Growing ownership of companion animals across the globe drives the growth of the global veterinary medicine market.
Growing ownership of companion animals across the globe drives the growth of the global veterinary medicine market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period
Growing ownership of companion animals, increase in expenditure of animal healthcare, and surge in population of livestock across the globe drive the growth of the global veterinary medicine market. However, stringent government regulatory approvals associated with vaccines and veterinary drugs restrain the market growth. Furthermore, increasing awareness toward animal heal this expected to provide new opportunities during the forecast period.
Global veterinary medicine market generated $22.97billion in 2019, and is estimated to reach $29.69 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Growing ownership of companion animals across the globe drives the growth of the global veterinary medicine market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period. The demand for veterinary medicines is expected to decline during the Covid-19 pandemic as veterinary visits are limited. Animal healthcare approach has been changed and care for emergency cases and critically ill animals is provided.
Covid-19 scenario:
- The demand for veterinary medicines is expected to decline during the Covid-19 pandemic as veterinary visits are limited. Animal healthcare approach has been changed and care for emergency cases and critically ill animals is provided.
- However, companies are implementing various strategies to connect customers and veterinarians for integrated purchasing experience. Thus, this is expected to lead to stabilization in market overtime.
- According to some of the major veterinary companies such as Elanco, Huve pharma EOOD, and Dechra Pharmaceuticals PLC, the supply chain of veterinary medicines is mostly unaffected during the Covid-19 outbreak. The uninterrupted supply chain enabled veterinary companies to quickly shift to new strategies for maintaining the flow.
The report offers a detailed segmentation of the global veterinary medicine market based on product, route of administration, animal type, distribution channel, and region.
Based on product, the drugs segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the vaccines segments estimated to portray the highest CAGR of 5.7% during the forecast period.
Based on route of administration, the parenteral route segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, its expected to register the highest CAGR of 5.2% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 6.3% from 2020 to 2027.
Major Market Players:-
- Merck & Co., Inc. (Intervet International B.V.),
- Zoetis, Inc.,
- Dechra Pharmaceuticals PLC,
- Elanco Animal Health,
- Virbac,
- Ceva Santé Animale,
- Boehringer Ingelheim International GmbH,
- Vetoquinol S.A.,
- Evonik Industries AG.,
- ADM Animal Nutrition.
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