The global veterinary medicine market size is expected to reach USD 54.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 7.3% over the forecast period. The companion animal segment is anticipated to demonstrate the fastest growth during the forecast period owing to the increasing prevalence of chronic diseases and rising demand for advanced treatment alternatives for canines suffering from chronic diseases. The COVID-19 pandemic resulted in regulatory changes, which are anticipated to iron out the disruptions, thereby increasing manufacturing and adoption of vet medicines in near future.
Veterinary Medicine Market Report Highlights
- The production animal segment is projected to register a significant CAGR over the forecast period. Increasing focus on food safety and sustainability by government healthcare organizations globally is contributing to the segment growth
- The biologics segment, which includes vaccines, is expected to exhibit the fastest CAGR over the forecast period owing to the increasing awareness regarding the importance of vaccination in animals
- The oral mode of administration is expected to grow at the fastest growth rate from 2022 to 2030 owing to the increasing incidence of chronic conditions in pets
- The reference laboratories segment is anticipated to witness lucrative growth in the coming years due to the high demand as laboratories enable testing of various infections, toxic agents, and different ailments in specimens obtained from pets
- North America held the second-largest revenue share in 2021, due to the high prevalence of zoonotic diseases in this region. Moreover, reimbursement programs across the U.S. make this continent a major contributor to the market
- Asia Pacific is anticipated to witness the fastest CAGR from 2022 to 2030 owing to the rising adoption of pet animals, growing concerns regarding animal health, and the high prevalence of diseases in animals
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The federal government has taken various relief measures, which include new tax provisions, small business loans, and unemployment insurance to respond to the pandemic and support the veterinarians. AVMA has also taken supportive measures to support small veterinary businesses or practices. In August 2020, the USFDA stated that 6 out of 32 animal drug companies could soon face shortages who source their API from China. Due to labor shortage, there is also reduced capacity to work on animal health activities, such as vaccination, good biosecurity, and prophylactic treatment. The manufacturing units are taking preventive measures for the uninterrupted production of veterinary drugs.
The growing consumption of meat is fueling the demand for mandatory vaccination for animals, which results in market growth. According to The World Counts, meat consumption is estimated to range between 460-570 million tons by 2050. Such factors are expected to drive the demand for medicinal feed additives & antibiotics to boost livestock production and thereby fueling the market growth. An increase in the consumption of animal-based products, recent developments in feed production, implementation of innovative animal husbandry practices to advance meat quality, and standardization of meat products due to disease outbreaks have also boosted the demand for animal feeds, thereby creating growth opportunities for the companies operating in this space.
The new regulations on veterinary medicines and medicated feed enforced from January 2022 within the European Union are expected to support European Union action to fight against antimicrobial resistance. These types of supportive initiatives undertaken by regulatory bodies to keep antimicrobials (comprising antibiotics) effective based on a ‘One health’ approach are expected to maintain animal and public health. Moreover, it also improves the access to high-quality & safe-to-use medicines for livestock farmers, veterinarians, and pet owners. The market leaders are involved in strategic collaborations, acquisitions, investments in new product segments, mergers, and new product launches to sustain the competition.
For instance, in July 2021, Nutreco acquired Bigsal Nutrição Animal from H.I.G. Capital in Brazil. This strengthened the company’s position in the animal nutrition space, of the Brazilian market. In February 2021, Virbac opened the R&D facility dedicated to warm water aquaculture in Vietnam. The new facility would enable the development of vaccines, probiotics, and other products for aquatics. Initiatives like these are anticipated to propel market growth in the coming years. In October 2021, Boehringer Ingelheim invested an additional USD 112.68 million in its veterinary public health capacity in Lyon-Jonage, France. This new capacity will be one of the largest biotechnology manufacturing sites for veterinary vaccines in Europe. Leading players have maintained their market position in terms of product penetration, regional presence, revenue, as well as strategic initiatives.
Veterinary Medicine Market Insights By Geographical Region
The market is dominant in the Europe region. The region accounted for the maximum share of the global revenue in 2021. North America was the second-largest regional market in 2021 due to the factors, such as the increasing prevalence of zoonotic diseases and favorable reimbursement programs. The Asia Pacific market is expected to register the fastest growth rate over the forecast period. Factors, such as higher adoption of companion animals and increasing health concerns in animals, have promoted the market growth in this region.
Industry Share Analysis By Major Companies
The market players are involved in strategic collaborations, regional expansions, and new product launches to sustain the competition. Established organizations and large enterprises are investing in acquisitions of other market players to gain a competitive edge. Some of the key players operating in the global veterinary medicine market include:
- Merck Animal Health
- Ceva Sante Animale
- Vetoquinol S.A.
- Zoetis
- Boehringer Ingelheim GmbH
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Veterinary Medicine Market Segmentation
Grand View Research has segmented the global veterinary medicine market on the basis of animal type, product, mode of delivery, end-user, and region:
- Veterinary Medicine Animal Type Outlook (Revenue, USD Million, 2017 – 2030)
- Veterinary Medicine Product Outlook (Revenue, USD Million, 2017 – 2030)
- Veterinary Medicine Mode of Delivery Outlook (Revenue, USD Million, 2017 – 2030)
- Veterinary Medicine End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Veterinary Medicine Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Veterinary Medicine Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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