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What is the Anticipated CAGR of the Veterinary Medicine Market Over the 2024-2033 Forecast Period?

There has been robust growth in the veterinary medicine market in recent years. This market is projected to expand from $29.06 billion in 2023 to $31.34 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 7.8% driving the increase. Several factors can explain the historical growth of this market, such as advancements in veterinary science, a heightened awareness of zoonotic diseases, emphasis on animal welfare, worldwide pet trade, specialization in veterinary care, and increased expenditure on pet healthcare.

The market size for veterinary medicine is anticipated to experience a robust growth in the upcoming years. The market is projected to expand to $42.07 billion by 2028, with a compound annual growth rate (CAGR) of 7.6%. Factors contributing to this predicted growth within the forecast period include the rise in tailored medicinal treatment for animals, the worldwide expansion of veterinary studies, the increasing use of telehealth in animal care, effects of climate change and preparation to handle zoonotic diseases. Observable trends during this forecast period involve an emphasis on preventive healthcare, enhancements in animal-related pharmaceuticals, biotechnology and biopharmaceuticals, the evolution of digital health tech, global expansion of veterinary medicine, commitment to sustainable and ethical practices, in addition to regulatory compliance and safety.

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What Are the Driving Forces Behind the Growth of the veterinary medicine Market?

The rising tally of pet owners is poised to boost the expansion of the veterinary medicine market. Pet owners, those who possess or have taken a pet animal into their homes, are responsible not just for their pet’s daily needs, but also their medical one. Hence, the surge in demand for veterinary medicines can be attributed to these individuals, fuelling the growth of the veterinary medicine market. For instance, a 2021 nationwide survey by The American Society for the Prevention of Cruelty to Animals (ASPCA), a US-based organization committed to the prevention of animal cruelty, revealed that one-fifth of the responding households had a cat or dog since the onset of the COVID-19 crisis, representing 23 million households. Impressive retention rates of 90% for dogs and 85% for cats were noted, with these households showing no intention of giving up their pets. This trend of growing pet ownership is a key driving factor for the veterinary medicine market.

Which Segments Are Crucial in the Veterinary Medicine Market?

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

What Are the Key Innovations Reshaping the Veterinary Medicine Market?

Leading firms in the veterinary medicine market are pioneering novel products, like ethno-veterinary medicines, to secure an advantageous position in the industry. Ethno-veterinary medicines, derived from Ayurvedic formulations, are developed for the treatment of animal ailments. For example, Milma, a dairy company based in India, introduced ethno-veterinary medicines in August 2023. These medications serve as affordable substitutes for allopathic veterinary drugs, reducing the financial strain of veterinary costs on farmers and offering an economical answer to animal healthcare. These medicines offer a straightforward, economical, and farmer-friendly approach that are employed as preventative and healing solutions.

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What Regions Are Influencing the Dynamics of the Veterinary Medicine Market?

North America was the largest region in the veterinary medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the veterinary medicine market report during the forecast period. The regions covered in the veterinary medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Veterinary Medicine Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the veterinary medicine market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Veterinary Medicine Market Include

1. Veterinary Medicine Market Executive Summary

2. Veterinary Medicine Market Segments

3. Veterinary Medicine Market Size And Template Market Growth Rate

4. Key Veterinary Medicine Market Trends

5. Major Veterinary Medicine Market Drivers

……

25. Key Mergers And Acquisitions In The Veterinary Medicine Market

26. Top Veterinary Medicine Companies

27. Veterinary Medicine Market Opportunities And Strategies

28. Veterinary Medicine Market, Conclusions And Recommendations

29. Appendix

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