The global veterinary medicine market size is expected to reach USD 39.1 billion by 2026, according to a new report by Grand View Research, Inc., registering a 6.2% CAGR over the forecast period. Increasing prevalence of chronic and zoonotic disorders is fueling the demand for veterinary medicines. Rising demand for animal products has intensified livestock production worldwide. Moreover, factors such as a change in food preferences owing to changing lifestyle and population growth is boosting the demand for livestock products. Rising concern about food security and increasing animal husbandries are propelling the demand for veterinary pharmaceuticals and vaccines for livestock population.
Increasing demand for meat production is eventually driving the need to protect animals from various diseases. Stringent regulations by government bodies for mandatory vaccination in cattle and poultry to reduce the risk for foodborne diseases is propelling market growth. Companies are also trying to develop recombinant vaccines in order to reduce the risk of diseases in farm animals. Moreover, the current industry trade toward antibiotic-free production is spurring the demand.
Rising concerns of people regarding their pets lead to increase in insurance claims. Most pet insurance policies cover major chronic conditions except any pre-existing one. New product launches to curb the ever increasing need for medicines is further expected to boost veterinary medicinemarket growth in the near future. For example, in September 2018, Boehringer Ingelheim launched Semintra 10 mg/ml oral solution in European countries for the treatment of hypertension in cats. This move will enable the company to increase its presence in the companion animal market.
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Key Takeaways from the report:
Pharmaceuticals held the largest revenue share in the market based on product in 2018. This is owing to increasing demand of potent pharmaceuticals to prevent zoonotic and foodborne diseases in livestock animals
By animal type, companion animals will emerge as the fastest growing segment, registering a CAGR of 6.9% by 2026. The growth can be attributed to increasing prevalence of chronic diseases such as diabetes and arthritis among animals
The parenteral mode of delivery segment is expected to show lucrative growth over the forecast period. This is due to their rapid onset of actions and massive product availability
Asia Pacific is expected to emerge as the fastest growing regional market. On the other hand, North America held the largest revenue share due to the presence of major industry players in this region
Some of the leading players are Zoetis Inc.; Elanco; Bayer AG; Boehringer Ingelheim GmbH; Virbac; and Neogen Corporation.
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Grand View Research has segmented the global veterinary medicine market based on product, animal type, mode of delivery, end use, and region:
Veterinary Medicine Product Outlook (Revenue, USD Million, 2014 – 2026)
Biologics
Vaccine
Live attenuated vaccines
DNA Vaccines
Recombinant Vaccines
Inactivated Vaccines
Others
Pharmaceuticals
Parasiticides
Anti-infectives
Anti-inflammatory
Analgesics
Medicated Feed Additives
Veterinary Medicine Animal Type Outlook (Revenue, USD Million, 2014 – 2026)
Production
Poultry
Swine
Cattle
Sheep & Goats
Fish
Companion
Dogs
Cats
Horses
Veterinary Medicine Mode of Delivery Outlook (Revenue, USD Million, 2014 – 2026)
Oral
Parenteral
Others (Topical, carrier)
Veterinary Medicine End-use Outlook (Revenue, USD Million, 2014 – 2026)
Reference Laboratories
Point-of-care testing/In-house testing
Veterinary Hospitals & Clinics
Veterinary Medicine Regional Outlook (Revenue, USD Million, 2014 – 2026)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Asia Pacific
Japan
China
India
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
South Africa
Saudi Arabia
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About Grand View Research, Inc.
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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