Global Veterinary Medicine Market is valued approximately USD 27.19 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.4 % over the forecast period 2020-2027. Veterinary Medicine is a product which is used to treat various medical conditions in animals. Veterinary Medicine is used for treating injuries and illness in animals. Also, they include vaccines for animals, to build immunity in animals against various infectious diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. Further, increase in number of pet owners and livestock population and their demand around the world has led the adoption of Veterinary Medicine across the forecast period. For Instance: as per the company source, in 2019, Ceva collaborated with ProBioGen Ag for manufacturing vectorized poultry vaccines with ProBioGen’s proprietary AGE1.CR technology. However, lack of veterinary infrastructure facilities in less developed countries and strict regulations related with medicate feed additives impedes the growth of the market over the forecast period of 2020-2027. Also, the increasing awareness related to animal health and rising prevalence of medical conditions of animals in various kinds, creates an opportunity and increase the adoption & demand for the global Veterinary Medicine market.
The regional analysis of global Veterinary Medicine Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing pet animals, favorable government regulations related to animals adoption & their medical awareness and rising adoption of pet insurance policies coupled with the well-established healthcare infrastructure. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as higher adoption of companion animals, rising awareness among pet owners as well as the manufacturers and improving healthcare infrastructure with the initiatives of government like to provide funds for the development of vaccines, these factors would create lucrative growth prospects for the Veterinary Medicine Market across Asia-Pacific region.
Major market player included in this report are:
Merck Animal Health
Ceva Sante Animale
Boehringer Ingelheim GmbH
Kindred Biosciences, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Animal Type:
By Product Type:
Medicated Feed Additives
By Mode of Delivery:
Point-of-care testing/In-house testing
Veterinary Hospitals & Clinics
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Veterinary Medicine Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers