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Veterinary Medicine Market worth $50.78 billion by 2030, growing at a CAGR of 7.66% - Exclusive Report by 360iResearch
Veterinary Medicine Market | 360iResearch
The Global Veterinary Medicine Market to grow from USD 28.12 billion in 2022 to USD 50.78 billion by 2030, at a CAGR of 7.66%.
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The veterinary medicine market encompasses a broad range of medical products, services, and solutions to prevent, diagnose, and treat diseases in animals. This market serves a crucial role in ensuring the health and well-being of pet animals and maintaining the productivity and health of livestock worldwide. This market caters to companion animals such as dogs, cats, and horses and livestock, including cattle, pigs, and poultry. Veterinary medicines find application in various fields, including biosecurity, nutrition, and animal welfare, covering many end uses, from routine healthcare and preventive measures to emergency treatments. The primary users are veterinary hospitals and clinics, livestock farms, and sometimes pet owners directly. The end-use is driven by the necessity for maintaining animal health, ensuring livestock productivity, and preventing disease transmission from animals to humans. The veterinary medicine market is driven by several factors, including rising awareness of animal health and wellness, increasing ownership of companion animals alongside a willingness to spend on animal healthcare, growing demand for protein-rich diets leading to a need for healthier livestock, and government initiatives and regulations promoting animal health. However, the veterinary medicine market faces several challenges, including high costs of veterinary healthcare services and products, stringent regulatory approval processes for veterinary drugs and products, and limited access to veterinary care in underdeveloped and developing regions. On the other hand, the development of personalized medicine through genetic testing and tailored treatment plans, expansion of telemedicine and digital technologies for remote diagnostics and treatment, innovation in biotechnology for novel vaccines and therapeutics, and environmental sustainability in veterinary practice and animal agriculture present numerous opportunities for innovation and growth of the veterinary medicine market.
In the United States, the veterinary medicine market is driven by high pet adoption rates and advanced healthcare infrastructure. Consumers strongly prefer premium, preventive medicines and are increasingly aware of animal health issues. Canada has high standards of animal care and significant expenditure on pet health. The market shows a leaning towards organic and natural veterinary products. Government initiatives promoting animal welfare have also encouraged growth in this sector. The South American market is witnessing growth due to the rising adoption of pet animals and increasing expenditure on animal health. Brazil and Argentina are at the forefront of the regional market owing to their large livestock populations and escalating demand for meat and dairy products. APAC is emerging as a rapidly growing region for veterinary medicine due to its expanding pet population, increasing disposable earnings, and raising awareness of animal health. China and India are at the forefront of the region's growth, fueled by their large livestock sectors and increasing pet adoption rates. Japan presents a mature market with high consumer awareness about pet health. The country strongly emphasizes innovation, with numerous patents filed for veterinary pharmaceuticals and technology solutions designed to enhance animal welfare and management. The EU states have stringent regulations governing animal health and veterinary products. This region has a robust veterinary healthcare system and high consumer demand for sustainable and ethical products. Research and investment are strongly directed towards biotechnology and precision medicine to enhance animal health outcomes. In the Middle East, the market is developing with increasing awareness about animal health, especially in the pet sector. Africa's veterinary medicine market faces challenges such as limited access to veterinary services and prevalent animal diseases. However, international collaborations and NGO activities aim to improve the situation by focusing on disease eradication and capacity building for veterinary services.
Market Segmentation & Coverage:
This research report categorizes the Veterinary Medicine Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Mode of Delivery, market is studied across Oral and Parenteral. The Parenteral is projected to witness significant market share during forecast period.
Based on Product, market is studied across Biologics, Medicated Feed Additives, and Pharmaceuticals. The Biologics is further studied across DNA Vaccines, Inactivated Vaccines, Live attenuated vaccines, and Recombinant Vaccines. The Pharmaceuticals is further studied across Analgesics, Anti-infectives, Anti-inflammatory, and Parasiticides. The Biologics is projected to witness significant market share during forecast period.
Based on Animal Type, market is studied across Companion and Production. The Companion is further studied across Cats, Dogs, and Horses. The Production is further studied across Cattle, Fish, Poultry, Sheep & Goats, and Swine. The Companion is projected to witness significant market share during forecast period.
Based on End-user, market is studied across Point-of-care Testing/In-House Testing, Reference Laboratories, and Veterinary Hospitals & Clinics. The Point-of-care Testing/In-House Testing is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 38.15% in 2022, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Veterinary Medicine Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Veterinary Medicine Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Veterinary Medicine Market, highlighting leading vendors and their innovative profiles. These include Archer-Daniels-Midland Company, Biogenesis Bago SA, Biopharm company, Biowet Puławy sp. z o.o., Brovapharma, C. H. Boehringer Sohn AG & Co. KG, Ceva Sante Animale, Dechra Pharmaceuticals PLC, Elanco Animal Health Incorporated, Evonik Industries AG, Hester Biosciences Limited, Indian Immunologicals Ltd, Intracin Pharmaceutical Private Limited, JoinHub Pharma, Merck & Co. Inc., Nam Pharma Sdn Bhd, NAPHAVET Co., Ltd., Neogen Corporation, Nutreco N.V., Phibro Animal Health Corporation, Sykes Vet International Pty Ltd., TRAVETCO, Vetoquinol S.A., Vetpharma Animal Health S.L., Vetsintez LLC, Virbac SA, Weefsel Pharma, and Zoetis Inc..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Veterinary Medicine Market, by Mode of Delivery
7. Veterinary Medicine Market, by Product
8. Veterinary Medicine Market, by Animal Type
9. Veterinary Medicine Market, by End-user
10. Americas Veterinary Medicine Market
11. Asia-Pacific Veterinary Medicine Market
12. Europe, Middle East & Africa Veterinary Medicine Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Veterinary Medicine Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Veterinary Medicine Market?
3. What is the competitive strategic window for opportunities in the Veterinary Medicine Market?
4. What are the technology trends and regulatory frameworks in the Veterinary Medicine Market?
5. What is the market share of the leading vendors in the Veterinary Medicine Market?
6. What modes and strategic moves are considered suitable for entering the Veterinary Medicine Market?
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