The global veterinary medicine market was valued at US$ 32.41 Billion in 2022 and is forecast to reach a value of US$ 50.16 Billion by 2030 at a CAGR of 5.7% between 2023 and 2030.
A subspecialty of medicine known as veterinary medicine deals with the prevention, control, diagnosis, and treatment of disease, disorder, and injury in both companion and farm animals. Moreover, by limiting the transmission of infectious diseases from animals to humans, veterinary medications also directly benefit human healthcare. As a result, there is a rising global demand for veterinary medications that are both secure and efficient.
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Top Companies Associated With The Veterinary Medicine Market Report Are: Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh.
Market Dynamics:
Major factors anticipated to propel growth of the global veterinary medicine market include rising zoonotic disease incidence, rising pet ownership, rising demand for meat and animal-based products, rising veterinary medicine demand, and rising emphasis on veterinary healthcare.
For instance, the Food and Drug Administration (FDA) authorized SpectoGard in September 2022 as the first generic injectable spectinomycin sulfate solution for the management of respiratory disorders in cattle. Additionally, Simplera Otic Solution, one of the first generic medication solutions with a single-dose treatment and a 30-day duration of effect for canine otitis externa (outer ear infection), received FDA approval in September 2022.
Global Veterinary Medicine Market Opportunities:
The global veterinary medicine market is poised for remarkable growth, driven by a surge in demand for these essential products. This increasing demand is primarily attributed to the rising prevalence of zoonotic and chronic diseases, prompting a parallel need for safe and effective veterinary medications. In a significant development in July 2020, Boehringer Ingelheim introduced two groundbreaking products, NexGard and Broadline, tailored to cater to the Indian pet market. These innovative drugs offer comprehensive parasite treatment for dogs and cats, addressing a critical concern in the face of the burgeoning pet population. It has become increasingly crucial for pet owners to stay informed and ensure regular administration of these vital medications to safeguard their beloved companions.
Furthermore, the global veterinary medicine sector is witnessing a heightened emphasis on veterinary healthcare, opening up promising avenues for industry players. These companies are keenly focused on the research and development of novel products that guarantee both the safety and effectiveness of veterinary healthcare solutions. An illuminating example of this commitment surfaced in December 2021 when SeQuent Scientific proudly unveiled Halofusol, an oral solution for veterinary use, across 19 European countries. Halofusol, with its 0.5 mg/ml anti-protozoal formulation, emerges as a groundbreaking tool in the prevention and reduction of diarrhea in newborn calves. Notably, this veterinary medicine has received the stamp of approval from the European Medicines Agency (EMA), underscoring its reliability and potential to make a significant impact in safeguarding animal health and well-being.
Veterinary Medicine Market Report Coverage
| The market size value in 2023 |
Detailed Segmentation of Global Veterinary Medicine Market:
- By Animal Type:
- Domesticated
- Companion
- By Product:
- Drug
- Vaccines
- By Route of Administration:
- Oral
- Parental
- Others
- By Distribution Channel:
- Veterinary Hospitals & Clinics
- Retail Stores
- Online Pharmacies
Global Veterinary Medicine Market Trends:
Increasing Pet Ownership: The global trend of increasing pet ownership, especially dogs and cats, has been driving the demand for veterinary medicines. Pet owners are increasingly willing to invest in the health and well-being of their pets.
Preventive Care: There has been a growing emphasis on preventive veterinary care, including vaccinations, wellness exams, and parasite control. This trend is driven by a desire to keep pets healthy and reduce long-term healthcare costs.
Advancements in Pharmaceuticals: Ongoing research and development have led to the introduction of innovative pharmaceuticals, including novel treatments for various animal diseases. These advancements aim to improve the quality of care and outcomes for animals.
Companion Animal Pharmaceuticals: The pharmaceutical market for companion animals (pets) has been expanding rapidly, with a focus on medications for conditions such as arthritis, allergies, and behavioral issues.
Livestock Health Management: In the livestock sector, there’s a growing emphasis on animal health management, including the use of vaccines and antibiotics to ensure the health and productivity of farm animals.
Technological Integration: Technology is playing an increasingly significant role in veterinary medicine. This includes the use of telemedicine, electronic health records, and diagnostic tools that allow veterinarians to provide better care and streamline their practices.
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Table of Contents with Major Points:
Executive Summary
- Introduction
- Key Findings
- Recommendations
- Definitions and Assumptions
Executive Summary
Market Overview
- Definition of Veterinary Medicine Market
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Trends and Developments
Key Insights
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Veterinary Medicine Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Conclusion
Appendix
- Data Sources
- Abbreviations
- Disclaimer
TOC Continued…!
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