Veterinary Medicine Market 2022
Veterinary medicine can be defined as medicines for prevention, diagnosis, and treatment of animals to cure them of wounds or any disorder. The increasing uptake of veterinary medicines are providing ample support to the veterinary medicine market, which can now gain a CAGR of 5.57% during the forecast period. Market Research Future (MRFR), in their latest report on the same, discussed the impact that the market can witness in coming years.
Factors like growing adoption rate of pets, better medicines to treat, hike in investment to buy pets, increasing availability of medicines, government initiatives for domesticated animals, high integration of drug therapies, and others are expected to play crucial role for the global veterinary medicine market.
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Major Key Players:
MRFR recognizes the following companies as the Key Players in the global Veterinary Medicine Market— Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories, Vetoquinol S.A., Bayer AG, and Zoetis.
The global veterinary medicine market, as per MRFR’s analysis, can be segmented on the basis of products, animals, route of administration, and end-users. Such a segmentation has in-depth analysis of various market factors that can be considered for future expansion plans.
Based on animals, the veterinary medicine market includes companion and domesticated animals. The number of companion animals is growing due to hike in disposable income.
Based on products, the veterinary medicine market comprises injury medicine, disorder medicine, and diagnosis medicine. These segments are providing ample support to the regional market.
Based on the route of administration, the veterinary medicine market can be into Parental, oral, and topical. Oral medicines are gaining popularity as that can be inserted into other food items for intake.
Based on end users, the veterinary medicine segmented into research institutions, veterinary hospitals, veterinary clinics, and others. The research institutions are developing means to gain from the market as their research facility is already expected to support the need.
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Global Veterinary Medicine Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East Africa. The Americas is likely to hold the largest share of the global veterinary medicine market during the assessment period owing to the rise in companion animal ownership and growing prevalence of animal diseases in the region. The Europe market is expected to register a substantial growth in the market owing to the rising prevalence of diseases, new product approvals, and presence of developed veterinary healthcare infrastructure. Asia-Pacific is estimated to be the fastest-growing regional market due to the growing penetration of the veterinary sector, surge in the number of private veterinary clinics, increasing awareness about animal welfare, and government campaigns for the welfare of pet animals in China, Japan, India, South Korea, and Australia. The veterinary medicine market in Middle East Africa is expected to witness gradual growth owing to the presence of low-income countries in the region.
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