Veterinary Medicine Market to Perceive Exponential Growth at a CAGR of 8.1% till 2023
Veterinary Medicine Market Segmentation:
By animals, the global veterinary medicine market is segmented into companion and domesticated animals.
By products, the veterinary medicine industry has been segmented into injury medicine, disorder medicine, and diagnosis medicine.
By route of administration, the global veterinary medicine is segmented into parental, oral, and topical.
By end user, the veterinary medicine market has been segmented into research institutions, veterinary hospitals, veterinary clinics, and others.
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Veterinary Medicine Market Competitive Dashboard:
Some of the key players profiled in the report are Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Zoetis, Inc. (Pfizer), Bayer Healthcare AG, Nutreco N.V., Sanofi S.A. (Merial Limited), ADM Alliance Nutrition, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Koninklijke DSM N.V, Cargill Inc. (Provimi), and Evonik Industries AG.
Veterinary Medicine Market Synopsis:
Market Research Future (MRFR)’s analysis reveals that the Global Veterinary Medicine Market is projected to thrive at a robust CAGR of 8.1% during the forecast period 2017 to 2023. The Rising Rate of Pet Adoption is prognosticated to Catapult the Market on an Upward Trajectory in the Foreseeable Future.
The increasing awareness about animal welfare coupled with initiatives and campaigns launched by governments and NGOs for promoting the health of the animals is likely to augment the global veterinary medicine industry over the assessment period.
The trend of animal companionship has deep-rooted itself in modern society. Furthermore, the increasing disposable is another factor responsible for aiding veterinary medicine market proliferation in the forthcoming years. Other factors responsible for favoring the growth of the global veterinary medicine market expansion are the large-scale prevalence of animal diseases, rise in the population of companion animals, favorable pet insurance policies, rising veterinary expenditure, and increasing veterinary professionals. However, infections transmitted to humans from animals remain an impediment to the veterinary medicine industry proliferation.
In October 2018, Singapore based VolitionRx announced that it is moving into veterinary medicine.
In October 2018, the Purdue University College of Veterinary Medicine, the U.S., received USD 3.18 Mn for the launch of ‘Vet Up!’. The program aims to address rural veterinary shortages.
In October 2018, the European Parliament’s Committee on Environment, Public Health and Food Safety (ENVI) passed legislation that causes concerns to the availability of veterinary medicine in Australia.
Veterinary Medicine Market Regional Analysis:
By region, the global veterinary medicine market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is expected to hold the largest share of the global market and is likely to retain its position over the next couple of years. The growth of the region is attributable to the presence of major veterinary hospitals, consolidation of key players in the U.S., favorable animal welfare policies, increasing investments in researches related to veterinary medicine, etc.
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Europe has secured the second spot in the global market owing to growth inducive policies by governments, and tax benefits for pet animals. Germany is poised to drive the proliferation of the regional veterinary medicine market over 2023.
Asia Pacific is likely to register the highest CAGR during the forecast period. The growth can be ascribed to the increasing private veterinary clinics coupled with rising awareness regarding animal welfare. Additionally, the initiatives undertaken by NGOs and governments for promoting the welfare of the animals are projected to augment the veterinary medicine market in the region. The South East Asian countries such as India, China, and Malaysia are estimated to accrue massive revenues over the assessment period.
The Middle East & Africa is poised to exhibit slow growth owing to poor healthcare development in the majority of the regions. However Middle Eastern countries such as the U.A.E. and Saudi Arabia are forecasted to drive the growth of the veterinary medicine market in the region.
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