(USA, NY, New York City) Market Research Future (MRFR) presumes that Veterinary Medicine Market size will be expanding at rate of 5.57% during the forecast period, as the number of diseases among animals continues to mount.
Pet ownership is on the rise, chronic diseases are on the rise, and meat consumption is on the rise, both of which are driving the global veterinary medicine market. Animal diseases are becoming more common, posing a significant threat to food security. Climate change and globalization are two of the most important factors contributing to the increase in animal diseases. Animal disease is caused not only by natural causes, but also by human activity. Aside from meat, demand for dairy products has increased as well. Increased meat and dairy intake necessitates livestock protection and continuous health surveillance in order to prevent disease transmission from animals to humans. The emphasis on improving the protection of fresh meat has shifted in response to rising meat consumption. As a result, there is a growing demand for mandatory animal vaccinations to ensure their health.
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The Prominent Players in the Global Veterinary Medicine Market are Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
The veterinary medicine industry, depending on animal type, can be considered for domesticated as well as companion.
Veterinary medicines can be trifurcated with respect to biological, medicinal feed additives, and pharmaceuticals. The pharmaceuticals segment, with the maximum share of 57.0%, is in the lead owing to the surging cases of zoonotic diseases, food-borne diseases, and brucellosis.
The route of administration-based segments can be parental, oral, and more.
The veterinary medicines are sold via various distribution channels, namely retail stores, online pharmacies, as well as veterinary hospitals & clinics.
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Regionally, the global veterinary medicine market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas dominates the global market for veterinary medicine as it is a well-developed country and has strong animal welfare policies. The Americas have a considerable market share due to high expenditure on health care, especially in the United States and Canada. The high concentration of major veterinary hospitals in the developed countries of the region, combined with reasonable reimbursement rates, adds fuel to the market’s growth. The consolidation of major healthcare players in the U.S. also leads to market growth due to an increase in the purchasing power of healthcare players, which results in economies of scale.
Europe is the second-largest market globally due to the growth of the healthcare industry and the penetration of healthcare. European market growth is driven by countries such as Germany and France. Germany is projected to be the fastest-growing market in the evaluation period due to its large pharmaceutical industry. Europe’s record for the second-largest sector is attributed to animal favored government policies, and tax incentives for pet animals.
The Asia Pacific region is projected to expand rapidly; China and India are likely to lead this market due to the fast-growing healthcare sector, and significant unmet needs over the forecast period. Southeast Asian countries such as China, India, and Malaysia are expected to make a substantial contribution to business growth. The increasing penetration of the veterinary industry in the Asia Pacific expected to fuel the future market for veterinary medicine. Growing awareness of private veterinary clinics and animal welfare among citizens, increasing NGOs working for the welfare of animals and a government campaign for the welfare of pet animals are driving the growth of the market in this region.
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