Veterinary medicine can be defined as
medicines for prevention, diagnosis, and treatment of animals to cure them of
wounds or any disorder.
The Veterinary Medicine Market is expected to reach USD
44.89
Billion at CAGR of 5.57% during the forecast period of 2020 to 2030.
Market Research Future (MRFR), in their
latest report on the same, discussed the impact that the market can witness in
coming years.
Factors like growing adoption rate of pets,
better medicines to treat, hike in investment to buy pets, increasing
availability of medicines, government initiatives for domesticated animals,
high integration of drug therapies, and others are expected to play crucial
role for the global veterinary medicine market.
Major Key
Players:
MRFR recognizes Veterinary Medicine Market Players are — Boehringer Ingelheim,
Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal
Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
Segment Analysis
The global
veterinary medicine market, as per MRFR’s analysis, can be segmented on the
basis of products, animals, route of administration, and end-users. Such a
segmentation has in-depth analysis of various market factors that can be
considered for future expansion plans.
Based on animals,
the market includes companion and domesticated animals. The number of companion
animals is growing due to hike in disposable income.
Based on
products, the veterinary medicine market comprises injury medicine, disorder
medicine, and diagnosis medicine, homeopathic veterinary medicine. These segments are providing ample
support to the regional market.
Based on the
route of administration, the veterinary medicine market can be into Parental,
oral, and topical. Oral medicines are gaining popularity as that can be inserted
into other food items for intake.
Based on end
users, the veterinary medicine segmented into research institutions, veterinary
hospitals, veterinary clinics, and others. The research institutions are
developing means to gain from the market as their research facility is already
expected to support the need.
Regional
Analysis
Regionally, the global market for veterinary medicine has been segmented
into Europe, America, Middle East and Africa, and Asia Pacific.
Due to the high concentration of major veterinary hospitals along with
good reimbursement rates, the American market will flourish over the forecasted
period. This region showcases a higher adoption of pet ownership compared to
other regions. Moreover, the amalgamation of large healthcare players also
causes the market to boost.
Europe holds the second largest position due to growing healthcare
penetration and healthcare industry. The market is led by countries like France
and Germany, where Germany is anticipated to be the fastest growing market over
the forecast period due to the presence of pharmaceutical industry. The
European market is also is also driven by tax benefits and government policies
for pet animals.
China and India will drive the Asia Pacific market owing to the large
unmet needs and fast-growing healthcare sector during the forecast period. With
the increasing penetration of veterinary industry, the Asia Pacific market for
veterinary medicine is expected to expand in the coming years. Moreover,
increasing awareness regarding animal welfare, growth in private veterinary
clinic, increase in NGO work associated with animal welfare along with
government campaign are fuelling the market growth in this region.
UAE and Saudi Arabia are expected to drive the Middle East and African
market. Owing to poor political and economic conditions, and poor healthcare
development, the African region is anticipated to foresee a poor growth rate.
Moreover, lack of animal welfare and awareness resulted in limited growth in
this region.
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