Global Animal Medicine Market 2022 – Market Opportunities And Strategies
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The animal medicine market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 5%, as per The Business Research Company’s market report!
Read More On The Animal Medicine Market Report 2022 – https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
The Animal Medicine Market Size In 2022 And Forecast
The global animal medicine market is expected to grow from $41.09 billion in 2021 to $45.04 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. 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, effecting many markets across the globe. The global animal medicine market size is expected to grow to $56.35 billion in 2026 at a CAGR of 5.8%.
The animal medicine market consists of sales of veterinary medicines and related services by entities (organizations, sole traders, and partnerships) that manufacture veterinary medicines used to treat animal diseases and/or to improve animals’ performance and health.
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Increase In The Penetration Of Pet Insurance Is Driving The Growth Of The Animal Medicine Market
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.
Competitive Landscape And The Regional Analysis Of The Animal Medicine Market
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.
Additionally, as per TBRC’s research – North America was the largest region in the animal medicine market in 2021 holding the largest market share.
The Animal Medicine Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the animal medicine market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the animal medicine market.
Nanotechnology – A Key Trend In The Animal Medicine Market
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 Segmentation By The Business Research Company
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
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