The global veterinary medicine market is anticipated to reach market size of around US$ 29,000 Mn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027.
Each substance for the treatment of different medical problems in animals is referred to as veterinary medicine. For instance, veterinary medications include medications that can be delivered orally on animals, such as anti-infection drugs and parasiticides. Similarly, veterinary medicine also contains vaccines used in animals for immunity from multiple infectious diseases, such as Equine Flu (EIV) and 3-respiratory syncytial parainfluenza. They also include medicated feed additives combined with animal feed for medicinal results in livestock. In addition , medical care is applied in different animal forms, including associated livestock like dogs and cats and cattle such as bovine cows , pigs and poultry. In addition, treatment is used in animals on multiple routes such as oral administering of medications, parenteral injection, and topical administration of certain parasiticidal medications.
Increased numbers of livestock owners and boosting the livestock population globally are among the main drivers in the advancement of the veterinary medicine industry. In addition, factors like the increase in the prevalence and rise in demand for livestock products with different medical problems in animals also fuel the market growth with veterinary medicine. In addition, increased spending on animal welfare is another significant factor driving demand growth. However, lack of veterinary facilities in underdeveloped countries and stringent regulations pertaining to medicinal feed additives hinder demand development in veterinary medicines. Instead, growing knowledge of animal welfare gives the industry of veterinary medicine a profitable opportunity.
In comparison, COVID-19 has had a negative impact on the market. For instance, countries around the world introduced national locks in place after the WHO declared COVID-19 a pandemic as a way of regulating social distance. In each field of every industry, there are disturbances, restrictions, threats and improvements. In addition, the pandemic also threatened the veterinary medicines sector. Veterinary associations around the world , for instance, have recommended that animal patient care be limited to acutely diseased animals and emergencies. In addition, the lockdowns culminated in the annual control and elective procedures being re-scheduled. However, several major actors have ensured the availability of veterinary drugs as government agencies around the world take rigorous availability maintenance steps. Therefore, overall effect of COVID-19 on the veterinary industry remains reasonably negative, owing to decline in demand as veterinary visits are reduced and animal healthcare strategy is shifted to providing treatment to emergency cases and critically sick animals.
The veterinary medicine market was led by North America, representing a share of more than 38.5% of global sales in 2019. The European countries are dominant due to beneficial legislation of the government including the EU regulation on veterinary medicine and the expanded acceptance in European countries of pet insurance. The increasing prevalence of zoonotic diseases and favourable reimbursement initiatives are important factors attributable to dominance. In addition, growing acceptance of pet health insurance in the U.S. can also allow the demand in veterinary pharmaceuticals to expand. The demand is anticipated to expand profitably in Asia-Pacific over the projected period. Markets in the area have been promoted by factors such as increased acceptance of accompanying livestock and an increase in welfare issues for livestock. In addition, increased spending on animal, medical, and cattle care is driving the veterinary medicine industry.
Some of the prominent players in the veterinary medicine market include Intravet INC. (MERCK AND CO., INC.), Zoetis, Elanco, Bayer AG, Ceva, Vetoquinol India Animal Health Pvt Ltd, Virbac, Boehringer Ingelheim International GmbH, Nutreco N.V, Sanofi, and others.
The global veterinary medicine market is segmented as below:
Veterinary Medicine Market By Product
Medicated Feed Additives
Veterinary Medicine Market By Route of Administration
Veterinary Medicine Market By Distribution Channel
Veterinary Hospital Pharmacies
Retail Veterinary Pharmacies
Veterinary Medicine Market By Geography
Middle East & Africa
The market for veterinary medicine is expected to reach a market value of around US$ 29,000 Mn by 2027.
The veterinary medicine market is expected to grow at a CAGR of around 5% from 2020 to 2027.
The parenteral route is the leading segment by route of administration in the veterinary medicine market.
The major factor driving demand for veterinary medicine in the global veterinary medicine market is increasing inclination of people towards adopting pet animals.
Intravet INC. (MERCK AND CO., INC.), Zoetis, Elanco, Bayer AG, Ceva, Vetoquinol India Animal Health Pvt Ltd, Virbac, Boehringer Ingelheim International GmbH, Nutreco N.V, Sanofi, and others are the prominent players in the market.
North America held the highest market share in the veterinary medicine market.
Asia Pacific is expected to be the fastest growing market over the forecast period.