Veterinary Medicine Market Worth US$ 52,636.5 Million By 2030: MarketResearch.Biz
MarketResearch.biz announces the publication of its most recently generated research report titled, “Global Veterinary Medicine Market by Product Type (Drugs, Vaccines, Medicated Feed Additives), By Animal Type (Companion Animals, Livestock Animals), By Route of Administration (Oral Route, Parenteral Route, Topical Route), and By End-Use (Reference Laboratories, Point-of-care testing/In-house testing, Veterinary Hospitals & Clinics, Other End-Use), and Region – Global Forecast to 2020 and 2030.”, which offers a holistic view of the global Veterinary Medicine market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2021–2025) is projected to be over US$ 163.0 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
Owning pets is expected to improve the overall health of humans, thereby extending the life and reducing the risk of disease. In a recent study, when analyzing the impact of debt, it was found that the owner’s risk of cardiovascular disease was reduced by 36%, and the chance of heart attack was reduced by 11%. Not only pets but also food-producing animals such as chickens, pigs, and other livestock also contribute huge income and promote economic growth. Maintaining the health and safety of these animals will ensure that they are not affected by pathogens and other diseases that can be transmitted to humans. As a growing industry, there is a high demand for veterinary services, which in turn attracts younger populations to use them as occupations. Emerging markets such as veterinary software have also integrated IT and communication systems with universities to simplify services and attract various animal welfare organizations. Imaging procedures such as ultrasound have been integrated into animal health services to provide better care for animals.
Global Veterinary Medicine Market is projected to reach US$ 52,636.5 Mn in 2030 at a CAGR of 6.9% from 2021 to 2030.
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Global Veterinary Medicine Market: Market Dynamics
The global pandemic coronavirus, also known as COVID-19, is a highly contagious disease that can easily spread from one person to another. Because pets such as dogs, cats, and other animals are placed close to humans, the chance of disease transmission is relatively high. In turn, the recent cases of spreading this virus to pet cats and dogs have prompted the need to restrict human-to-human contact in order to limit the spread of the virus. Therefore, regulatory agencies such as the FDA have restricted doctors from personally examining animals and promoted the use of telemedicine platforms to treat patients. Practitioners are conducting video calls to examine patients and interact with pet owners and provide electronic prescriptions and the freedom of online payment. This is one of the main factors that is expected to drive the growth of the global veterinary drug market.
Strict regulations related to drug testing and approval phases formulated by various countries make the drug development process lengthy and costly. Therefore, it is another factor that may have a negative impact on the growth of the target market.
Global Veterinary Medicine Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global Veterinary Medicine market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global Veterinary Medicine market is estimated to expand at a moderate CAGR of 6.9% during the forecast period.
Global Veterinary Medicine Market: Segmental Snapshot
The market report has been segmented on the basis of Product Type, Animal Type, Route of Administration, and region. The Product Type segment includes Drugs, Vaccines, Medicated Feed Additives. The Animal Type segment includes Companion Animals, Livestock Animals. The Route of Administration segment includes Oral Route, Parenteral Route, Topical Route. The End-Use segment includes Reference Laboratories, Point-of-care testing/In-house testing, Veterinary Hospitals & Clinics, Other End-Use. The region covered in the analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Product Type: The Vaccines segment is expected to register a CAGR of over 7.6%, thereby accounting for the highest revenue share among the Product Type segments.
By Animal Type: The Companion Animals segment is expected to register a CAGR of over 7.1% over the forecast period, thereby accounting for the highest revenue share among the Animal Type segments.
By Route of Administration: The Parenteral Route segment is expected to register a CAGR of over 7.4% over the forecast period, thereby accounting for the highest revenue share among the Route of Administration segments.
By End-Use: The Veterinary Hospitals & clinics segment is expected to register a CAGR of over 7.6% over the forecast period, thereby accounting for the highest revenue share among the End-Use segments.
By region: The market in the Asia Pacific accounted for the highest revenue share in the global Veterinary Medicine market in 2020 and is estimated to register a CAGR of over 7.7% between 2021 and 2030.
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Global Veterinary Medicine Market: Competitive Analysis
The research report on the global Veterinary Medicine market includes profiles of major companies such as Novartis AG, Merck Animal Health (Merck & Co., Inc.), Boehringer Ingelheim GmbH, Evonik Industries AG, Zoetis Inc, Elanco Animal Health Incorporated (Bayer Animal Health), Ceva Santé Animale S.A., Virbac SA, Dechra Pharmaceuticals Plc, Vetoquinol SA.
The Global Veterinary Medicine Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2021–2025 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global Veterinary Medicine Market for 2018–2028.
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