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Veterinary Medicine Market Size, Predictive Share And Scope For 2024-2033
Veterinary Medicine Market
The Business Research Company presents an extensive market research report on the Veterinary Medicine Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The veterinary medicine market size has grown strongly in recent years. It will grow from $29.06 billion in 2023 to $31.34 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to advancements in veterinary science, rising awareness of zoonotic diseases, focus on animal welfare, globalization of pet trade, specialization in veterinary care, increased spending on pet healthcare.
The veterinary medicine market size is expected to see strong growth in the next few years. It will grow to $42.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to personalized medicine in veterinary care, globalization of veterinary research, telehealth adoption in veterinary care, climate change impact, zoonotic disease preparedness. Major trends in the forecast period include focus on preventive healthcare, advancements in animal pharmaceuticals, biotechnology and biopharmaceuticals, digital health technologies, globalization of veterinary medicine, sustainable and ethical practices, regulatory compliance and safety.
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Key Market Players:
Major companies operating in the veterinary medicine market report are Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals plc, Ceva Sante Animale, Virbac, Boehringer Ingelheim International GmbH, Kindred Biosciences Inc., Biogenesis Bago SA, Indian Immunologicals Limited, Neogen Corporation, Hester Biosciences Limited, Phibro Animal Health, Nutreco N.V., Vetoquinol S.A., IDEXX Laboratories Inc., Heska Corporation, Abaxis Inc., Henry Schein Animal Health, Patterson Companies Inc., Covetrus Inc., VetPartners, National Veterinary Associates, Pathway Vet Alliance, VetCor, PetVet Care Centers, BluePearl Veterinary Partners, Banfield Pet Hospital, VCA Animal Hospitals, Mars Veterinary Health, PetSmart Charities, Chewy Inc.
Market Drivers:
The increase in number of pet owners is expected to propel the growth of the veterinary medicine market. Pet owners are individuals who own or adopt a pet animal. Pet owners take care of their pets and their health. Thus, they provide necessary health facilities to the pets, which increases the demand for veterinary drugs and drives the veterinary medicine market. For instance, in 2021, according to a national poll by The American Society for the Prevention of Cruelty to Animals (ASPCA), a US-based non-profit organization working to prevent animal cruelty, out of all the respondents, one in five households had a cat or dog from the beginning of the COVID-19 crisis, which accounted for 23 million households. 90% of dogs and 85% of cats were still in their adopted homes, and the households were not considering abandoning them again. As a result, the increasing number of pet owners is driving the veterinary medicine market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/veterinary-medicine-global-market-report
The veterinary medicine market covered in this report is segmented -
1) By Product: Drugs, Vaccines, Medical feed additives
2) By Animal Type: Companion animals, Livestock animals
3) By Route of Administration: Oral route, Parental route, Topical route
4) By Distribution Channel: Veterinary Hospital pharmacies, Retail veterinary pharmacies
5) By End-use: Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Other End-users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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