Veterinary Medicine Market To Grow USD 50090 Million by 2028 at a CAGR of 6.4%| Valuates Reports

BANGALORE, India, Sept. 20, 2022 /PRNewswire/ -- Veterinary Medicine Market is Segmented by Type (Oral, Injection, Other), By Application (Companion Animals, Livestock Animals) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Animal Products & Services category.

The global Veterinary Medicine market is projected to reach USD 50090 Million by 2028, from USD 32220 Million in 2021, at a CAGR of 6.4% from 2022-2028.

Major factors driving the growth of the Veterinary Medicine Market

The primary driver of the veterinary medicine market is the rise of zoonotic & chronic illness cases. Over the past few decades, the world's livestock population has likewise been expanding quickly. Additionally, it is projected that rising R&D and procedural developments, pet adoption rates, rising meat consumption, and required immunization would all contribute to the increase in demand.

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TRENDS INFLUENCING THE GROWTH OF VETERINARY MEDICINE MARKET

Since individuals all around the world began bringing companion animals into their homes, the number of people owning pets has been gradually increasing. This element is anticipated to fuel the veterinary medicine market expansion. The results showed a slight influence on the COVID-19 pandemic. In 2020, getting a new pet was eight times more likely for people who work remotely. About two-thirds of those who were married or never married listed having more time as their primary motivation for getting a pet, whereas those who were divorced, separated, or widowed cited companionship as their primary motivation.

The likelihood of zoonotic illnesses spreading between species has increased due to the increasingly congested character of our planet, where people and animals coexist in close quarters. And because of the modern world's changing ecosystems, globalized trade, growing urbanization, and constantly growing population, diseases can spread more quickly than ever. Producers of livestock encounter a variety of difficulties. There are many infectious and parasitic diseases, and the rise of antibiotic-resistant illnesses has necessitated new biotechnological advancements in vaccines. Throughout history, zoonotic infections have caused devastating outbreaks. This covers conditions including the bubonic plague, salmonella, and, more recently, COVID-19. As a result, the issue of food safety is crucial and needs to be resolved in order to manage food-borne illnesses, particularly in light of globalization and climate change. This in turn is expected to drive the growth of the veterinary medicine market

Furthermore, there has been a dramatic change in investment and innovation in the field of animal health, mostly due to the rise in protein demand and the humanization of pets. In order to both strengthen public delivery of animal health services and to maintain effective and equitable markets for animal health services, developing nation governments are experimenting with new and novel policy instruments, particularly in rural areas with low incomes. This is predicted to further fuel the veterinary medicine market growth.

The livestock sector is one of the fastest growing agricultural sub-sectors in middle- and low-income nations as a result of rising incomes, altering diets, and population growth.

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VETERINARY MEDICINE MARKET SHARE ANALYSIS

The companion segment is probably going to increase at the fastest rate. The increasing adoption of pets around the world is primarily responsible for the segment's rise. Another significant factor that is predicted to increase demand for veterinary medicine in the coming years is the rising prevalence of chronic diseases in pets.

The Asia Pacific market is anticipated to develop at the fastest rate. The industry in this area has grown as a result of factors like increased companion animal adoption and rising animal health concerns. Additionally, the Asia Pacific area market is anticipated to be driven by the region's growing cattle population and rising spending on animal health and veterinary services.

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Key Players

• Boehringer Ingelheim
• Zoetis
• Elanco Animal Health
• Bayer Animal Health
• Merck Animal Health
• Virbac
• Dechra Veterinary Products
• Ceva
• Vetoquinol
• Meiji
• Ouro Fino Saude
• Animalcare Group
• Parnell

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