Veterinary Medicine Global Market Outlook 2024-2033: Size And Growth Rate Analysis
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The veterinary medicine market has witnessed robust growth in recent years, fueled by advancements in veterinary science, increased awareness of zoonotic diseases, and a growing emphasis on animal welfare. As the market continues to expand, various trends and factors are reshaping the veterinary medicine landscape.
Growing Pet Owner Population Driving Market Growth:
- The rise in pet ownership globally is a key driver of the veterinary medicine market.
- The COVID-19 pandemic has led to an increase in pet adoptions, with a significant number of households welcoming cats or dogs into their homes.
- Companies like Zoetis Inc., Merck & Co. Inc., and Elanco Animal Health Incorporated play pivotal roles in meeting the healthcare needs of companion animals.
Ethno-Veterinary Medicines Transforming Veterinary Care:
- Innovations in veterinary medicine include the development of ethno-veterinary medicines, derived from Ayurvedic formulations.
- Ethno-veterinary medicines offer cost-effective alternatives to allopathic drugs, particularly in agricultural communities.
- Milma’s launch of ethno-veterinary medicines highlights a shift towards sustainable and accessible animal healthcare solutions.
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Zoetis Expands Animal Health Portfolio Through Strategic Acquisition:
- Zoetis’ acquisition of Jurox in September 2022 signifies the company’s commitment to enhancing its animal health portfolio.
- Jurox, an Australia-based veterinary pharmaceutical manufacturer, brings expertise in parasiticides and anti-infectives to Zoetis’ product offerings.
Market Segmentation: The veterinary medicine market is segmented based on various criteria:
- Product: Drugs, Vaccines, Medical Feed Additives
- Animal Type: Companion Animals, Livestock Animals
- Route of Administration: Oral Route, Parental Route, Topical Route
- Distribution Channel: Veterinary Hospital Pharmacies, Retail Veterinary Pharmacies
- End-Use: Reference Laboratories, Point-of-Care Testing/In-House Testing, Veterinary Hospitals and Clinics, Other End-Users
- North America leads the veterinary medicine market, driven by established healthcare infrastructure and high pet ownership rates.
- Asia-Pacific emerges as the fastest-growing region, fueled by rising disposable incomes and increasing awareness of animal health.
Future Outlook and Trends: The veterinary medicine market is poised for significant growth, reaching $31.34 billion in 2024 and $42.07 billion by 2028, with a CAGR of 7.6%.
- Trends include a focus on preventive healthcare, advancements in animal pharmaceuticals, and the integration of digital health technologies.
- Sustainable and ethical practices, regulatory compliance, and safety standards will continue to shape the future of veterinary medicine.
Conclusion: The veterinary medicine market continues to evolve, driven by factors such as the growing pet owner population, advancements in ethno-veterinary medicines, and strategic acquisitions by key players. As the demand for high-quality animal healthcare increases, stakeholders must embrace innovation and sustainability to address emerging challenges and opportunities in the veterinary medicine landscape. By prioritizing animal welfare and leveraging technological advancements, the industry can foster healthier outcomes for companion and livestock animals alike.
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