the veterinary medicine market was worth $28,012.73 Million and continues to grow in size. Market Research Future (MRFR) assumes that the size of the market will increase at a rate of 5.57% to 2027, as the number of diseases in animals continues to rise.
Pet ownership is on the rise, chronic diseases are on the rise, and meat consumption is on the rise, two factors that are driving the global veterinary medicine market. Animal diseases are increasingly common and pose 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 diseases are caused not only by natural causes, but also by human activity. Apart from meat, the demand for dairy products has also increased. The increase in consumption of meat and dairy products requires the protection of livestock and continuous health surveillance to prevent the transmission of diseases from animals to humans. The focus on improving the protection of fresh meat has shifted in response to increased meat consumption. As a result, there is a growing demand for compulsory vaccinations of animals to ensure their health.
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Norbrook Laboratories, Merck Animal Health, Ceva, Dechra Pharmaceuticals plc, Zoetis, Vetoquinol SA, Boehringer Ingelheim, Bayer AG, Chanelle Pharma Group, Elanco are the main developers of veterinary drugs in the sector.
The global veterinary medicine market has been segmented on the basis of product, animal, route of administration and end users.
On the basis of product, the global veterinary medicine market has been segmented into injury medicine, disorder medicine, and diagnostic medicine.
On the basis of animals, the global veterinary medicine market has been segmented into companion animals and domestic animals.
Based on the route of administration, the global veterinary medicine market has been segmented into Parental, Oral, and Topical.
On the basis of end users, the global veterinary medicine market has been segmented into research institutes, veterinary hospitals, veterinary clinics and others.
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Regionally, the global veterinary medicine market has been segmented into Americas, Europe, Asia-Pacific, Middle East and Africa.
The Americas dominates the global veterinary medicine market as it is a well-developed country with strong animal welfare policies. The Americas have a considerable market share owing to the high expenditure on healthcare, especially in the United States and Canada. The high concentration of major veterinary hospitals in the developed countries of the region, coupled with reasonable reimbursement rates, is fueling the growth of the market. The consolidation of major healthcare players in the United States is also driving market growth through an increase in the purchasing power of healthcare players, which translates into economies of scale.
Europe is the second largest market in the world due to the growth of the healthcare sector and healthcare penetration. The growth of the European market is driven by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large pharmaceutical industry. Europe’s record for the second largest sector is attributed to animal-friendly government policies and tax incentives for pets.
The Asia-Pacific region is expected to develop rapidly; China and India are likely to dominate this market owing to the rapid growth in the healthcare industry and large 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 growing penetration of the veterinary industry in the Asia-Pacific region is expected to fuel the future veterinary medicine market. Rising citizen awareness of private veterinary clinics and animal welfare, increase in NGOs working for animal welfare, and a government campaign for pet welfare are driving the growth of the market in this region.
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