(Health-NewsWire.Net, October 07, 2022 ) According to Precision Business Insights (PBI), the latest report global veterinary medicine market size was valued at USD 29.2 billion in 2021 and is expected to grow at a CAGR of 7.4% over the forecast period 2022-28. Similar to people, animals are prone to a number of illnesses brought on by parasites, bacteria, fungus, and viruses. Agriculture animals and household pets benefit from veterinary medicine by living healthier and longer lives. The rise of zoonotic and chronic illnesses among animals worries people more and more. A healthier diet and the creation of healthcare services are necessary to extend the life of pets. The prevalence of chronic diseases is rising as the number of pets rises. All of these elements contributed to the release of veterinary medicine on the market.
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The Veterinary Medicine Market Growth Factors
The rising prevalence of chronic illnesses in animals, rising adoption rates for pets and farm animals, and rising drug preferences among pet and poultry farm owners are the main drivers of the veterinary medicine market's expansion. These factors are also linked to the continuing population growth of humans, which raises demand for meat and other animal-based products. The vast number of birds affected by the disease and in require of efficient diagnostic methods has led to the growth of the market under study. Thus, throughout the course of the projected period, market growth is anticipated to be boosted by the rising chronic disease burden as well as the expanding adoption of animals. Another element influencing market expansion is the increasing recent development by major market players.
The Veterinary Medicine Market Segmentation
The global Veterinary Medicine Market Animal on the basis of Type, the market is categorized into Companion Animals and Livestock Animals. On the basis of Product, the market is classified into Vaccines, and Medicated Feed Additives. On the basis of Distribution Channel, the market is divided into Retail Veterinary Pharmacies and Veterinary Hospitals Pharmacies.
The Veterinary Medicine Market Trends
• The rising number of nuclear families and rising incomes have increased people's overall spending on pets around the world.
• Food safety worries are growing as a result of expanded animal husbandry practises and an increase in zoonotic and chronic animal diseases.
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The Veterinary Medicine Market Regional Analysis
In terms of market share and revenue, North America now leads the veterinary medicine industry and will maintain this dominance over the projection period. This is because the region has important key players and a sophisticated healthcare infrastructure. Further boosting the market's growth rate in this region will be the prevalence of supportive government policies and rising attempts to promote animal health.
The major players operating in the Veterinary Medicine Market are Merck Animal Health, Ceva Sante Animale, Zoetis, Elanco, Nutreco N.V., Biogenesis Bago, Hester Biosciences, Kindred Biosciences, Inc., Indian Immunologicals Ltd.
Companion Animal Vaccines Market By Product Type (Canine Vaccines, Feline Vaccines, Avian Vaccines, and Equine Vaccines), By Disease Type (Canine Distemper, Canine Parvovirus, Feline Rabies and Others), By Vaccine Type (Live Attenuated Vaccines, Inactivated Vaccines, Recombinant Vaccines, Toxoid Vaccines, Conjugate Vaccines, DNA Vaccines, and Subunit Vaccines), Distribution Channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, and E-Commerce) and Geography
Livestock Pharmaceuticals Market: Product (Anti-infectives/ Antibiotics, Parasiticides, Reproduction Management, Vaccines, Others), Animal (Cattle, Sheep, Goats, Swine, Horses, Others), Distribution Channel (Veterinary Hospitals, veterinary Pharmacies, Others), and Geography
Livestock Healthcare Market: By Livestock Animal (Poultry, Swine, Cattle, Sheep & Goats, Horse, and Others), By Product Type (Vaccines, Pharmaceuticals, Feed Additives, Diagnostics, and Others), By Distribution Channel (Retail, E-commerce, and Veterinary Hospitals & Clinics), By End User (Reference Laboratories, Point-of-care Testing/In-house Testing, Veterinary Hospitals & Clinics, and Others), and Geography
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