The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

North America held the largest animal medicine market share in 2022.

The global animal medicine market is expected to grow from $46.91 billion in 2022 to $50.47 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The market is expected to reach $65.12 billion in 2027 at a CAGR of 6.6%.

Major Driver In The Animal Medicine Market ­– Increase In Penetration Of Pet Insurance
Pet insurance penetration is under 1% in industrialized economies such as the United States, but around 20% in Western European countries such as the United Kingdom. During the projection period, the pet insurance market in the United States is predicted to increase by $2 billion in 2022, at a compound yearly growth rate of 14%, owing mostly to rising consumer awareness and companion animal owners’ rising disposable income. Increased pet insurance penetration will increase the frequency of visits to veterinary clinics, encouraging the use of animal medicine in the treatment of various diseases.

View More On The Animal Medicine Market Report 2023 – https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report

Key Animal Medicine Market Segments
1) By Type: Veterinary Pharmaceuticals, Feed Additives
2) By Type of Animal: Livestock, Companion Animals
3) By End-Use: Veterinary Hospitals, Pharmacies And Drug Stores, Veterinary Clinics

Recent Animal Medicine Market Trend – Nanotechnology
Nanotechnology is employed in the animal medicine business to improve diagnosis, treatment, animal growth promotion, and manufacturing. Nanoparticles are primarily employed as alternative antibacterial agents to reduce antibiotic use and improve harmful bacteria detection. They are also utilized to improve the features and performance of novel medications and vaccine candidates, as well as to diminish drug resistance in animal organisms.

Animal Medicine Market Prominent Players
Major companies in the animal medicine market include Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co, Evonik Industries AG, Patterson Companies Inc., Ceva Animal Health LLC – Biomune, Phirbo Animal Health, Dechra Pharmaceuticals, Virbac Group, and Vetoquinol S.A.

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The Animal Medicine Global Market Report 2023 provides a comprehensive overview on the animal medicine market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the animal medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Animal medicines are drugs and therapies, such as veterinary vaccines, antibiotics, and other veterinary pharmaceuticals, that are used to treat animal diseases in order to improve animal performance and health by identifying disease symptoms and drugs for illness cure.

Animal And Pet Food Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/animal-and-pet-food-global-market-report

Animal Hospitals And Veterinary Clinics Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/animal-hospitals-and-veterinary-clinics-global-market-report

Veterinary Antibiotics Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/veterinary-antibiotics-global-market-report

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