Veterinary Medicine Market growth driver analysis 2022 - 2030.

The global veterinary medicine market size is expected to reach USD 54.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.3% over the forecast period. 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 COVID-19 pandemic resulted in regulatory changes, which are anticipated to iron out the disruptions, thereby increasing manufacturing and adoption of vet medicines in near future.

Veterinary Medicine Market Segmentation

Grand View Research has segmented the global veterinary medicine market on the basis of animal type, product, and mode of delivery, end-user, and region:

Based on the Animal Type Insights, the market is segmented into Production and Companion.

  • The production animal segment led the market and accounted for more than 55.0% share of the global revenue in 2021.
  • The dominant share captured by production animals is a result of the rising demand for proteins in the world.
  • In addition, increasing spending on animal health, especially in the developed regions, is also presumed to be responsible for the wide-scale adoption of production animals.
  • The dogs segment held a significant revenue share due to the rising demand for advanced treatment alternatives for canines suffering from chronic diseases.

Based on the Product Insights, the market is segmented into Biologics, Pharmaceuticals and Medicated Feed Additives.

  • The market is segmented into biologics, pharmaceuticals, and medicated feed additives. The biologics segment is bifurcated into vaccines and others.
  • The others segment include monoclonal antibodies, immunomodulators, hormonal supplements, etc.
  • Pharmaceuticals held a market share of more than 52.00% in 2021 owing to the rising prevalence of zoonotic diseases, brucellosis, and food-borne diseases.
  • The medicinal feed additives segment is also expected to grow at a significant rate during the forecast years owing to their increasing usage in maintaining animal health.

Based on the Mode of Delivery Insights, the market is segmented into Oral, Parenteral, Suspension, Topical and Carrier.

  • The parenteral segment held the largest revenue share of over 44% in 2021. The growth can be credited to product availability and the instant onset of action.
  • The therapeutic effect for parenteral drugs is usually achieved within an hour after the administration, thus it is preferred for faster action.
  • In July 2020, Merck received the U.S. FDA approval for Bravecto monthly chews for dogs and puppies, hence expanding its product portfolio.

Based on the End-Use Insights, the market is segmented into Reference Laboratories, Point-of-Care Testing/In-house Testing, Veterinary Hospitals & Clinics and Others.

  • The veterinary hospitals & clinics held the largest market share of over 72% in 2021.
  • The growth can be attributed to advanced diagnostic imaging, novel therapies, nuclear & regenerative medicines, laser diagnostics, and specialized surgeries, available in the vet hospitals & clinics.
  • Strategic developments by companies are expected to contribute to market growth.

Veterinary Medicine Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market players are involved in strategic collaborations, regional expansions, and new product launches to sustain the competition. Established organizations and large enterprises are investing in acquisitions of other market players to gain a competitive edge. For instance, in October 2021, Zoetis invested in new manufacturing and development facility in Ireland, to increase its Monoclonal Antibodies (mAbs) production capabilities.

Some prominent players in the global Veterinary Medicine market include:

  • 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 Corp.
  • Hester Biosciences
  • Phibro Animal Health

Order a free sample PDF of the in Veterinary Medicine Market Intelligence Study, published by Grand View Research. 

Comments

Post a Comment

Popular posts from this blog

Medical Device Validation & Verification Market Outlook Till, 2020-2027

The global medical device validation and verification market size is expected to reach USD 1.1 billion by 2027, expanding at a CAGR of 11.1% over the forecast period, according to a new report by Grand View Research, Inc. Download Free Sample -  https://www.radiantinsights.com/research/medical-device-validation-&-verification-market/request-sample Increase in demand for advanced and quality medical products and rising complexity with respect to product designing and engineering are anticipated to boost market growth. Rapid innovations in healthcare have increased the need for companies to incorporate new technologies and software applications in their products to meet the demand for validation and verification. Increase in product complexity, availability of newer types of material, and high risk of product failures are some of the key factors increasing the need for validation and verification services. North America dominated the global medical device validation and verificat...
Read more

Athleisure Market Product Estimates & Strategy Framework To 2022 - 2030.

The global  athleisure market  size is expected to reach USD 662.56 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.9% from 2022 to 2030. Athleisure is a popular category because it taps into several broad trends, including a global shift toward consumers wearing more casual clothing, consumers seeking comfortable clothing, and health-conscious consumers engaging in more athletic activities and requiring performance clothing for these activities. True Fit's Fashion Genome (via Direct Commerce), which analyses data from 17,000 brands and 180 million True Fit users, confirms that athleisure orders have increased by 84 percent since the pandemic began; sales of women's athleisure bottoms in the United Kingdom alone were five times higher in December 2020 than in April 2020. In addition, order volumes for men's athleisure wear sales increased by 20% from the previous year. Target's activewear line, All ...
Read more

Light Curing Coating Global Market Size Comparison, Analysis, 2020

UV light-curing equipment is ideal for industrial bonding, coating, encapsulating, and potting, as well as sealing applications. In the context of China-US trade war and global economic volatility and uncertainty, it will have a big influence on this market. Light Curing Coating Report by Material, Application, and Geography - Global Forecast to 2023 is a professional and comprehensive research report on the world's major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China). Download Free Sample Copy  -  https://www.radiantinsights.com/research/global-light-curing-coating-market-research-report-2020-2024/request-sample In this report, the global Light Curing Coating market is valued at USD XX million in 2020 and is projected to reach USD XX million by the end of 2024, growing at a CAGR of XX% during the period 2020 to 2024. The report first...
Read more