Veterinary Medicine Market Size 2022, Top Manufacturer, Growth

veterinary medicine market

According to the latest report by IMARC Group, titled “Veterinary Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global veterinary medicine market reached a value of 31 .06 billion US$ in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$48.58 billion by 2027, growing at a CAGR of 7.50% at during the period 2022-2027. Veterinary medicine is a branch of science concerned with maintaining health and preventing, relieving and curing diseases that affect domestic and wild animals. It includes various drugs, medicated feed additives and vaccines used to boost animal immunity against various infectious diseases, such as equine influenza (EIV) and 3-respiratory syncytial parainfluenza. Veterinary drugs help maintain health, inhibit the transmission of zoonotic diseases from animal species to humans, and provide advanced medical, dental, and surgical care.

We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

The outbreak of the COVID 19 pandemic has affected all sectors, including veterinary medicine. Emergence of unfavorable conditions and lack of awareness have affected the growth of the market. The livestock market was also affected. There has been a shortage of animal products in the market due to mobility restrictions. Veterinarians around the world have limited animal care to provide aid for critically ill animals and emergencies. The overall impact of the COVID 19 pandemic on the veterinary medicine market has been negative due to decline in veterinary visits and changes in animal health approaches.

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Global Veterinary Medicine Market Trends:

One of the key factors creating a positive outlook for the market is the increasing prevalence of infectious diseases in pets and wild animals across the globe. Veterinary medicine is widely used to treat and manage various zoonotic diseases, such as Echinococcosis, Leptospirosis, Toxoplasmosis, Cysticercosis, Nipah, Rabies, Plague, Trypanosomiasis, and Kyasanur Forest Disease (MFK ). Furthermore, the increasing consumption of meat and dairy products and the expansion of animal husbandry activities have facilitated the demand for veterinary drugs to address food safety concerns, which, in turn, acts as another growth factor. Additionally, rising animal health awareness among pet owners and increasing demand for effective pet care solutions are positively impacting the growth of the market.

Apart from this, the introduction of cloud-based wearables that help monitor animal health and track body temperature, heart rate, respiratory rate, and pH levels are giving a boost to the growth of the market. Additionally, the easy availability of advanced regenerative drugs, diagnostic imaging, laser diagnostics, new therapies, and specialized surgeries in many veterinary hospitals and clinics is positively influencing the growth of the market. Other factors including the introduction of safe and effective vaccines to prevent diseases in companion animals, increasing consumer spending capabilities, and increasing domestication of animals are expected to drive the market towards growth.

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2022-2027 Global Veterinary Medicine Market Analysis and Segmentation:

Competitive landscape with key players:

• Archer-Daniels-Midland Company
• Boehringer Ingelheim GmbH
• Cargill Incorporated
• Ceva Animal Health
• Dechra Pharmaceuticals PLC
• Elanco Animal Health Incorporated
• Merck & Co. Inc.
• Neogen Corporation
• Vétoquinol SA
• Virbac and Zoetis Inc.

Breakdown by product:

• Drugs

o Anti-infectives
o Anti-inflammatory
o Parasiticide

• Vaccines

o Inactivated vaccines
o Attenuated vaccines
o Recombinant vaccines
• Medicated food additives
o Amino acids
o Antibiotics

Breakdown by type of animal:

• Production
• Companion

Distribution by route of administration:

• Oral
• Parenteral
• Topical

Breakdown by distribution channel:

• Hospitals and veterinary clinics
• Point-of-Care Testing / Internal Testing
• Others

Breakdown by region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)

Main highlights of the report:

• Market performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s five forces analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Complete mapping of the competitive landscape

Note: If you need specific information that is not currently covered by the report, we can provide it to you as part of the customization.

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