Veterinary Medicine Market Size : A Pathway to a USD $29 billion by 2027 | 4.6% CAGR
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.
The veterinary medicine market refers to the industry involved in the development, production, and distribution of pharmaceuticals, vaccines, diagnostics, and other healthcare products for animals. It encompasses a wide range of products and services aimed at promoting animal health, preventing and treating diseases, and improving the overall well-being of animals.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ : https://www.alliedmarketresearch.com/request-sample/3366
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ, ๐ซ๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ, ๐๐ง๐ ๐จ๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ-
Rise in ownership of companion animals, increase in livestock population across the globe, and surge in animal healthcare expenditure boost the growth of the global veterinary medicine market. In addition, surge in prevalence of various medical conditions in animals fuels the market growth. On the other hand, stringent regulatory approvals related to veterinary drugs and vaccines and lack of veterinary infrastructure facilities in underdeveloped nations impede the growth to certain extent. However, surge in awareness related to animal healthcare is expected to create multiple opportunities in the industry.
๐๐ก๐๐ญ ๐ข๐ฌ ๐ญ๐ก๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐จ๐ฏ๐ข๐-๐๐ ๐๐๐ง๐๐๐ฆ๐ข๐ ๐จ๐ง ๐๐๐ญ๐๐ซ๐ข๐ง๐๐ซ๐ฒ ๐๐๐๐ข๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐จ๐๐๐ฅ๐ฅ๐ฒ?
The production of veterinary medicines has not been impacted during Covid-19 , as most of the regions have included veterinary medicines under essential services.
The Indian dairy industry has promoted the use of โPashu Ayurvedaโ or ethno-veterinary medicine, in order to curb animal diseases as well as to control the chances of pathogens jumping from them to humans.
The supply chain disruptions, however, have been a major issue behind shortage of raw materials. Whereas, the government in several regions have eased on certain restrictions, in order to maintain economic benefits.
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๐๐ก๐ ๐๐ซ๐ฎ๐ ๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฅ๐๐๐ ๐ญ๐ก๐ ๐ญ๐ซ๐๐ข๐ฅ ๐๐ฒ ๐๐๐๐-
Based on type, the drugs segment contributed to more than half of the global veterinary medicine market revenue in 2019, and is expected to rule the roost by the end of 2027. This is owing to prevalence of parasites in both companion as well as livestock animals. However, the vaccines segment would portray the fastest CAGR of 5.7% during the study period. This is due to surge in prevalence of various infectious diseases among companion animals and livestock animals.
๐๐ก๐ ๐ฉ๐๐ซ๐๐ง๐ญ๐๐ฅ ๐ซ๐จ๐ฎ๐ญ๐ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ญ๐ก๐ ๐ฅ๐ข๐จ๐งโ๐ฌ ๐ฌ๐ก๐๐ซ๐-
Based on route of administration, the parental route segment accounted for more than half of the global veterinary medicine market share in 2019, and is anticipated to retain its top status till 2027. The same segment is also projected to manifest the fastest CAGR of 5.2% throughout the forecast period. Parenteral route of administration leads to greater drug efficacy associated with use of parenteral route, higher bioavailability, and avoid first pass metabolism, which in turn, drives the segment growth.
๐ ๐จ๐ซ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐ญ: https://www.alliedmarketresearch.com/purchase-enquiry/3366
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐ญ๐จ ๐ซ๐๐ฆ๐๐ข๐ง ๐ฅ๐ฎ๐๐ซ๐๐ญ๐ข๐ฏ๐ ๐ข๐ง ๐ญ๐๐ซ๐ฆ๐ฌ ๐จ๐ ๐ซ๐๐ฏ๐๐ง๐ฎ๐-
Based on geography, North America held the largest share in 2019, holding more than two-fifths of the global veterinary medicine market. This is due to easy availability of veterinary medicines, surge in pet ownership, and increase in awareness about the importance of immunization in both livestock and companion animals. On the other hand, the Asia-Pacific region would also grow at the fastest CAGR of 6.3% by 2027. Surge in awareness related to use of veterinary medicines to manage medical conditions in animals in this region drive the growth of the market.
๐๐๐ญ๐๐ซ๐ข๐ง๐๐ซ๐ฒ ๐๐๐๐ข๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ:
Zoetis, Inc.
Merck & Co., Inc. (Intervet International B.V.)
Elanco Animal Health
Dechra Pharmaceuticals PLC
Ceva Santรฉ Animale
Virbac., Vetoquinol S.A.
Boehringer Ingelheim International GmbH.
ADM Animal Nutrition
Evonik Industries AG.
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