PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397124
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397124
Veterinary Medicine Market size was valued at USD 45,112 Million in 2022, expanding at a CAGR of 7.5% from 2023 to 2030.
The word "veterinary medicine" refers to any substance that is used to treat different animal medical issues. Veterinary medicine, for instance, uses oral medications for animals, such as parasiticides and anti-infective medicines. Similarly, vaccinations are a part of veterinary medicine and are used to immunize animals against a range of viral diseases, including parainfluenza 3-respiratory syncytial virus and equine influenza (EIV).
The rising prevalence of chronic diseases in animals, the rising adoption of animals, and the rising pharmacological preferences of pet and poultry farm owners, along with the ongoing population growth that is driving up demand for meat and other animal-based products, are the main drivers of the veterinary medicine market's expansion. The number of livestock worldwide is likewise increasing at the moment. The United States Department of Agriculture (USDA) estimates that there will be around 5.07 million sheep and 91.9 million cattle and calves in the country in February 2022. In the upcoming years, this is anticipated to rise significantly.
The Global Veterinary Medicine Market is segmented based on Product, Route of Administration, Animal Type, Distribution Channel and Region.
Based on the product, the global Veterinary Medicine market is divided into Vaccines, Drugs and Medicated Feed Additives. The Drugs segment is expected to dominate the market during the forecast period. New and improved medications for the prevention and treatment of numerous animal health issues have been introduced as a consequence of ongoing research and development in the veterinary pharmaceutical industry. This covers drugs for chronic diseases, parasite infections, and infectious disorders.
Based on the route of administration, the market is segmented into Parenteral Route, Oral Route and Topical Route. The Parenteral Route segment is expected to grow at a rapid rate over the forecast period. Parenteral delivery, which avoids the digestive system, guarantees quick and precise medication delivery into the bloodstream. Drugs that need to take effect quickly, such as anesthetics or emergency treatments, should pay special attention to this. Thereby, driving the segment growth.
Based on the animal type, the industry is bifurcated into Livestock Animals and Companion Animals. The Companion Animals segment is expected to hold a significant market share over the forecast period due to the growing number of pet owners.
Based on the distribution channel, the global market is categorized into Retail Veterinary Pharmacies and Veterinary Hospital Pharmacies. The Retail Veterinary Pharmacies segment is expected to lead the market during the forecast period. Pet owners may purchase prescription and over-the-counter drugs, along with other pet care goods, in a convenient one-stop shop at retail veterinarian pharmacies. Thereby, driving the segment expansion.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the projected period. The increased incidence of zoonotic diseases, advantageous reimbursement schemes, and the rising cost of companion animals are major reasons driving the growth. The American Pet Products Association (APPA) conducted the 2021-2022 National Pet Owners Survey, which found that over 70% of American households own a pet, or 90.5 million homes total-of whom 45.3 million are cat and 69 million are dog owners. According to the same source, the cost of normal dog visits was USD 242 in 2021 while the cost for cats was USD 178. Furthermore, just a small percentage of pet owners knew the reasons for pet obesity, even though about 75% of them were worried about the consequences obesity would have on their dogs' health. Furthermore, a significant number of major industry participants are concentrated on market expansion tactics in this area. For instance, Pharmgate Inc. gained FDA clearance in April 2022 for Pennitracin MD 50G, which is intended to decrease mortality in broiler and replacement chickens caused by necrotic enteritis related to Clostridium perfringens.
To maintain competitiveness, the market participants engage in strategic alliances, geographical expansions, and the introduction of new products. To get a competitive advantage, well-established businesses and major corporations are investing in the purchase of other market participants.
In June 2022, the US Food and Drug Administration (FDA) authorized Vetmedin-CA1 (pimobendan) chewable tablets, the first drug designed to prevent the onset of congestive heart failure in dogs with Stage B2 preclinical myxomatous mitral valve disease (MMVD).