Veterinary Medicine Market Size Worth USD 42,985.42 Million by 2027 at 5.57% CAGR – Report by Market Research Future (MRFR)
New York, US, May 10, 2022 (GLOBE NEWSWIRE) — Veterinary Medicine Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Veterinary Medicine Market Information by Route of Administration, Animal Type, Distribution Channel, Product, and Region – Forecast till 2027”, the market is anticipated to reach USD 42,985.42 Million at CAGR of approximately 5.57% during the review timeframe of 2020 to 2027. The report states that the market was valued at over USD 28,012.73 Million in the year 2019.
Market Scope:
Like animals, animals are also vulnerable to various diseases. Veterinary medicine reduces the disease burden on pets and animals.
Market Drivers
The global market for veterinary medicines has registered a major spike in the growth rate in the last few years. The market’s growth is mainly credited to the growing number of pet ownership across the globe. Furthermore, the factors such as the increase in demand for livestock products, surge in the prevalence of various medical conditions in animals, the rise in livestock people, and increase in animal healthcare expenditure are also likely to boost the market’s growth over the assessment timeframe.
Market Restraints
On the other hand, the high costs of animal healthcare and the lack of veterinary infrastructure facilities across underdeveloped nations may impede the market’s growth.
COVID-19 Impact
The global COVID-19 pandemic has affected a majority of the market sectors severely. The veterinary medicine market is no different than others. The global health crisis also had a massive impact on public health and animal health across the globe. The major global veterinary medicine market players take the tests on thousands of cats and dogs for the virus, which results in negative. In order to lower the risk of contamination and maintain hygiene, pet parents are prescribed to maintain distance from their pets. The global pandemic has had a major impact on the livestock sector that deals with issues of moving the animal products such as milk, meat, and eggs to market. At the pandemic’s beginning, the FAO issued the latest livestock production and supply chain policy.
Browse In-depth Market Research Report (138 Pages) on Veterinary Medicine: https://www.marketresearchfuture.com/reports/veterinary-medicine-market-844
Segment Analysis
The global market for veterinary medicine has been segregated into various segments based on distribution channel, route of administration, product, animal type, and region.
Based on the animal type, the global market for veterinary medicine is split into companion and production. Among these two, the companion segment is likely to register the highest growth rate of over 6.04% over the assessment timeframe. The segment’s growth is mainly attributed to the increasing adoption of pet animals across the globe. Furthermore, the increasing prevalence of chronic diseases among pets is another major aspect likely to boost the demand for veterinary medicine over the coming years. on the other hand, the production segment accounts for the highest revenue share of over 55.0% of the global revenue in 2020. The segment’s brilliant performance is credited to the growing spending on animal health and the rising demand for proteins produced by animals.
The global veterinary medicine market is divided into medicinal, biological, and pharmaceuticals feed additives based on product. Out of all these, the pharmaceutical segment secured the leading position in the global market in 2020 with a share of over 57.0%. The segment’s growth is mainly due to the growing prevalence of brucellosis, food-borne diseases, and zoonotic diseases.
Based on the route of administration, the global market for veterinary medicine is divided into parental, oral, and others. The parental segment is leading the global market with a contribution of over 44.0% in 2020. The segment’s growth is mainly credited to the instant onset of action and availability of products. On the other hand, given the advances in oral veterinary medicines such as tablets, chewable, etc., the oral segment is likely to present the highest growth over the forecasted timeframe.
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The global market for veterinary medicines is divided into online pharmacies, retail stores, and hospitals & clinics based on distribution channels. The veterinary hospitals & clinics segment is projected to lead the global market with the highest contribution of over 72% in 2020. The segment’s growth is accredited to the specialized surgeries, laser diagnostics, advanced diagnostic imaging, nuclear and regenerative medicines, and the novel therapies available in veterinary hospitals & clinics.
Regional Analysis
The global veterinary medicines market is studied across four major regions: the Middle East & Africa, Europe, the Americas, and Asia-Pacific.
As per the MRFR analysis, the North American region will likely secure the top position in the global veterinary medicines market over the assessment timeframe. The regional market’s growth is mainly driven by the rising prevalence of animal diseases and increasing companion animal ownership. Furthermore, the growing population of pets and livestock coupled with a wide number of veterinary practices may propel the regional market’s growth over the assessment era.
The veterinary medicines market for the European region is likely to grow substantially over the assessment timeframe. The regional market’s growth is mainly driven by the increasing prevalence of diseases, the presence of developed veterinary healthcare infrastructure, and new product approvals.
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The Asia-Pacific regional market for veterinary medicines is anticipated to secure the third position globally. The regional market’s growth is driven by the factors such as government campaigns for the welfare of pet animals across developing countries, growing awareness regarding animal welfare, increasing the number of private veterinary clinics, and increasing penetration of the veterinary sector across the region.
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