Veterinary Medicine Market Size Is Anticipated To Reach USD 46.2 Billion By 2027

 San Francisco, 25 Nov 2020: The Report Veterinary Medicine Market Size, Share & Trends Analysis Report By Animal Type (Production, Companion), By Product, By Mode Of Delivery (Oral, Parenteral), By End Use, By Region, And Segment Forecasts, 2020 - 2027

The global veterinary medicine market size is expected to reach USD 46.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2020 to 2027. The companion animal segment is anticipated to demonstrate the fastest growth during the forecast period owing to the increasing prevalence of chronic diseases and rising demand for advanced treatment alternatives for canines suffering from chronic diseases.

An increase in the number of pet owners is driving the need for better treatment options for companion animals, which is resulting in rising health expenditure on pets. According to The American Pet Products Association, the overall spending in the U.S. pet industry increased to USD 95.7 billion in 2019 from USD 90.5 billion in 2018, and it is estimated to reach USD 99.0 billion in 2020.

Growing consumption of meat is fueling the demand for mandatory vaccination for animals, which results in market growth. According to The World Counts, Denmark, global meat production has increased 2-fold from 1988 to 2018. It also stated that meat consumption is estimated to range between 460-570 million tons by 2050. Such factors are expected to drive the growth of the market during the forecast period.

The market leaders are involved in strategic collaborations, regional expansions, and new product launches to sustain the competition. For instance, Elanco acquired Bayer’s animal health division in August 2020 in an attempt to strengthen its R&D capabilities, e-Commerce presence, and multiply its product portfolio. Additionally, in March 2020, Virbac signed an agreement with Pebble Labs for the co-development and commercialization of products for disease prevention in aquatic animals.

Access Research Report of Veterinary Medicine Market @ https://www.grandviewresearch.com/industry-analysis/veterinary-medicine-market

Veterinary Medicine Market Report Highlights

• The production animal segment dominated the overall revenue share as of 2019 and is projected to show a CAGR of over 6.5% from 2020 to 2027. Increasing focus on food safety and sustainability by government healthcare organizations globally is contributing to market growth
• North America held a major market share as of 2019, due to the high prevalence of zoonotic diseases in this region. Moreover, reimbursement programs across the U.S. make this continent a major contributor to the market
• Europe is expected to hold the second-largest market share owing to the favorable government regulations such as the EU Veterinary Medicines Regulation and the high number of insured pets in the Western European countries
• The industry participants are focusing on strategic collaborations, acquisitions, investing in new product segments, mergers, and new product launches to gain a competitive edge in the market
• The biologics segment which includes vaccines and other such products is expected to exhibit the fastest growth over the forecast period owing to the increasing awareness regarding the importance of vaccination in animals
• The oral mode of delivery is expected to witness the fastest growth rate owing to the increasing incidence of chronic conditions in pets
• The reference laboratories held a considerable market share of about 9% in the market, as the laboratories enable testing of various infections, toxic agents, and different ailments in specimens obtained from pets
• In Asia Pacific, the market is anticipated to witness lucrative growth of around 8.0% owing to the increasing adoption of pet animals, growing health concerns about the animals, and the rising prevalence of diseases in animals

List of Key Players of Veterinary Medicine Market

• Merck Animal Health
• Ceva Sante Animale
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim GmbH
• Elanco
• Nutreco N.V.
• Virbac
• Kindred Biosciences, Inc.
• Biogenesis Bago
• Indian Immunologicals Ltd
• Neogen Corporation
• Hester Biosciences
• Phibro Animal Health

Access Press Release of Veterinary Medicine Market @ https://www.grandviewresearch.com/press-release/global-veterinary-medicine-market