The global Veterinary Drug market was valued at USD 24.31 Billion in 2020 and is projected to reach USD 40.75 Billion by 2028, growing at a CAGR of 6.67% from 2021 to 2028.
Veterinary medicine is termed as any product used to treat various medical conditions in animals. For instance, veterinary medicine include drugs such as anti-infective drugs and parasiticides, which are administered orally in animals.
The global Veterinary Drug market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
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The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
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The surge in ownership of companion animals and adoption of animals is anticipated to augment the growth of the veterinary drug market over the forecast period.
The rise in livestock population across the globe is also expected to fuel the growth of the market during the forecast period.
The stringent regulatory approvals related to veterinary drugs and vaccines are expected to hamper the growth of the market over the forecast period.
Based on region, the global Veterinary Drug market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Veterinary Drug market are Ringpu Biology, Qingdao Yebio Bioengineering Co.Ltd, USP, ThermoFisher SCIENTIFIC, BVL, Meijing, Portland House Veterinary Group, Orion.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
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