(Companies Covered: Zoetis Inc, Boehringer Ingelheim GmbH, Bayer AG, Elanco Animal Health (Eli Lilly and Company), Ceva Santé Animale)
The global animal medicine market is expected to decline from $38.9 billion in 2019 to $32.4 billion in 2020 at a compound annual growth rate of -16.8%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. COVID-19 pandemic is affecting industries across the globe including the animal sector. The restrictions on non-essential medical services coupled with slowed production of veterinary pharmaceuticals due to extended factory closures in various countries, shortage of APIs and other chemicals, and rise in prices of key ingredients are the key factors for this decline. The market is then expected to recover and grow at a rate of 7% from 2021 and reach $50.3 billion in 2023.
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The animal medicine market consists of sales of animal medicine and related services by entities (organizations, sole traders and partnerships) that produce animal medicine to treat animal diseases. This industry includes establishments that produce veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals. It also includes establishments that produce medical feed additives and nutritional feed additives.
Global Animal Medicine Market Segmentation –
1) By Type : Veterinary Pharmaceuticals, Feed Additives
2) By Type of Animal : Livestock, Companion Animals
3) By End-Use : Veterinary Hospitals, Pharmacies And Drug Stores, Veterinary Clinics
Global Animal Medicine Market Driver –
Veterinary pharmaceutical producers have started using Stem Cell Therapy as an animal medicine due to its excellent capabilities of healing arthritis or animal injury. Stem Cell Therapy is a process of injecting stem cell into the body of the animal to replace the damaged cells of the body.
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Few Points From The Global Animal Medicine Market TOC
1. Executive Summary
2. Report Structure
3. Animal Medicine Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Animal Medicine Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Animal Medicine Market Supply Chain
5.1. Supply Chain
5.3. End Customers
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