Press release
Animal Medicine Market Sales, Development, Growth, Demand And Forecast To 2023 | Key Opportunities And Challenges
The global animal medicine market size reached a value of nearly $38.0 billion in 2019, having grown at a compound annual growth rate (CAGR) of 11.7% since 2015, and is expected to grow at a CAGR of 12.5% to nearly $61.0 billion by 2023. Growth in the historic period resulted from the rise in corporate profit, availability of a low-cost talent pool in emerging economies and technological transformations in the retail and e-commerce verticals.
The key drivers of the animal medicine market include
Increasing Penetration Of Pet Insurance– The increasing penetration of pet insurance is expected to drive the animal medicine market. Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity. Increasing penetration of pet insurance will increase the number of visits at veterinary clinics supporting the use of veterinary pharmaceuticals and feed additives in the treatment of different diseases.
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Animal Medicine Market Segmentation
The animal medicine market is segmented by type of medicine, type of animal and by geography
By Type Of Medicine- The animal medicine market can be segmented by type of medicine-
1) Veterinary Pharmaceuticals
i. veterinary parasiticides
ii. veterinary vaccines
iii. veterinary antibiotics
iv. Others – veterinary pharmaceuticals
2) Feed Additives
i. medical feed additives
ii. Nutritional feed additives
By Type Of Animal - The animal medicine market can be segmented by type of animal
1) livestock
2) companion animals
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By Geography - The animal medicine market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the animal medicine marketare
1. Zoetis, Inc.
2. Boehringer Ingelheim GmbH
3. Merck & Co
4. Elanco Animal Health Inc.
5. Bayer AG
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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