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Veterinary Medicine Market to Witness Rapid Growth, Driven by Increasing Pet Ownership and Advances in Animal Healthcare, Forecasted till 2031
Veterinary Medicine Market
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Veterinary medicine is the branch of medicine that deals with the diagnosis, prevention, and treatment of disease, disorder, and injury in non-human animals. The scope of veterinary medicine is wide, covering all animal species, both domesticated and wild, with a wide range of conditions that can affect different organs and systems.
Key Trends:
Some of the key trends in Veterinary Medicine technology include the use of 3D printing for prosthetics and implants, the use of drones for the delivery of food and medicine, and the use of robotics for surgery.
3D printing is becoming increasingly popular in the veterinary world, as it offers a way to create custom prosthetics and implants for animals. This technology is particularly beneficial for animals who have lost a limb or who are born with congenital defects.
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Drones are also becoming increasingly popular in the veterinary field, as they offer a way to quickly and efficiently deliver food and medicine to animals in need.
Robotics is another area where veterinary medicine is beginning to adopt new technologies. Robotics can be used for a variety of surgical procedures and has the potential to improve the accuracy and precision of these procedures.
Key Drivers:
There are several key drivers of the veterinary medicine market.
The first is the increasing prevalence of pet ownership. In developed countries, the percentage of households with pets has been steadily increasing for several decades, and this trend is now starting to emerge in developing countries as well.
Another key driver of the veterinary medicine market is the increasing demand for a better quality of care for pets. As pets become increasingly recognized as members of the family, owners are increasingly willing to invest in their health and wellbeing.
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Market Segments:
The veterinary medicine market is segmented by product, animal type, end-use, and region. By product, the market is classified into drugs, vaccines, and others. On the basis of animal type, it is bifurcated into companion animals, and livestock animals. Based on end-use, it is divided into laboratories, veterinary hospitals, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players:
The global veterinary medicine market includes players such as Archer Daniels Midland, Boehringer Ingelheim International GmbH, Ceva Santé Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, Evonik Industries AG, Merck & Co Inc, Soparfin SCA, Virbac SA., Zoetis Inc, and others.
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