Veterinary Medicine Market 2021 Analysis Of Industry Strengths And Challenges During The COVID-19

Precision Business Insights published a research report on "Veterinary Medicine Market Animal Type (Companion Animals and Livestock Animals), by Product (Vaccines, and Medicated Feed Additives), Distribution Channel (Retail Veterinary Pharmacies and Veterinary Hospitals Pharmacies) - Global/Region/Country Forecast to 2027".

Veterinary drugs are used to treat fractures, illnesses, and diseases in animals. Vaccines, veterinary medicines also including antimicrobial drugs, and diagnostic kits are examples of veterinary medicine used to heal animals of pathogens. Furthermore, the medicine can be used for animal health care, operations, and prevention. Furthermore, the medicine is mostly used for animal health care, operations, and prevention.

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The rising number of incidences of zoonotic and chronic diseases are driving the veterinary medication market. Over the last few decades, the world livestock population has likewise been rapidly increasing. As per the USDA, the United States had roughly 105.0 million cattle and 33.1 million beef cows as of July 2020, and these numbers are likely to rise significantly in the future years. Furthermore, rising R&D and procedural developments, pet increased adoption, rising meat consumption, and required vaccinations are expected to increase demand for veterinary medications and vaccines in the coming days. As the number of pet owners grows, so does the demand for better treatment choices for companion animals, leading to increased pet health spending. Moreover, rising consumption of meat is boosting demand for required animal immunization, resulting in an increase in the veterinary medicine market. As per Denmark's The World Counts, worldwide meat production grew by twofold between 1988 and 2018. It further said that by 2050, consumption of meat is expected to be between 450 and 550 million tons. The global COVID-19 pandemic has had an impact on various sectors, including veterinary care. Idexx and other leading partners have tested over tens of thousands of cats and dogs for the virus, with negative outcomes. To maintain hygiene and decrease the possibility of infection, pet parents are urged to maintain a safe distance from their pets.

The Global Veterinary Medicine Market is fragmented into Application, Product, and Geography. In terms of Product, the market is segregated into Injection, Oral, and Others. In terms of Application, the market is divided into Livestock Animals and Companion Animals.

North America dominated the global the veterinary medicine market given the widespread of favorable government policies and increasing programmes to enhance animal health, whereas the Asia-Pacific region is predicted to grow at the fastest rate between 2020 and 2027 due to the growth of manufacturing facilities and livestock immunization. In addition to this, market expansion in the region has been aided by factors such as increased adoption of companion animals and rising animal health concerns. Also, rising spending on animal care and veterinary services, as well as the growing cattle population, are pushing the veterinary medication market.

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some of the major players key players in the global veterinary medicine market, which include Merck Animal Health, Ceva Sante Animale, Zoetis, Elanco, Nutreco N.V., Biogenesis Bago, Hester Biosciences, Kindred Biosciences, Inc., Indian Immunologicals Ltd.

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