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 veterinary medicine market report forecasts the veterinary medicine market size to grow to $37.08 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.

Learn More On The Veterinary Medicine Market Report 2023 – https://www.thebusinessresearchcompany.com/report/veterinary-medicine-global-market-report

Veterinary Medicine Market Size Forecast
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 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The veterinary medicine market size is expected to grow to $37.08 billion in 2027 at a CAGR of 6.5%.

North America held the largest veterinary medicine market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Veterinary Medicine Market Driver ­– Increase In Number Of Pet Owners
For instance, in 2021, according to a national poll by The American Society for the Prevention of Cruelty to Animals (ASPCA), a US-based non-profit organization working to prevent animal cruelty, out of all the respondents, one in five households had a cat or dog from the beginning of the COVID-19 crisis, which accounted for 23 million households. 90% of dogs and 85% of cats were still in their adopted homes, and the households were not considering abandoning them again. As a result, the increasing number of pet owners is driving the veterinary medicine market.

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Key Veterinary Medicine Market Trend – Product Innovation
Major companies operating in the veterinary medicine market are introducing new products, such as Stelfonta injectables, to sustain their position in the market. For instance, in July 2020, Virbac, a France-based company focused on animal health product development, launched a Stelfonta injectable to treat mast cell tumours in dogs. The new product is a breakthrough solution for mast cell tumors, which are a leading form of skin cancer. Stelfonta uniquely destroys tumours without the need for surgery.

Veterinary Medicine Market Segment
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

Veterinary Medicine Market Major Players and Strategies
Major players in the veterinary medicine 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.

In August 2020, Elanco, a US–based pharmaceutical company, acquired Bayer Animal Health for an undisclosed amount. This acquisition will enable Elanco to solidify a direct-to-consumer strategy that focuses on the veterinarian to create new development potential that gives Elanco a chance to profit from recent trends that the COVID-19 pandemic has driven. Bayer Animal Health is a Germany-based pharmaceutical company.

The Veterinary Medicine Global Market Report 2023 covers regional data on veterinary medicine market size, veterinary medicine market trends and drivers, opportunities, strategies, and veterinary medicine market competitor 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.

Veterinary medicine refers to the field of medicine that includes the diagnosis, treatment, and prevention of ailments in animals.

View More Reports Related To The Veterinary Medicine Market –
Veterinary Dermatology Drugs Global Market Report 2023
Veterinary Antibiotics Global Market Report 2023
Veterinary Dietary Supplements Global Market Report 2023

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