DUBLIN – (BUSINESS WIRE) – Addition to “Veterinary Global Market Opportunities and Strategies to 2030: Impact and Recovery from COVID-19” report ResearchAndMarkets.com Offer.
Global Veterinary Market Opportunities and Strategies Through 2030: COVID-19 Impact and Recovery provides strategists, marketers and executives with the critical intelligence they need to assess the global Veterinary Market.
This report describes and evaluates the global veterinary medicine market. It includes the years 2015 to 2019, which are referred to as the historical period, and the years 2019 to 2023, which are referred to as the forecast period, as well as other projections for the periods 2023-2025 and 2025-2030.
The global veterinary market reached nearly $ 42,469.3 million in 2019 after growing at a Average Annual Growth Rate (CAGR) of 4.8% since 2015 and is projected to grow at a CAGR of 6.53 by 2023 % grow to nearly $ 54,690.0 million. The market is also expected to grow to $ 62,005.7 million in 2025 at a CAGR of 6.48% and to $ 85,059.4 million in 2030 at a CAGR of 6.53%.
The growth in the historical period resulted from strong economic growth in emerging countries, which increased spending on animal care in the population, spending on pets worldwide and the increase in disease prevalence in animals that support the use of veterinary drugs, the global increase in meat consumption and the lack of cheaper generic products in the veterinary market. Factors that negatively affected growth in the historical period were the shortage of veterinarians, which resulted in low awareness of animal health, the lack of awareness of animal health in developed and developing markets in general, and the inappropriate use of medicines.
In the future, economic growth that supports higher living standards and empowers the middle class, increases pet insurance penetration, and increases meat production will drive growth. Factors that could hamper the growth of the veterinary drug market in the future include the increasing threat of antibiotic resistance in animals, the consolidation of customers and traders leading to a decline in veterinary drug prices and a reduction in free trade among end-users of the veterinary drug market.
The Veterinary Market is divided into Veterinary Medicines and Feed Additives by Type of Medicine. The veterinary drug market was the largest segment of the veterinary market at $ 37,643.5 million, or 88.6% of the total in 2019. This market is also expected to be the fastest growing segment with a CAGR of 6.7% in 2019. 2023.
The greatest opportunities in the global veterinary market are in the veterinary pharmaceuticals segment, which will generate annual worldwide sales of $ 11,088.2 million by 2023. The biggest opportunities in the global veterinary pharmaceuticals market are in the veterinary parasiticides segment, which will generate $ 3,751.8 million in annual worldwide sales through 2023.
The biggest opportunities in the global veterinary antibiotics market are in the other veterinary antibiotics segment, which will have annual worldwide sales of $ 1,195.4 million by 2023. The biggest opportunities in the global Veterinary Vaccines market are in the live attenuated vaccines segment, which will generate $ 1,651.9 in annual sales by 2023. The greatest opportunities in the global feed additives market are in the feed additives for amino acids and antioxidants segment, which will have annual worldwide sales of 427.6 million US dollars by 2023.
The biggest opportunities in the global veterinary market, segmented by prescription type, are in the prescription drugs segment, which will have annual sales of $ 10,654.2 million worldwide by 2023. The greatest opportunities in the global veterinary market, segmented by route of administration, will arise in the other administration segment, which will generate annual worldwide sales of $ 7,541.4 million by 2023.
The veterinary market size will grow the most in the US at $ 7,588.5 million. Market trend based strategies for the veterinary market include developing oral drug solutions, investing in applications to treat nanotechnology, developing new combined medical feed additives, and working with academic and research institutions to develop new products.
Strategies adopted by players in the veterinary drug industry include strengthening M&A strategies, developing new animal health products through collaborations, and investing in research and development projects.
To capitalize on the opportunity, the publisher encourages veterinary companies to consider making easy-to-administer drugs, skin cancer drugs, and generic drugs, working together to drive innovation, making combined drug additives, and focusing on individual customers.
Mentioned companies
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Zoetis, Inc.
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Boehringer Ingelheim GmbH
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Merck & Co.
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Elanco Animal Health Inc.
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Bayer AG
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