New York, USA, March 02, 2023 (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, Distribution Channel, Animal Type and Region - Forecast till 2030”, Market Size was valued at USD 29.1 billion in 2021 and is projected to grow from USD 30.72 Billion in 2022 to USD 44.89 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.57% during the forecast period (2022 - 2030).
Market Dynamics
Growing chronic illnesses, increasing rates of pet ownership, and increased meat and the expansion of the veterinary medicine industry might be fueled by efforts to promote animal husbandry and an increase in pet adoption are the key market drivers enhancing the Veterinary Medicine market growth. The increased use of pet health insurance to pay for veterinarian services across a number of industrialized countries is anticipated to promote market growth. The pet health insurance industries are growing in Sweden, the UK, and Canada. In China, the prevalence of pet health insurance has dramatically increased. The public's increased awareness of pet health issues and the popularity of pets are two key factors in the acceptability of pet healthcare insurance.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 44.89 Billion |
| CAGR | 5.57% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Route of Administration, Distribution Channel and Animal Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing elderly population and demand for cheap treatment choices |
| Increasing technological advancements in healthcare information technology |
The increase in zoonotic disease incidences in farm animals will increase the industry's potential for growth and have an impact on market dynamics. The market for animal pharmaceuticals would be dominated by the livestock sector by more than 63% in 2020 due to the increasing prevalence and financial burden of zoonotic illnesses among livestock animals. The growth of bacterial parasites that prey on farm animals also causes serious illness and financial hardship.
Also, during the past 50 years, increased demand has resulted in a dramatic increase in the production of meat worldwide, boosting the veterinary pharmaceutical industry. Asia generated between 40 and 50 percent of the world's meat, with major producers being the United States, Brazil, and Argentina. The pace of meat production is rising in emerging countries with growing discretionary wealth, but this is also causing worry about food-borne illnesses. According to a poll conducted by the Australian Bureau of Agricultural and Resources Economics and Sciences, China will be responsible for over 40% of the increase in global meat demand by 2050. The O.E.C.D. predicts that 129 metric tonnes of pig meat would be consumed globally between 2022 and 2031, accounting for one-third of total meat consumption.
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Veterinary Medicine Market Competitive Analysis
Leading market players are spending a lot of money on R&D to increase the range of products they offer, which will drive the veterinary medicine market to continue expanding. Market participants are engaging in a variety of strategic initiatives to strengthen their presence in response to key industry changes, such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Competitors in the veterinary medicine sector must offer reasonably priced goods if they want to expand and survive in a market that is growing more and more competitive.
One of the primary business strategies utilized by the Veterinary Medicine industry to service clients and expand the market sector is local manufacturing to reduce operational costs. Recently, the veterinary medical sector has delivered medicine some of its most significant benefits.
Major players in the veterinary medicine market are
- Boehringer Ingelheim
- Ceva
- Chanelle Pharma Group
- Dechra Pharmaceuticals plc
- Elanco
- Merck Animal Health
- Norbrook Laboratories
- Vetiq Rubik S.A.
- Bayer AG
- Zoetis
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Veterinary Medicine Market Segmentation
Domesticated and companion animals are included in the market segmentation for veterinary medicine based on animal type. The companion animal industry is anticipated to expand at the fastest rate due to the rise in chronic conditions. The extra companion animal sub-segments include horses, cats, dogs, and other animals. The market held onto a substantial revenue share as a result of the expanding need for cutting-edge treatment solutions for dogs with chronic diseases. In addition, the A.P.P.A. National Pet Owners Survey 2021–2022 discovered that 69.0 million American households, or 70% of all households, have dogs. This equates to around 90.5 million families. Future growth ought to be accelerated by this.
The Drug and vaccines are part of the market segmentation for veterinary medicine based on product. The drug sector led the market in terms of products in 2021 due to the rise in the incidence of various illnesses treated with anti-infective treatments and the prevalence of parasites in animals. Two further reasons promoting market expansion are greater international veterinary drug intake and better awareness about the use of drugs in animal medicine.
Veterinary Hospitals & Clinics, Retail Shops, and Internet Pharmacies are included in the market segmentation for veterinary medicine based on distribution channels. Due to the cutting-edge treatments, improved diagnostic imaging, nuclear and regenerative medicines, laser diagnostics, and specialized operations available in these facilities, the veterinary hospitals & clinics sector is anticipated to have the largest market (72% in 2021).
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Veterinary Medicine Market Regional Outlook
It is projected that throughout this time, the market for veterinary medicine in Asia-Pacific will grow significantly. Increased adoption of companion animals and growing concerns about animal health have helped this market expand. A significant cattle population and rising veterinary and animal health care costs are also projected to be key market drivers in the Asia Pacific region. In addition, the India Veterinary Medicine market had the highest rate of growth in the Asia-Pacific region and held the greatest market share.
Europe is predicted to rule the Veterinary Medicine market over the projection period due to the widespread presence of important industry players and the Region's well-developed healthcare infrastructure. Government policies that are favorable and increased efforts to enhance animal health will also hasten market growth in this region. The European Region's fastest-growing market for veterinary medicine was in the United Kingdom, while the German market had the biggest market share.
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