Animal Medicine Market Size, Share, And Growth Rate Analysis 2023
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
The Business Research Company’s animal medicine market report forecasts the animal medicine market size to grow to $65.12 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.
Learn More On The Animal Medicine Market Report 2023 – https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
Animal Medicine Market Size Forecast
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The animal medicine market is expected to grow from $65.12 billion in 2027 at a CAGR of 6.6%.
North America held the largest animal medicine market share.
Key Animal Medicine Market Driver – Increase In Penetration Of Pet Insurance
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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Key Animal Medicine Market Trend – Adopting Nanotechnology
Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute for veterinary antibiotics. Nanotechnology is the study of controlling matter on an atomic and molecular scale. In the animal medicine industry, nanotechnology is used to improve diagnosis, treatment, animal growth promotion, and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria. They are also used as drug delivery agents for new drugs and vaccine candidates to improve their characteristics and performance and to reduce drug resistance in animal organisms.
Animal Medicine Market Segment
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
Subsegments Covered: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Other Veterinary Pharmaceuticals, Medical Feed Additives, Nutritional Feed Additives
Animal Medicine Market Major Players and Strategies
Major players in the animal medicine market are 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.
The Animal Medicine Global Market Report 2023 covers regional data on animal medicine market size, animal medicine market trends and drivers, opportunities, strategies, and animal medicine market competitor 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 refer to a collective term for drugs and therapies, including veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals, that are used to treat animal diseases to improve animals’ performance and health by identifying disease symptoms and drugs for the cure of illness.
View More Reports Related To The Animal Medicine Market –
Animal Growth Promoters And Performance Enhancers Global Market Report 2023
Animal Hospitals And Veterinary Clinics Global Market Report 2023
Animal Based Protein Supplements Global Market Report 2023
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