Veterinary Medicine Market to Reach Worth US$48.58 Billion by 2027 | 7.50% CAGR

veterinary medicine market

SHERIDAN, WY, USA, June 13, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, titled “Veterinary Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, “The global veterinary medicine market reached a value of US$31.06 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of US$48.58 billion US$ by 2027 growing at a CAGR of 7.50% over the period 2022-2027 Veterinary medicine is used to treat various medical conditions in animals It includes drugs such as anti- infectious agents and parasiticides, which are administered orally to animals.It also includes vaccines, which are used to enhance the immunity of animals against various infectious diseases.Veterinary medicine also consists of food additives drugs, which are mixed with animal feed to provide pharmaceutical effects on animals. It is given to various animals, including pets, such as dogs and cats, and farm animals, including cattle, pigs, and poultry. Medical conditions in animals that are treated with veterinary drugs include pain and inflammation associated with osteoarthritis, hookworm, whipworm, infections and others.

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:

The global market is mainly driven by an increasing number of pet owners. In this light, the growing trend towards the humanization of pets contributes significantly to the global market. Moreover, the increasing prevalence of various medical conditions in animals is positively influencing the demand for veterinary medicine. Apart from this, the widespread demand for livestock products and increasing expenditure on animal health is catalyzing the growth of the market. Additionally, the growing awareness of animal welfare provides lucrative growth opportunities for market players. Moreover, the numerous activities carried out by NGOs and governments of various countries to promote animal welfare create a positive outlook for the market. Other factors including consumer disposable income inflation, rising cases of zoonotic and chronic diseases, and rising meat consumption are also driving the global market.

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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
• Evonik Industries AG
• 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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