Veterinary Medicine Market to Hit $50.16 Billion, Globally, by 2030 at 5.7% CAGR: Coherent Market Insights
Veterinary medicine is a branch of medicine that focuses on the prevention, diagnosis, and treatment of diseases, disorders, and injuries in animals, especially domesticated animals. It also concerns itself with the health and well-being of animals and public health, especially where animal diseases may cross species boundaries and infect humans.
Burlingame, Sept. 13, 2023 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, “Veterinary Medicine Market, By Animal Type (Domesticated and Companion), By Product (Drug and Vaccines), By Route of Administration (Oral, Parental, and Others), By Distribution Channel (Veterinary Hospitals & Clinics, Retail Stores, and Online Pharmacies): Global Size & Share Analysis – Growth Trends and Forecasts (2023 – 2030).”According to the report, the global Veterinary Medicine industry was estimated at $34.8 billion in 2023, and is anticipated to hit $50.16 billion by 2030, registering a CAGR of 5.7% from 2023 to 2030.
Veterinary medicine is a branch of healthcare that deals diagnosis, treatment, and prevention of injuries and illness in animals. Veterinary practitioners are called veterinarians, and they offer medical care to different animals from pets to livestock as well as wildlife. Veterinarians are responsible for surgeries, medication prescription, administrating vaccines, and promotion of animal welfare. Veterinary medicine is important to ensure the well-being and health of both animals as well as humans who rely on them.
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Key Trends and Analysis of the Global Veterinary Medicine Market:
Increasing initiatives from government of countries around the world is a growing trend in the global market. Several governments are planning to develop new infrastructure for veterinary hospitals, clinics, and dispensaries. Moreover, the governments are also planning to strengthen exiting infrastructures. For instance, in May 2020, the Department of Animal Husbandry & Dairying of Government of India introduced mobile veterinary units (MVUs) for providing veterinary services at the doorstep. This trend is likely to grow in the market over the forecast period.
Veterinary Medicine Market Report Coverage
|Market Size in 2023||$34.08 billion|
|Market Size in 2030||$50.16 billion|
|No. of Pages in Report||169|
|Segments covered||By Animal Type, By Product, By Route of Administration, By Distribution Channel|
|Growth Drivers||• Rising incidence of zoonotic disease
• Increase in pet ownership worldwide
|Restraints & Challenges||• Lack of veterinarians
• Stringent regulatory guidelines
In September 2022, SpectoGard received approval from the U.S. Food and Drug Administration (FDA). SpectoGard is the first generic spectinomycin sulfate injectable solution designed treating bovine respiratory diseases.
In 2020, Elanco completed acquisition of Bayer’s Animal Health Business. With this acquisition, the company expanded its capabilities and scale, which made it a long-term leader in the long-lasting and lucrative animal health business.
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Rising cases of zoonotic diseases to fuel the market growth
The burden of zoonotic diseases is increasing all over the world. For instance as per the U.S. Centers for Disease Control and Prevention (CDC), zoonotic diseases are common in the U.S. as well as around the world. According to researchers’ estimates, more than six out of every ten infectious diseases in people come from animals, and there out of four new infectious diseases in people come from animals. Thus, with increasing burden of zoonotic diseases, the market is likely to show strong growth in the coming future.
Increasing pet ownership to boost the market growth
The global veterinary medicine market is driven by various factors, one of them is increasing rate of pet ownership around the world. For instance, the number of people adopting cats and dogs as pets is steadily increasing all over the world, and more than half of the population around the world is estimated to have one pet. As per the Global Animal Health Association, HealthforAnimals, more than 500 million families in EU, China, and the U.S. have more than half a billion cats and dogs as their pets. As a result, the demand for veterinary medicine is increasing, further driving growth of the market.
Limited availability of veterinarians to hamper the market growth
The shortage of veterinarians is one of the major factors anticipated to hamper growth of the market in the near future. Especially, developing countries are witnessing major lack of these professionals, which raises concerns regarding the geographical coverage of the veterinary healthcare. Due to ongoing shortage of veterinarians in rural regions, the number of animal diseases is increasing along with the need for veterinary care.
Growing rate of pet owners is creating major opportunities in the global veterinary medicine market. With increasing number of pet owners, the need for higher quality treatment options for companion animals is increasing, which is further leading to increased expenditure on pet health. This is creating significant business opportunities for market players in the global veterinary medicine market.
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Key Market Takeaways:
Global veterinary medicine market is expected to exhibit a CAGR of 5.7% during the forecast period. The veterinary medicine market is growing rapidly in response to the rising use of pet health insurance to pay for veterinarian services in many developed economies.
On the basis of Animal Type, Companion Segment is expected to dominate the market during the forecast period and this is attributed to the rise in pet population around the world.
On the basis of Product, Drug Segment is expected to dominate the market during the forecast period and this is attributed to the rising number of chronic diseases among animals.
On the basis Route of Administration, Oral Segment is expected to dominate the market during the forecast period and this is attributed to the growing demand for effective and safe veterinary drugs.
On the basis Distribution Channel, Veterinary Hospitals & Clinics Segment is expected to dominate the market over the forecast period and this is attributed to the increase in cases of zoonotic as well as chronic diseases around the world.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in cases of chronic and zoonotic diseases, increasing meat consumption, and growing population of companion animals in the region.
Key players operating in the global veterinary medicine market include Boehringer Ingelheim International Gmbh, Ceva, Chanelle Pharma Group, Zoetis, and Elanco among others
- Global Veterinary Medicine Market, By Animal Type:
- Global Veterinary Medicine Market, By Product:
- Global Veterinary Medicine Market, By Route of Administration:
- Global Veterinary Medicine Market, By Distribution Channel:
- Veterinary Hospitals & Clinics
- Retail Stores
- Online Pharmacies
- Global Veterinary Medicine Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
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