The veterinary medicine market accounted for $22,973 million in 2019, and is expected to reach $29,698 million by 2027, registering a CAGR of 4.6% from 2020 to 2027. Furthermore, parasiticide is another type of veterinary drug, which are employed in prevention or elimination of external and internal parasites such as fleas, ticks, and worms. Other than drugs, vaccines are also used in treatment of various medical conditions in animals. Some types of veterinary vaccines include inactivated vaccines, attenuated vaccines, and recombinant vaccine. Veterinary medicine is defined as a drug or other preparations employed in the treatment of animals. Furthermore, other preparations such as vaccines and medicated feed additives are also used to treat various medical conditions in animals. In addition, these medicines include different type of products such as anti-infective drugs, which are used to prevent, kill, or slow the growth of bacteria, fungi and other infection causing organisms.
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These medicines also include anti-inflammatory drugs, which are routinely used for relief of pain and inflammation associated with osteoarthritis, and other medical conditions in livestock and companion animals. Similarly, medicated feed additives are also used to cure medical conditions in livestock and companion animals. In addition, these different types of drugs are administered to animals through different routes such as oral, parenteral and topical. Furthermore, these drugs are used in treatment of companion animals such as dogs, cats and horses and are also used in treatment of livestock animals such as pigs, dairy cattle, beef cattle, and poultry.
The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. Furthermore, factors such as surge in prevalence of various medical conditions in animals and rise in demand for livestock products also boost growth of the veterinary medicine market. In addition, rise in animal healthcare expenditure is another major factor that fuels growth of the market. However, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medicate feed additives restrict growth of the veterinary medicine market. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.
The global veterinary medicine market is segmented on the basis of product, route of administration, animal type, distribution channel, and region to provide a detailed assessment of the market. By product, the market is divided into drugs, vaccines, and medicated feed additives. The drugs segment is further divided into anti-infective, anti-inflammatory, and parasiticide. In addition, the vaccines segment is divided into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Similarly, the medicated feed additives segment is divided into amino acids and antibiotics. By route of administration, the market is classified into oral route, parenteral route, and topical route. By animal type, it is divided into companion animals and livestock animals. By distribution channel, it is classified into veterinary hospitals, veterinary clinics, and pharmacies & drug stores. By region, the veterinary medicine market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
It also discusses the segmentation analysis based on product type and application that is presented in the report. The major studies, market growth rate, competitive environment, market drivers, trends, concerns, and macroscopic indicators, are all summarized. The report studies the SWOT analysis of each player profiled in this section, their products, production, value, capacity, and other crucial criteria.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY BENEFITS FOR STAKEHOLDERS
– This report entails a detailed quantitative analysis along with the current global negative pressure wound therapy devices market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessments.
– The market size and estimations are based on a comprehensive analysis of key developments in the industry.
– A qualitative analysis based on innovative products facilitates strategic business planning.
– The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market
– List of key players profiled in the report:
– Zoetis, Inc.
– Merck & Co., Inc. (Intervet International B.V.)
– Elanco Animal Health
– Dechra Pharmaceuticals PLC
– Ceva Sante Animale
– Virbac.
– Vetoquinol S.A.
– Boehringer Ingelheim International GmbH.
– ADM Animal Nutrition
– Evonik Industries AG
– Pharmgate Inc.
– Bimedia, Inc.
Key Market Segments
– By Product
o Drugs
? Anti-infective
? Anti-inflammatory
? Parasiticide
o Vaccines
? Inactivated Vaccines
? Attenuated Vaccines
? Recombinant Vaccines
o Medicated Feed Additives
? Amino Acids
? Antibiotics
– By Route of Administration
o Oral Route
o Parenteral Route
o Topical Route
– By Route of Administration
o Oral Route
o Parenteral Route
o Topical Route
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– By Animal Type
o Companion Animals
o Livestock Animals
– By Distribution Channel
o Veterinary Hospital Pharmacies
o Retail Veterinary Pharmacies
– By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? UK
? Italy
? Spain
? Rest of Europe
o Asia-Pacific
? Japan
? China
? India
? Australia
? South Korea
? Rest of Asia-Pacific
o LAMEA
? Brazil
? Saudi Arabia
? South Africa
? Rest of LAMEA\
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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- And so forth of the fundamental players, which assists the peruses with distinguishing the indispensable contenders and profoundly know the opposition instance of the market.
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