Veterinary Medicine Market Trends Analysis, Leading Companies Share, Business Growth, Statistics and Research Report 2023-2028

According to the latest report by IMARC Group, titled "Veterinary Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global veterinary medicine market size reached US$ 33.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 49.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.5% during 2023-2028. Veterinary medicine or veterinary science deals with the prevention, management, diagnosis, and treatment of animal disease, disorder, and injury. It also deals with animal rearing, husbandry, breeding, research on nutrition, and product development. Its scope is wide, covering all domestic and wild animal species, with various conditions that can affect different species. It helps human health by monitoring and controlling zoonotic disease, food safety, and human applications via medical research. It also assists in maintaining food supply via livestock health monitoring and treatment by keeping pets long-living. It is widely practiced, both with and without professional supervision.

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Global Veterinary Medicine Market Demand:

The global market is primarily driven by increasing pet ownership. In line with this, the rising pet humanization is significantly contributing to the market. Furthermore, the development of new technologies and treatments is expected to create a positive outlook for the market. Apart from this, the growing demand for preventive care is positively influencing the market. Moreover, the escalating prevalence of zoonotic diseases and the rapid adoption of pet insurance are catalyzing the market. Besides, the expansion of e-commerce is accelerating market growth, making it easier for pet owners to buy pet health products and services online. Additionally, the advancements in telemedicine offer numerous opportunities for the market as it provides pet owners access to veterinary care from remote locations. Other factors driving the market include growth in animal health research, the increasing demand for specialty veterinary services, the rising demand for organic and natural pet products, the expansion of veterinary clinics and hospitals, and advancements in veterinary diagnostics.

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Competitive Landscape with Key Players:

• Archer-Daniels-Midland Company
• Boehringer Ingelheim GmbH
• Cargill Incorporated
• Ceva Santé Animale
• Dechra Pharmaceuticals PLC
• Elanco Animal Health Incorporated
• Evonik Industries AG
• Merck & Co. Inc.
• Neogen Corporation
• Vetoquinol S.A.
• Virbac and Zoetis Inc.

Breakup by Product:

• Drugs

o Anti-infective
o Anti-inflammatory
o Parasiticide

• Vaccines

o Inactivated Vaccines
o Attenuated Vaccines
o Recombinant Vaccines

• Medicated Feed Additives

o Amino Acids
o Antibiotics

Breakup by Animal Type:

• Production
• Companio

Breakup by Route of Administration:

• Oral
• Parenteral
• Topica

Breakup by Distribution Channel:

• Veterinary Hospitals and Clinics
• Point-of-Care Testing/In-house Testing
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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