region covered by the analysis includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
By product type: The vaccines segment is expected to have a CAGR of over 7.6%, making it the highest revenue share among the product type segments.
According to animal type: It is expected that the Companion Animals segment will record a CAGR of over 7.1% in the forecast period and thus make up the highest share of sales among the animal type segments.
According to the administrative route: The parenteral route segment is expected to record a CAGR of over 7.4% over the forecast period, making it the highest revenue share among the routes of administration segments.
According to final consumption: The veterinary clinics and clinics segment is expected to record a CAGR of over 7.6% in the forecast period and thus make up the highest share of sales among the end-use segments.
By region: The Asia Pacific market had the highest revenue share of the global Veterinary Medicine market in 2020 and is expected to post a CAGR of over 7.7% between 2021 and 2030.
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Global Veterinary Medicine Market: Competitive Analysis
The research report on the global Veterinary Medicine Market includes profiles of large companies such as Novartis AG, Merck Animal Health (Merck & Co., Inc.), Boehringer Ingelheim GmbH, Evonik Industries AG, Zoetis Inc, Elanco Animal Health Incorporated (Bayer Animal Health), Ceva Santé Animale SA, Virbac SA, Dechra Pharmaceuticals Plc, Vetoquinol SA.
The Global Veterinary Medicine Market: Global Industry, Size, Share, Growth, Trends, and Forecasts 2021-2025 has been prepared based on an in-depth market analysis with input from industry experts. This report covers the current scenario and the growth prospect of the global Veterinary Medicine Market for 2018-2028.
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