Veterinary Medicine Market Overview:
Veterinary medicine can be defined as medicines for prevention, diagnosis, and treatment of animals to cure them of wounds or any disorder. The increasing uptake of veterinary medicines are providing ample support to the veterinary medicine market, which can now gain a CAGR of 8.1% during the forecast period of 2017 to 2023. Market Research Future (MRFR), in their latest report on the same, discussed the impact that the market can witness in coming years.
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Factors like growing adoption rate of pets, better medicines to treat, hike in investment to buy pets, increasing availability of medicines, government initiatives for domesticated animals, high integration of drug therapies, and others are expected to play crucial role for the global veterinary medicine market.
Veterinary Medicine Market Segmentation:
The global veterinary medicine market, as per MRFR’s analysis, can be segmented on the basis of products, animals, route of administration, and end-users. Such a segmentation has in-depth analysis of various market factors that can be considered for future expansion plans.
Based on animals, the veterinary medicine market includes companion and domesticated animals. The number of companion animals is growing due to hike in disposable income.
Based on products, the veterinary medicine market comprises injury medicine, disorder medicine, and diagnosis medicine. These segments are providing ample support to the regional market.
Based on the route of administration, the veterinary medicine market can be into Parental, oral, and topical. Oral medicines are gaining popularity as that can be inserted into other food items for intake.
Based on end users, the veterinary medicine segmented into research institutions, veterinary hospitals, veterinary clinics, and others. The research institutions are developing means to gain from the market as their research facility is already expected to support the need.
Veterinary Medicine Market Regional Analysis:
Based on a regional analysis, the veterinary medicine market report can be segmented into America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The report is focusing on various factors that can influence the regional sector to ensure better growth rate.
The America is having the upper-hand in the market and has the ability to surpass the predicted growth rate in the coming years. Various animal welfare policies and robust infrastructure are expected to take the regional market forward. In the region, the US and Canada are expected to make good profit with solid reimbursement rate. Various healthcare players are also expected to make good ingress into the market.
Europe is the second largest market with Germany and France, expected to contribute the most. In the APAC region, China and India are expected to make substantial contribution. Growing help in favor of the domesticated animals is helping the growth of veterinary centers in various region, which is also expected to help the regional market growth. At the same time, various NGOs are taking initiatives to create awareness regarding this process. The MEA region, especially the Middle East, is expected to show substantial growth as their fondness for companions is quite high.
Veterinary Medicine Market Competitive Landscape:
Several companies are taking significant interest in the global veterinary medicine market. These companies are launching their own strategies to make sure that they cement their own market stand and provide thrust to the global market for a holistic growth. MRFR, for their report, profiled several companies for a better understanding of the market flow. These companies are Cargill Inc. (Provimi), ADM Alliance Nutrition, Zoetis, Inc. (Pfizer), Evonik Industries AG, Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Nutreco N.V., Koninklijke DSM N.V, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, and Sanofi S.A. (MERIAL Limited).
In September 2019, the Konkuk University’s College of Veterinary Medicine announced that from now onwards their college would only use models instead of real animals. This will help in understanding the procedure of medicine without getting real animals affected by that.
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