Veterinary Medicine Market Dynamic Outlook and Influencing Key Growth
The increasing awareness about animal welfare coupled with
initiatives and campaigns launched by governments and NGOs for promoting the
health of the animals is likely to augment the global veterinary medicine
market over the assessment period. The trend of animal companionship has
deep-rooted itself in modern society. Furthermore, the increasing disposable is
another factor responsible for aiding veterinary medicine market proliferation
in the forthcoming years.
Market Research Future (MRFR)’s analysis reveals that the
global veterinary
medicine market is projected to thrive at a robust CAGR of 8.1% during the
forecast period 2017 to 2023. The rising rate of pet adoption is prognosticated
to catapult the market on an upward trajectory in the foreseeable future.Other
factors responsible for favoring the growth of the global veterinary medicine
market expansion are the large-scale prevalence of animal diseases, rise in the
population of companion animals, favorable pet insurance policies, rising
veterinary expenditure, and increasing veterinary professionals. However,
infections transmitted to humans from animals remain an impediment to the
veterinary medicine market proliferation.
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Competitive Dashboard:
Some of the key players profiled in the report are Merck
& Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Zoetis,
Inc. (Pfizer), Bayer Healthcare AG, Nutreco N.V., Sanofi S.A. (Merial Limited),
ADM Alliance Nutrition, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer
Ingelheim GmbH, Koninklijke DSM N.V, Cargill Inc. (Provimi), and Evonik
Industries AG.
Market Segmentation:
By animals, the global veterinary medicine market is
segmented into companion and domesticated animals.
By products, the veterinary medicine market has been
segmented into injury medicine, disorder medicine, and diagnosis medicine.
By route of administration, the global veterinary medicine
is segmented into parental, oral, and topical.
By end user, the veterinary medicine market has been
segmented into research institutions, veterinary hospitals, veterinary clinics,
and others.
Regional Analysis:
By region, the global veterinary medicine market has been
segmented into Americas, Europe, Asia Pacific, and the Middle East &
Africa. Americas is expected to hold the largest share of the global market and
is likely to retain its position over the next couple of years. The growth of
the region is attributable to the presence of major veterinary hospitals,
consolidation of key players in the U.S., favorable animal welfare policies,
increasing investments in researches related to veterinary medicine, etc.
Europe has secured the second spot in the global market
owing to growth inducive policies by governments, and tax benefits for pet
animals. Germany is poised to drive the proliferation of the regional
veterinary medicine market over 2023.
Asia Pacific is likely to register the highest CAGR during
the forecast period. The growth can be ascribed to the increasing private
veterinary clinics coupled with rising awareness regarding animal welfare.
Additionally, the initiatives undertaken by NGOs and governments for promoting
the welfare of the animals are projected to augment the veterinary medicine
market in the region. The South East Asian countries such as India, China, and
Malaysia are estimated to accrue massive revenues over the assessment period.
The Middle East & Africa is poised to exhibit slow
growth owing to poor healthcare development in the majority of the regions.
However Middle Eastern countries such as the U.A.E. and Saudi Arabia are
forecasted to drive the growth of the veterinary medicine market in the region.
Industry News:
In October 2018, Singapore based VolitionRx announced that
it is moving into veterinary medicine.
In October 2018, the Purdue University College of Veterinary
Medicine, the U.S., received USD 3.18 Mn for the launch of ‘Vet Up!’. The
program aims to address rural veterinary shortages.
In October 2018, the European Parliament's Committee on
Environment, Public Health and Food Safety (ENVI) passed legislation that
causes concerns to the availability
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