Veterinary Medicine Market Business Growth | Size, Value Share, Industry Segment and Forecast to 2032
Veterinary medicine can be defined as
medicines for prevention, diagnosis, and treatment of animals to cure them of
wounds or any disorder.
The Veterinary Medicine Market is expected to reach USD
44.92
billion at CAGR of 5.6% during the forecast period of 2023 to 2032.
Market Research Future (MRFR), in their
latest report on the same, discussed the impact that the market can witness in
coming years.
Factors like growing adoption rate of pets,
better medicines to treat, hike in investment to buy pets, increasing
availability of medicines, government initiatives for domesticated animals,
high integration of drug therapies, and others are expected to play crucial
role for the global veterinary medicine market.
Major Key
Players:
MRFR recognizes Veterinary Medicine Market Players are — Boehringer Ingelheim,
Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal
Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
Segment Analysis
The global veterinary medicine industry market, as per MRFR’s analysis, can be
segmented on the basis of products, animals, route of administration, and
end-users. Such a segmentation has in-depth analysis of various market factors
that can be considered for future expansion plans.
Based on animals,
the market includes companion and domesticated animals. The number of companion
animals is growing due to hike in disposable income.
Based on
products, the veterinary medicine market comprises injury medicine, disorder
medicine, and diagnosis medicine, homeopathic veterinary medicine. These segments are providing ample
support to the regional market.
Based on the
route of administration, the veterinary medicine market can be into Parental,
oral, and topical. Oral medicines are gaining popularity as that can be
inserted into other food items for intake.
Based on end
users, the veterinary medicine segmented into research institutions, veterinary
hospitals, veterinary clinics, and others. The research institutions are
developing means to gain from the market as their research facility is already
expected to support the need.
Regional
Analysis
Regionally, the global market for veterinary medicine has been segmented
into Europe, America, Middle East and Africa, and Asia Pacific.
Due to the high concentration of major veterinary hospitals along with
good reimbursement rates, the American market will flourish over the forecasted
period. This region showcases a higher adoption of pet ownership compared to
other regions. Moreover, the amalgamation of large healthcare players also
causes the market to boost.
Europe holds the second largest position due to growing healthcare
penetration and healthcare industry. The market is led by countries like France
and Germany, where Germany is anticipated to be the fastest growing market over
the forecast period due to the presence of pharmaceutical industry. The European market is also is also driven by tax
benefits and government policies for pet animals.
China and India will drive the Asia Pacific market owing to the large
unmet needs and fast-growing healthcare sector during the forecast period. With
the increasing penetration of veterinary industry, the Asia Pacific market for
veterinary medicine is expected to expand in the coming years. Moreover,
increasing awareness regarding animal welfare, growth in private veterinary
clinic, increase in NGO work associated with animal welfare along with
government campaign are fuelling the market growth in this region.
UAE and Saudi Arabia are expected to drive the Middle East and African
market. Owing to poor political and economic conditions, and poor healthcare
development, the African region is anticipated to foresee a poor growth rate.
Moreover, lack of animal welfare and awareness resulted in limited growth in
this region.
About Market Research
Future
At Market Research Future (MRFR), we enable our
customers to unravel the complexity of various industries through our Cooked
Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research
Reports (3R), Continuous-Feed Research (CFR), and Market Research &
Consulting Services.
MRFR team have supreme objective to provide the
optimum quality market research and intelligence services to our clients. Our
market research studies by products, services, technologies, applications, end
users, and market players for global, regional, and country level market
segments, enable our clients to see more, know more, and do more, which help to
answer all their most important questions.
In order to stay updated with technology and work
process of the industry, MRFR often plans & conducts meet with the industry
experts and industrial visits for its research analyst members.
Contact us:
Market Research Future
(part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 646 845 9312
Comments
Post a Comment