Veterinary Healthcare Market 2021: Industry Growth, Competitive Analysis, Future Prospects Forecast To 2027

Precision Business Insights published a research report on "Veterinary Healthcare Market By Product Type (Drugs (Antibiotics, Antifungal, Ectoparasiticides, Endoparacitides, Endectoparaciticides, Anti-inflammatory Drugs, Drugs for Chronic Diseases, and Others), Vaccines, and Feed Additives (Nutritional Feed Additives and Medicinal Feed Additives)), By Animal Type (Farm Animals (Livestock, Poultry, Swine, and Equine) Companion Animals (Feline, Canine, and Avian), and Aquaculture), By Route of Administration (Oral, Parenteral, Topical, and Others), Distribution Channel (Veterinary Pharmacies, Veterinary Hospitals, Veterinary Clinics, and E-Commerce), and Geography - Global/Region/Country Forecast to 2027".

Veterinary services, animal medicine, and veterinary medical devices are all part of veterinary healthcare. Veterinary medicine is the branch of science concerned with the analysis, diagnosis, and treatment of animal illnesses. The importance of livestock farming is driving growth in the veterinary healthcare industry. The purpose of veterinary medicine/healthcare sector is to detect, treat, and prevent illness recurrence in animals. It is assumed that a country with a sustainable economy will have better healthcare facilities for pets. Several nations have experienced supply disruptions and veterinary medicine shortages, owing to temporary lockdowns of production sites, export prohibitions, and increased supply for medicine for the treatment of COVID-19. Governments are taking steps to ensure that medications are available.

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A considerable growth in worldwide demand for protein food, as well as an increase in the prevalence of zoonotic and food-borne illnesses, are driving the industry. Companies have been spurred to develop improved vaccines and medicines as a result of the extraordinary growth in illness occurrence. As a consequence of the increasing demand, there has been a surge in the number of firms making constant efforts to limit pathogen exposure concerns and food-borne illnesses, which is helping to drive market expansion. Furthermore, the total market is expected to be driven by the growing number of government efforts to improve animal health products. In addition to this, at a CAGR of -21.2 percent, the worldwide veterinary healthcare industry is anticipated to fall from $150.6 billion in 2019 to $119 billion in 2020. The drop is mostly due to the COVID-19 outbreak and the ensuing lockdown measures. Several veterinary clinics in the afflicted nations have closed or are only offering emergency treatment. There is also a global demand and supply issue owing to insufficient manufacturing of veterinary care equipment as a result of government limitations forcing companies to close or operate with little workforce in order to stop the spread of virus and keep workers safe. Furthermore, a growing focus on animal health innovation has resulted in a number of initiatives that are bolstering industry growth prospects. The Innovative Medicines Initiative (IMI), for example, is a public-private collaboration that supports collaborative research to enhance veterinary pharmaceutical innovation in Europe.

The veterinary healthcare market is fragmented on the basis of Product, which is further classified into Therapeutics and Diagnostics. On the basis of Animal Type, the market is divided into Horses, Dogs and Cats, Swine, Ruminants, Poultry, and Other Animals.

North America is one of the world's most advanced areas. It now controls the majority of the veterinary healthcare industry, and this trend is projected to continue during the projection period. The growing number of partnerships, mergers, and acquisitions between firms is also projected to add to the market's expansion.

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There are several industry players working in the veterinary healthcare market, which include Bayer AG, Boehringer Ingelheim GmbH (Germany), Cargill, Inc. (U.S), Ceva Santé Animale (France), Eli Lilly and Company (U.S), Koninklijke DSM N.V. (Netherlands), Merck & Co., Inc. (U.S), Novartis AG (Switzerland), Nutreco N.V. (Netherlands), SeQuent Scientific Ltd. (India), Vétoquinol S.A. (France), Virbac S.A. (France), Zoetis Inc. (U.S)

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