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Global Veterinary Medicine Market – Industry Trends and Forecast to 2029

  • Pharmaceutical
  • Upcoming Report
  • Mar 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Veterinary Medicine Market, By Product (Biologics, Pharmaceuticals, Medicated Feed Additives), Animal Type (Production, Companion), Route of Administration (Oral, Parenteral, Others), End-User (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Others) - Industry Trends and Forecast to 2029

Veterinary Medicine Market

Market Analysis and Size

Animals, like humans, are susceptible to a variety of diseases such as parasites, bacteria, fungi, and viruses. Veterinary medicine helps agricultural animals and pets live longer and healthier lives. Humans are becoming increasingly concerned about the spread of zoonotic and chronic diseases among animals. Increasing the life expectancy of pets requires better diet and the development of healthcare facilities. The expanding number of pets leads to an increase in chronic diseases. All these factors headed to the introduction of veterinary medicine in the market.

  • Any substance used to treat various medical issues in animals is referred to as veterinary medication. Veterinary medicine includes drugs such as anti-infectives and parasiticides that are given to animals orally. Vaccines are also used in veterinary medicine to promote immunity in animals against viral diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial virus. Medicated feed additives, which are blended with animal feed to produce medicinal benefits in animals, are also included. Veterinary medicine is also employed in a variety of species, including companion animals such as dogs and cats as well as livestock animals including cattle, pigs, and chickens
  • Data Bridge Market Research analyses that the veterinary medicine market was valued at USD 23.36 billion in 2021 and is expected to reach USD 42.12 billion by 2029, registering a CAGR of 6.40% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, and regulatory framework.

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Biologics, Pharmaceuticals, Medicated Feed Additives), Animal Type (Production, Companion), Route of Administration (Oral, Parenteral, Others), End-User (Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Others)

Countries Covered

U.S., Canada and Mexico in North America, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa.

Market Players Covered

Merck & Co., Inc. (US), Bayer AG (Germany), Boehringer Ingelheim International GmbH. (Germany), Vetoquinol (France), Zoetis (US), Ceva (France),  Cargill, Incorporated (US), Nutreco (Netherlands), Virbac (France), Kindred Biosciences, Inc. (US), Biogénesis Bagó (Argentina), NEOGEN Corporation (US), Hester Biosciences Limited. (India), ADM (US), Norbrook (UK), Dechra Pharmaceuticals PLC (UK), Evonik Industries AG (Germany)

Veterinary Medicine Market Dynamics

Drivers

  • Increasing demand for pet insurance policies will flourish the market's growth rate.

The growing use of pet health insurance to pay for veterinarian services in industrialized countries is expected to fuel market growth. Canada, the U.K., and Sweden all have a thriving pet health insurance sector. The use of pet health insurance has increased dramatically in China. The expanding awareness and understanding of pet health and the growing popularity of pets are two important aspects that have aided in the adoption of pet healthcare insurance.

  • Increasing investment for healthcare infrastructure

Another significant factor influencing the growth rate of veterinary medicine market is the rising healthcare expenditure which helps in improving its infrastructure.

Furthermore, rising initiatives by public and private organizations to spread awareness about animal health and rising use prevalence of veterinary professionals are the factors that will expand the veterinary medicine market. Other factors such as increasing consumption of meat and mandatory vaccinations and rising livestock population will positively impact the veterinary medicine market's growth rate. Additionally, enhancing pet ownership rate and rising incidences of obesity in companion animals will expand the veterinary medicine market. Increasing demand for online veterinary pharmacies will act as a major factor influencing the growth rate of veterinary medicine market.    

Opportunities

  • Rise in the investments and research funding for veterinary medicine will flourish the growth rate

Moreover, the rise in level of investments and funds for research and development activities will boost new opportunities for the market's growth rate.

  • Increasing incidences of zoonotic diseases among livestock animals will promote various growth opportunities

The increase in incidences of zoonotic diseases among livestock animals will boost various opportunities for the market’s market's growth and influence market dynamics. The increased incidence and financial burden of zoonotic illnesses among livestock animals propelled the livestock animals sector to occupy more than 63 percent of the animal pharmaceuticals market share in 2020. Bacterial parasites thrive by preying on farm animals, causing widespread sickness and financial hardship.

Also, advancement in medical technology and increasing research and development activities will provide beneficial opportunities for the veterinary medicine market in the forecast period of 2022-2029.

Restraints/Challenges

However, high cost associated with the veterinary medicines will impede the growth rate of veterinary medicine market. Additionally, the increasing number of counterfeit drugs and growing occurrences of various infections will hinder the veterinary medicine market growth. The emergence of unfavourable conditions due to the COVID-19 outbreak and lack of awareness will further challenge the market in the aforementioned forecast period.

This veterinary medicine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on veterinary medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Patient Epidemiology Analysis

Veterinary medicine market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.

COVID-19 Impact on Veterinary Medicine Market

Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. The COVID-19 pandemic has an impact on practically every industry, including veterinary medicine. The important key actors conduct viral testing on hundreds of dogs and cats, all of which come back negative. Pet parents are encouraged to keep a safe distance from their pets to preserve hygiene and reduce the possibility of contamination. The impact of COVID-19 has also been seen in the cattle industry, which is having difficulty getting animal goods such as eggs, meat, and milk to market.

Recent Development

  • In August 2020, Elanco acquired Bayer's Animal Health Business to increase its scale and capabilities, positioning it as a long-term leader in the lucrative and long-lasting animal health business.

Global Veterinary Medicine Market Scope

The veterinary medicine market is segmented on the basis of product, animal type, route of administration, and end-use. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

  • Biologics
  • Pharmaceuticals
  • Medicated Feed Additives

Based on product, veterinary medicine market is segmented into biologics, pharmaceuticals, and medicated feed additives. Biologics have been further segmented into vaccine and others. Vaccine has been further sub segmented into live attenuated vaccines, DNA vaccines, recombinant vaccines, inactivated vaccines, and others. Pharmaceuticals have been further bifurcated into parasiticides, anti-infectives, anti-inflammatory, analgesics, and others.

Animal Type

  • Production
  • Companion

Based on animal type, veterinary medicine market is segmented into production, and companion. Production has been further segmented into poultry, swine, cattle, sheep and goats, and fish. Companion has been further segmented into dogs, cats, horses, and others.

Route of Administration

  • Oral
  • Parenteral
  • Others

On the basis of route of administration, the veterinary medicine market is segmented into oral, parenteral and others. Others have been further segmented into topical and carrier.

End-Use

  • Reference Laboratories
  • Point-of-Care Testing/In-House Testing
  • Veterinary Hospitals and Clinics
  • Others

Veterinary medicine market is also segmented on the basis of end use is segmented intoreference laboratories, point-of-care testing/in-house testing, veterinary hospitals and clinics, and others.

Veterinary Medicine Market Regional Analysis/Insights

The veterinary medicine market is analysed and market size insights and trends are provided by country, product, animal type, route of administration, and end-use as referenced above.

The countries covered in the veterinary medicine market report are U.S., Canada and Mexico in North America, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa.

North America dominates the veterinary medicine market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the presence of major key players and well-developed healthcare infrastructure in this region. Additionally, the prevalence of favourable government policies and increasing initiatives to improve animal health will further propel themarket's growth rate in this region.

Asia-Pacific on the other hand is projected to exhibit the highest growth rate during the forecast period due to the expansion of manufacturing facilities and vaccination for livestock animals.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and Veterinary Medicine Market Share Analysis

The veterinary medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to veterinary medicine market.

Some of the major players operating in the veterinary medicine market are Merck & Co., Inc. (US), Bayer AG (Germany), Boehringer Ingelheim International GmbH. (Germany), Vetoquinol (France), Zoetis (US), Ceva (France),  Cargill, Incorporated (US), Nutreco (Netherlands), Virbac (France), Kindred Biosciences, Inc. (US), Biogénesis Bagó (Argentina), NEOGEN Corporation (US), Hester Biosciences Limited. (India), ADM (US), Norbrook (UK), Dechra Pharmaceuticals PLC (UK), and Evonik Industries AG (Germany), among others.

Research Methodology : Global Veterinary Medicine Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available : Global Veterinary Medicine Market

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The market value for veterinary medicine market in 2021 is USD 23.36 billion.
The veterinary medicine market is to grow at a CAGR of 6.40% during the forecast period of 2022 to 2029
The expansion of the global veterinary medication market will be fueled by a focus on increasing animal husbandry and an increase in pet adoption.
Merck & Co., Inc. (US), Bayer AG (Germany), Boehringer Ingelheim International GmbH. (Germany), Zoetis (US), Ceva (France), Vetoquinol (France), Cargill, Incorporated (US), ADM (US), Norbrook (UK), Dechra Pharmaceuticals PLC (UK), and Evonik Industries AG (Germany) are the major companies operating in this market.
The countries covered in the veterinary medicine market report are U.S., Canada and Mexico in North America, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa.