Veterinary Medicine Market 2030 Size Hits US$ 55.8 billion | CAGR of 8.4%

SHARE THIS ARTICLE

The global veterinary medicine market size is expected to be worth around US$ 55.8 billion by 2030, according to a new report by Vision Research Reports.

The global veterinary medicine market size was valued at US$ 30.2  billion in 2020 and is anticipated to grow at a CAGR of 8.4% during forecast period 2021 to 2030.

Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/38816

Veterinary Medicine Market (By Animal Type: Production, Companion; By Product: Biologics, Pharmaceuticals, Medicated Feed Additives; By Mode of Delivery: Oral, Parenteral, Others (Topical, carrier); By End-use: Reference Laboratories, Point-of-care testing/In-house testing, Veterinary Hospitals & Clinics, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Report Coverage

Report Scope Details
Market Size US$ 55.8 Bn by 2030
Growth Rate CAGR of 8.4% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Animal type, product, mode of delivery, end use
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Merck Animal Health; Ceva Sante Animale; Vetoquinol S.A.; Zoetis; Boehringer Ingelheim GmbH; Elanco, Nutreco N.V.; Virbac; Kindred Biosciences, Inc.; Biogenesis Bago; Indian Immunologicals Ltd.; Neogen Corporation; Hester Biosciences; Philbro Animal Health

Growth Factors

 The companion animal segment is anticipated to demonstrate the fastest growth during the forecast period owing to the increasing prevalence of chronic diseases and rising demand for advanced treatment alternatives for canines suffering from chronic diseases.

The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine. The global livestock population has also been experiencing rapid growth over the past few decades. According to the USDA, there were around 103.0 million cattle and 32.1 million beef cow in the U.S. as of July 2020 and are expected to grow substantially in coming years. Moreover, rising R&D and procedural advancements, pet adoption rate, and increasing consumption of meats and mandatory vaccination are anticipated to boost demand for veterinary pharmaceuticals and vaccines for animals in the near future.

By Animal Type Analysis

The production animal segment led the market for veterinary medicine and accounted for more than 55.0% share of the global revenue in 2020. The production animal segment is further classified into swine, poultry, cattle, fish, and sheep and goats.

The companion animal segment is expected to demonstrate the fastest growth over the forecast period owing to the increasing prevalence of chronic diseases. The companion animal is further sub-segmented into horses, cats, dogs, and others.

By Product Analysis

The pharmaceuticals segment dominated the market for veterinary medicine and held the largest revenue share of more than 57.0% in 2020. This is owing to therising prevalence of zoonotic diseases, brucellosis, and food-borne diseases.

The biologics segment is expected to show the fastest growth in the market for veterinary medicine over the forecast period owing to the increased usage of vaccines among livestock as well as companion animals for disease prevention.

The medicinal feed additives segment is also expected to witness a significant growth rate over the forecast period owing to their increasing usage in maintaining animal health.

By Mode of Delivery Analysis

The parenteral segment dominated the market for veterinary medicine and held the largest revenue share of over 44.0% as of 2020. The growth can be credited to the availability of product availibility and instant onset of action.

The oral segment is projected to witness the fastest CAGR over the forecast period owing to the advancements in the oral veterinary medicines segment, such as chewable tablets. In addition, increasing prevalence of chronic conditions in pets is also expected to drive the market for veterinary medicine.

By End-use Analysis

The veterinary hospitals and clinics segment dominated the market for veterinary medicine and held the largest revenue share of over 72.0% in 2020. The growth can be attributed to the advanced diagnostic imaging, novel therapies, nuclear and regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals and clinics.

The reference laboratories segment is expected to exhibit the fastest growth over the forecast period. This growth is because these laboratories enable testing of various infections, toxic agents, and chronic diseases in specimen which are obtained from animals. These tests include general laboratory tests as well as specialized tests.

The point-of-care testing/in-house testing segment is also expected to demonstrate significant growth rate owing to their convenience, precise symptomatic testing, easy usage, and quick analysis. Strategic developments by companies are expected to contribute to the growth of the market for veterinary medicine.

By Regional Analysis

North America dominated the veterinary medicine market and accounted for revenue share of over 38.4% in 2020. The dominance is followed by the European countries due to the favorable government regulations such as the EU Veterinary Medicines Regulation and increasing adoption of pet insurance in European countries.

In Asia Pacific, the market for veterinary medicine is expected to show lucrative growth over the forecast period. Factors such as higher adoption of companion animals and increasing health concerns in animals have promoted the market growth in the region.

Key Players

  • Merck Animal Health
  • Ceva Sante Animale
  • Vetoquinol S.A.
  • Zoetis
  • Boehringer Ingelheim GmbH
  • Elanco
  • Nutreco N.V.
  • Virbac
  • Kindred Biosciences, Inc.
  • Biogenesis Bago
  • Indian Immunologicals Ltd.
  • Neogen Corporation
  • Hester Biosciences
  • Philbro Animal Health

Market Segmentation

  • Animal Type
    • Production
      • Poultry
      • Swine
      • Cattle
      • Sheep & Goats
      • Fish
    • Companion
      • Dogs
      • Cats
      • Horses
      • Others
  • Product
    • Biologics
      • Vaccine
        • Live attenuated vaccines
        • DNA Vaccines
        • Recombinant Vaccines
        • Inactivated Vaccines
        • Others
      • Others
    • Pharmaceuticals
      • Parasiticides
      • Anti-infectives
      • Anti-inflammatory
      • Analgesics
      • Others
    • Medicated Feed Additives
  • Mode of Delivery
    • Oral
    • Parenteral
    • Others (Topical, carrier)
  • End-use
    • Reference Laboratories
    • Point-of-care testing/In-house testing
    • Veterinary Hospitals & Clinics
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
      • Russia
    • Asia Pacific
      • Japan
      • China
      • India
    • Latin America
      • Brazil
      • Mexico
      • Argentina
    • Middle East & Africa
      • South Africa
      • Saudi Arabia

Browse complete table of contents at@ https://www.visionresearchreports.com/veterinary-medicine-market/toc/38816

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/38816 or call: +1 9197 992 333

Daksh

Daksh is an SEO Analyst having 3 years of experienced. we can quickly understand and support initiatives that will contribute to the goals and success of client campaigns. and also Perform keyword research in coordination with client business objectives to optimize existing content and uncover new opportunities.

View all posts by Daksh →

Leave a Reply

Your email address will not be published.