Key Takeaways From The Global Veterinary Medicine Market Forecast 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
As per The Business Research Company’s Veterinary Medicine Global Market Report 2023, the veterinary medicine market is expected to show significant growth in the forecast period.
Key insights from the veterinary medicine market forecast include:
- Market Size
The global veterinary medicine market is expected to grow from $26.94 billion in 2022 to $28.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The veterinary medicine market size is expected to grow to $37.08 billion in 2027 at a CAGR of 6.5%.
- Major Driver
The growing number of pet owners is likely to take the veterinary care market forward. For example, according to a national poll conducted in 2021 by The American Society for the Prevention of Cruelty to Animals (ASPCA), a non-profit organisation based in the United States that works to prevent animal cruelty, one in every five households had a cat or dog since the beginning of the COVID-19 crisis, accounting for 23 million households. 90% of dogs and 85% of cats remained in their adopted homes, and the households had no plans to abandon them again. As a result, the veterinary care business is being driven by an expanding number of pet owners.
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- Key Trend
Product innovation is a crucial trend in the veterinary care market going forward. To maintain their market position, major veterinary medication businesses are developing new products such as Stelfonta injectables. For example, Virbac, a French business specialised on animal health product development, will debut a Stelfonta injectable to treat mast cell tumours in dogs in July 2020. The new product is a game-changing treatment for mast cell tumours, a common type of skin cancer. Stelfonta is unusual in that it eliminates tumours without requiring surgery.
- Largest Region
North America was the largest region in the veterinary medicine market in 2022.
- Major Players
Major players in the food diagnostics market are Zoetis Inc., Merck & Co. Inc., Elanco Animal Health Incorporated, Dechra Pharmaceuticals Plc, Ceva Sante Animale, Virbac, Boehringer Ingelheim International GmbH, Kindred Biosciences, Inc., Biogenesis Bago SA, Indian Immunologicals Limited, Neogen Corporation, Hester Biosciences Limited, Phibro Animal Health, Nutreco N.V., and Vetoquinol S.A.
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Key Veterinary Medicine Market Segments
The global veterinary medicine market is segmented –
1) By Product: Drugs, Vaccines, and 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
The Veterinary Medicine Global Market Report 2023 provides an in-depth analysis on the veterinary medicine market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the veterinary 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.
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