Sanofi S.A. (MERIAL Limited), Vetoquinol SA, (Intervet), Ceva Santé Animale, Zoetis Inc. (Pfizer), Bayer Healthcare AG, Boehringer Ingelheim GmbH, Merck & Co., Inc. Nutreco N.V., Virbac S.A, Eli Lilly and Company (Elanco/Novartis), are some of the renowned companies in the global veterinary medicine market.
The prominent animal feed additive manufacturers include Koninklijke DSM N.V, Cargill Inc. (Provimi), Evonik Industries AG, ADM Alliance Nutrition, among others.
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Veterinary pharmaceutical manufacturers have now started making use of Stem Cell Therapy as a veterinary medicine on account of its excellent properties of healing various forms of injuries in animals, including arthritis. Stem Cell Therapy refers to a process where stem cell is injected into the animal’s body for replacing the damaged cells, a major trend being noted in the global veterinary medicine market at present.
Growth Factors and Top Restraints
Veterinary medicine is a kind of medicine used for the diagnosis, prevention, and treatment of disorders, diseases, and injuries in animals. Veterinary medicine finds widespread use across the globe owing to the rising rate of pet adoption, growing veterinary expenditure, the surge in the number of veterinary professionals, and the increasing demand for pet insurance. In addition, the rising awareness levels with respect to animal health, proactive steps being taken by the government as well as various NGOs for improving animal health care has helped the veterinary medicine market do excellent business in recent years.
Since a long time, humans have been dependent on animals for food, service, as well as companionship. In addition to that, animals also play an integral role in research, where diseases are analyzed, and drug therapies are developed. Moreover, the growing diseases among animals are proving to be beneficial for the market to a large extent. The rise in initiatives by the government for the welfare of domesticated animals and the boost in demand for pet animals are expected to substantiate the growth of the veterinary medicine market in the years ahead.
The growth in the buying power coupled with the consolidated nature of the animal products sector in Europe and the United States (U.S.) is a likely prospect in the market growth. In contrary, the growing number of several infections in humans acquired from animals could result in the veterinary medicine market taking a blow in the years to come. However, there are a number of trends and opportunities inundating the market, which would ensure its smooth run in the future.
The worldwide veterinary medicine market has been segmented on the basis of products, animals, route of administration, and end users.
With respect to products, the market has been segmented into injury medicine, disorder medicine, and diagnosis medicine.
The animal segment has been further segmented into companion and domesticated animals.
Depending on the route of administration, the market can be broken down into Parental, oral, and topical.
The various end users covered by the report include research institutions, veterinary hospitals, veterinary clinics, and others.
The global veterinary medicine market has been geographically distributed into Europe, Asia Pacific, America, and the Middle East & Africa.
Gaining the upper hand among all the regions, America is leading the global veterinary medicine market owing to well-rounded healthcare infrastructure and supportive animal welfare policies, particularly in the United States (U.S) and Canada. The region is known for spending a massive amount on animal welfare as well as research within the veterinary medicine market. Moreover, the high number of renowned veterinary hospitals across the developed countries in the region paired with excellent reimbursement rates add to the strength of the regional market in a big way. The regional market also benefits from the consolidation of prominent healthcare vendors on account of the rise in buying power.
Europe stands tall as the second largest region in the global market, backed by the expanding healthcare industry as well as healthcare penetration. The market growth is spearheaded by countries like France and Germany. Among all the countries, Germany is predicted to grow at the fastest rate during the assessment time frame, as a result of its expansive pharmaceutical industry. Europe marks excellent profits in the global market owing to government policies favoring animal health along with tax benefits for companion animals.
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Data experts observe the rapid growth of the Asia Pacific market; with India and China leading the market on account of the fast-expanding healthcare sector and growing unmet needs in the following years. Countries in South East Asia such as India, China, and Malaysia are presumed to be the key contributors to the market growth, backed by the rising penetration of the veterinary industry. On top of this, the growing number of private veterinary clinics and the rising awareness among people with regard to animal welfare are expected to work in favor of the regional market. Great efforts being put in by NGOs for the welfare of animals combined with the surge in government campaigns is slated to bring in favorable results for the market in the forthcoming years, reports MRFR.
Gulf countries like the United Arab Emirates (UAE) and Saudi Arabia are reckoned to be at the forefront of the Middle East & African market. Other nations in the region that are hard to ignore in terms of profit include Jordan, Kuwait, Iran, and Egypt. Africa is predicted to observe an inferior growth rate due to the substandard economic and political state of the region, along with poor healthcare development. Other sections of the region are projected to depict slow growth as well, on account of poor social development and lack of awareness regarding animal welfare.
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