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Animal Medicine Market Research Report, Value, Growth, Share Analysis, Size And Developments By 2030
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The global animal medicine market reached a value of nearly $42,469.3 million in 2019, having grown at a compound annual growth rate (CAGR) of 4.8% since 2015, and is expected to grow at a CAGR of 6.53% to nearly $54,690.0 million by 2023.Also the market is expected to growth to $62,005.7 million in 2025 at a CAGR of 6.48% and to $85,059.4 million in 2030 at a CAGR of 6.53%.
The key drivers of the animal medicine market include:
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. In developed economies such as the USA, the pet insurance penetration rate is around 1%, although in Western European countries such as the UK the penetration rate is around 20%.
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Animal Medicine Market Segmentation:-
By Type of Medicine-
1. Veterinary Pharmaceuticals
2. Feed Additives
The veterinary pharmaceuticals market was the largest segment of the animal medicine market, accounting for $37,643.5 million or 88.6% of the total in 2019 and this market is also expected to be the fastest-growing segment going forward at a CAGR of 6.7% during 2019-2023
By Drug Type
1. Branded
2. Generic
The branded medicine market was the largest segment of animal medicine market, accounting for $37,903.9 million or 89.2% of the total market in 2019.
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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
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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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