Veterinary Medicine Market Is Anticipated To Reach $39.1 Billion By 2026: Grand View Research, Inc.

Veterinary Medicine Market Is Anticipated To Reach $39.1 Billion By 2026: Grand View Research, Inc.

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According to report published by Grand View Research, Increasing demand to curb chronic and zoonotic diseases in livestock and pet animals is the key driver to veterinary medicine market.

The global veterinary medicine market size is expected to reach USD 39.1 billion by 2026, according to a new report by Grand View Research, Inc., registering a 6.2% CAGR over the forecast period. Increasing prevalence of chronic and zoonotic disorders is fueling the demand for veterinary medicines. Rising demand for animal products has intensified livestock production worldwide. Moreover, factors such as a change in food preferences owing to changing lifestyle and population growth is boosting the demand for livestock products. Rising concern about food security and increasing animal husbandries are propelling the demand for veterinary pharmaceuticals and vaccines for livestock population.

Increasing demand for meat production is eventually driving the need to protect animals from various diseases. Stringent regulations by government bodies for mandatory vaccination in cattle and poultry to reduce the risk for foodborne diseases is propelling market growth. Companies are also trying to develop recombinant vaccines in order to reduce the risk of diseases in farm animals. Moreover, the current industry trade toward antibiotic-free production is spurring the demand.

Rising concerns of people regarding their pets lead to increase in insurance claims. Most pet insurance policies cover major chronic conditions except any pre-existing one. New product launches to curb the ever increasing need for medicines is further expected to boost veterinary medicinemarket growth in the near future. For example, in September 2018, Boehringer Ingelheim launched Semintra 10 mg/ml oral solution in European countries for the treatment of hypertension in cats. This move will enable the company to increase its presence in the companion animal market.

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Key Takeaways from the report:

  • Pharmaceuticals held the largest revenue share in the market based on product in 2018. This is owing to increasing demand of potent pharmaceuticals to prevent zoonotic and foodborne diseases in livestock animals

  • By animal type, companion animals will emerge as the fastest growing segment, registering a CAGR of 6.9% by 2026. The growth can be attributed to increasing prevalence of chronic diseases such as diabetes and arthritis among animals

  • The parenteral mode of delivery segment is expected to show lucrative growth over the forecast period. This is due to their rapid onset of actions and massive product availability

  • Asia Pacific is expected to emerge as the fastest growing regional market. On the other hand, North America held the largest revenue share due to the presence of major industry players in this region

  • Some of the leading players are Zoetis Inc.; Elanco; Bayer AG; Boehringer Ingelheim GmbH; Virbac; and Neogen Corporation.

U.S. veterinary medicine market size, by animal type, 2014 - 2026 (USD Billion)

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Grand View Research has segmented the global veterinary medicine market based on product, animal type, mode of delivery, end use, and region:

Veterinary Medicine Product Outlook (Revenue, USD Million, 2014 – 2026)

  • Biologics

    • Vaccine

      • Live attenuated vaccines       

      • DNA Vaccines

      • Recombinant Vaccines

      • Inactivated Vaccines

      • Others

    • Others

  • Pharmaceuticals

    • Parasiticides

    • Anti-infectives

    • Anti-inflammatory

    • Analgesics

    • Others

  • Medicated Feed Additives

Veterinary Medicine Animal Type Outlook (Revenue, USD Million, 2014 – 2026)

  • Production

    • Poultry

    • Swine

    • Cattle

    • Sheep & Goats

    • Fish

  • Companion

    • Dogs

    • Cats

    • Horses

    • Others

Veterinary Medicine Mode of Delivery Outlook (Revenue, USD Million, 2014 – 2026)

  • Oral

  • Parenteral

  • Others (Topical, carrier)

Veterinary Medicine End-use Outlook (Revenue, USD Million, 2014 – 2026)

  • Reference Laboratories

  • Point-of-care testing/In-house testing

  • Veterinary Hospitals & Clinics

  • Others

Veterinary Medicine Regional Outlook (Revenue, USD Million, 2014 – 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

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About Grand View Research, Inc.

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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