The global veterinary medicine market size is expected to
reach USD 39.1 billion by 2026, according to a new report by Grand View
Research, Inc., registering a 6.2% CAGR over the forecast period. Increasing
prevalence of chronic and zoonotic disorders is fueling the demand for
veterinary medicines. Rising demand for animal products has intensified livestock
production worldwide. Moreover, factors such as a change in food preferences
owing to changing lifestyle and population growth is boosting the demand for
livestock products. Rising concern about food security and increasing animal
husbandries are propelling the demand for veterinary pharmaceuticals and
vaccines for livestock population.
Increasing demand for meat production is eventually
driving the need to protect animals from various diseases. Stringent
regulations by government bodies for mandatory vaccination in cattle and
poultry to reduce the risk for foodborne diseases is propelling market growth.
Companies are also trying to develop recombinant vaccines in order to reduce
the risk of diseases in farm animals. Moreover, the current industry trade
toward antibiotic-free production is spurring the demand.
Rising concerns of people regarding their pets lead
to increase in insurance claims. Most pet insurance policies cover major
chronic conditions except any pre-existing one. New product launches to curb
the ever increasing need for medicines is further expected to boost veterinary
medicinemarket growth in the near future. For example, in September 2018,
Boehringer Ingelheim launched Semintra 10 mg/ml oral solution in European
countries for the treatment of hypertension in cats. This move will enable the
company to increase its presence in the companion animal market.
Browse full research report on Veterinary
Medicine Market: https://www.grandviewresearch.com/industry-analysis/veterinary-medicine-market
Further key
findings from the report suggest:
- Pharmaceuticals held the largest revenue share in the market based
on product in 2018. This is owing to increasing demand of potent
pharmaceuticals to prevent zoonotic and foodborne diseases in livestock
animals
- By animal type, companion animals will emerge as the fastest
growing segment, registering a CAGR of 6.9% by 2026. The growth can be
attributed to increasing prevalence of chronic diseases such as diabetes
and arthritis among animals
- The parenteral mode of delivery segment is expected to show
lucrative growth over the forecast period. This is due to their rapid
onset of actions and massive product availability
- Asia Pacific is expected to emerge as the fastest growing regional
market. On the other hand, North America held the largest revenue share
due to the presence of major industry players in this region
- Some of the leading players are Zoetis Inc.; Elanco; Bayer AG;
Boehringer Ingelheim GmbH; Virbac; and Neogen Corporation.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/veterinary-medicine-market/request/rs1
Grand
View Research has segmented the global veterinary medicine market based on
product, animal type, mode of delivery, end use, and region:
Veterinary
Medicine Product Outlook (Revenue, USD Million, 2014 - 2026)
- Biologics
- Vaccine
- Live attenuated
vaccines
- DNA Vaccines
- Recombinant
Vaccines
- Inactivated
Vaccines
- Others
- Others
- Pharmaceuticals
- Parasiticides
- Anti-infectives
- Anti-inflammatory
- Analgesics
- Others
- Medicated Feed
Additives
Veterinary
Medicine Animal Type Outlook (Revenue, USD Million, 2014 - 2026)
- Production
- Poultry
- Swine
- Cattle
- Sheep & Goats
- Fish
- Companion
- Dogs
- Cats
- Horses
- Others
Veterinary
Medicine Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2026)
- Oral
- Parenteral
- Others (Topical,
carrier)
Veterinary
Medicine End-use Outlook (Revenue, USD Million, 2014 - 2026)
- Reference
Laboratories
- Point-of-care
testing/In-house testing
- Veterinary Hospitals
& Clinics
- Others
Veterinary
Medicine Regional Outlook (Revenue, USD Million, 2014 - 2026)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East &
Africa
- South Africa
- Saudi Arabia
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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