Press release
Animal Medicine Market trends, Top Companies, Share, Growth And Forecast 2033
Animal Medicine Market
The Business Research Company presents an extensive market research report on the Animal 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 animal medicine market size has grown strongly in recent years. It will grow from $51.18 billion in 2023 to $55.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increased spending on pets, rise in animal healthcare expenditure and increasing penetration of pet insurance.
The animal medicine market size is expected to see strong growth in the next few years. It will grow to $72.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increased disease prevalence among animals, increasing pet ownership, increasing consumption of animal-derived products and supportive government initiatives will drive the market growth.. Major trends in the forecast period include super-combo parasiticides, strategic collaborations and partnerships to drive innovations, development of chewable tablets, launch of mobile veterinary units, focus on developing new and innovative products, increasing emphasis on e-commerce in the pet care industry and increased focus on medicated feed additives.
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Key Market Players:
Major companies operating in the animal medicine market report are Zoetis, Inc, Boehringer Ingelheim GmbH, Merck & Co Inc, Elanco Animal Health Incorporated, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, China Animal Husbandry Industry Co., Ltd, Vetoquinol S.A., Neogen Corporation, Century Pharmaceuticals Limited, BASF India Ltd., Cargill India Pvt. Ltd., Intervet Australia Pty Ltd, Jurox Pty Ltd, SeQuent scientific ltd, Guangdong Wens Dahuanong Biotechnology Co. Ltd, Shandong Lukang, Bayer Animal Health Cadila Pharmaceuticals Ltd., Novasep, Koninklijke DSM n.v, Novartis AG, Nutreco N.V., Sanofi S.A, Merial Pulike Biological Engineering, Bad Oldesloe, CP-Pharma Handelsgesellschaft mbH, SaluVet GmbH, KRKA UK, Interfeed, Biotex Plus Ltd., Belfarmacom, Cymedica, vet resolution, Vetruus Ltd, Nimrod Veterinary Products Ltd., Bimeda, Animalcare, Medco-ERP Ltd. Holland, Brouwer, IDT Biologika, Vetiquinol S.A, UCBVET, Biowet Puławy, Esculap, Pasteur Romania, Vector-Vita-LLC, NITA-FARM, Bioveta, Heska, Dechra Veterinary Products, Eli Lilly and company, IDEXX Laboratories, Agrodan CA, Agrovet Market S.A, Interchem Ltda, Invesbio S.A, Syntec, Sauvet, Vetanco, Chemo Argentina, Saudi Pharmaceutical Industries SPI, Montajat Pharmaceuticals Co. Ltd., ALKE SAGLIK URUNLERI San. ve Tic. A.S., MISTAV Ilac ve Tavukculuk San.Tic.Ltd, DBK Pharma S.A.E., Kahmavet, Lemavet, Abpharma, ASVET, Ekinos - Veterinary Products, Lanrex Pharmaceuticals Nig Ltd, Emzor Pharmaceutical Ltd.
Market Drivers:
The increasing penetration of pet insurance is expected to drive the animal medicine market. Globally, the pet insurance market is largely untapped with extremely low penetration rates, providing a large market opportunity. In developed economies such as the USA, the pet insurance penetration rate is around 1%, although in Western European countries such as the UK, the penetration rate is around 20%. During the forecast period, the pet insurance market in the USA is expected to grow by $2 billion in 2022, at a compound annual growth rate of 14%, mainly driven by the increasing consumer awareness and rising disposable income of companion animal owners. Increasing penetration of pet insurance will increase the number of visits at veterinary clinics supporting the use of animal medicine in the treatment of different diseases.
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https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
The animal medicine market covered in this report is segmented -
1) By Medicine: Veterinary Pharmaceuticals, Feed Additives
2) By Type Of Animal: Companion Animal, Livestock Animals
3) By Type Of Prescription: OTC, Prescription
4) By Route Of Administration: Oral, Parenteral, Other Routes Of Administration
5) By Distribution Channel: Veterinary Services, Online, Other Distribution Channels
Sub segments: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Others Veterinary Pharmaceuticals, Medical Feed Additives, Nutritional Feed Additives
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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