The Global Veterinary Medicine Market Research Report- Forecast to 2023 that the market will demonstrate a steady CAGR of 8.2% while achieving million dollar growth readily in the forecast period.
Veterinary medicine, is the drugs used in the prevention, diagnosis and treatment of diseases, disorder, and injury in animals. Veterinary medicine is widely practiced worldwide due to increasing number of pet adoptions, rising veterinary expenditure, increase in the number of veterinary professionals and rising demand for pet insurance. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently forecasted in its report on During last few years the veterinary medicine has gained a huge attention. Nowadays, preventing diseases through vaccination methods and awareness programs for welfare of animals has boosted the growth of the market.
The growth is mainly credited to increasing animal’s population and demand for animal products. The largest share in the growth of market is adoption of new veterinary diagnostics techniques in small and large animal practices. Government steps towards welfare of domestic animals and increasing demand for pet animals are the major driving forces in the veterinary medicine market. The high buying power and the consolidated nature of the large animal products industry in the U.S. and Europe may drive the market growth in coming future. Increasing spread of various infections in humans from animals through consumption of animal products and not treating street animals properly may restrain the growth of the market.
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Animals benefit from biomedical research, as medical research carried out on animals leads directly to veterinary treatments. Vaccines now exist for fatal diseases such as feline leukaemia and canine distemper. Vaccines and veterinary medicines are also used in conservation projects, helping protect endangered species by reducing the risk of disease. Animal testing and animal experiments are also crucial for animal health and the progress veterinary discoveries
Competitive Analysis
There are a number of large and small companies working in the market. Some players are involve in the launching of the new products. Whereas, some major player are focusing on the acquisition and collaboration for the development of the market. Major animal feed additive manufacturers are Cargill Inc. (Provimi), ADM Alliance Nutrition (U.S.), and Evonik Industries AG (Germany) among others.
The key players profiled in Veterinary Medicine Market are Zoetis, Inc. (Pfizer) (U.S.), Merck & Co., Inc. (Intervet) (U.S.), Eli Lilly and Company (Elanco/Novartis) (Switzerland), Bayer Healthcare AG (Germany), Ceva Santé Animale (U.S.), Virbac S.A (U.S.), Boehringer Ingelheim GmbH (Germany), Sanofi S.A. (MERIAL Limited) (France).
Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
Aug 2016 Ross University School of veterinary medicine launched iPad-enabled learning program which will help in education the people about the availability of the treatment.
Eli Lilly and Company is an American pharmaceutical company with headquarters located in Indianapolis, Indiana, in the United States. The company also has offices in Puerto Rico and 17 other countries. Its products are sold in approximately 125 countries. Eli Lilly and company is working tirelessly to discover medicines for betterment of animals and humans.
Bayer HealthCare, headquartered in Leverkusen, Germany, is engaged in researching, developing, producing, and distributing medical products for the prevention, diagnosis, and treatment of diseases. The products like Advantage, Advantex, and Advocate were developed for better health of pet.
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Regional Analysis
On the regional basis, veterinary market is segmented into America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific is the fastest growing market in this region, in which India and China are major countries for increase growth of market. Indian veterinary medicine market is broadly segmented into animal types and diagnostics. Animal types is sub-segmented into companion animals, domesticated animals and poultry animals. Based on diagnostics, it is sub-segmented into clinical chemistry, various vaccines, and other veterinary diagnostics products. There are many diseases in animals and their subsequent transfer to human via animal food product consumption and prevention of these diseases are some factors, which may add fuel to the growth of the market.
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