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Animal Medicines or Veterinary Medicines are medicines which deal with the prevention, diagnosis, and treatment of diseases, disorder, infections, ailment, or injury in animals. These medicines are used for treating both wild and domestic animals.
These include vaccines, veterinary medicines, such as antimicrobial agents, and diagnostic kits to cure the animals from pathogen and are administered in animals via different routes such as oral route, parenteral route, and topical route. With that, the medication is also available for animal health care, surgery, and preventive services.
Some medical conditions treated using veterinary medicine including pain and inflammation associated with osteoarthritis, hookworm, whipworm, infections, and others.
Veterinary medicines also have a positive impact on human lives by making sure animal products are safe and do not cause any danger because of their consumption.
The global animal medicine market is expected to grow at a healthy CAGR over the years to come.
The growth of this market is attributed towards major pertaining factors including; the increasing worldwide awareness regarding animal health, the surge in prevalence of various medical conditions in animals, the growing government initiatives and policies to immunize the animals, the increasing number of pet adoptions resulting in the growing need for better treatment options for companion animals, the rising veterinary expenditure, the increasing number of veterinary professionals, the increasing cases of zoonotic and chronic diseases and the increasing global livestock population etc.
Additionally, animal medicines manufacturers have started increasingly producing combination medicated feed additives to improve efficiencies of the end products. Medicated feed additives which include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and fungus are added to animal foods and in general help maintain animal health and promote growth and feed efficiency. This practice is driving tremendous growth in the global animal medicine market comprehensively.
Moreover, several pet insurance policies are said to exist which cover a certain part of the body damage or entire body damage for expensive animal drugs and procedures. The increasing penetration of these pet insurance coupled with the increasing consumer awareness and rising disposable income of companion animal owners is expected to fuel growth in the overall animal medicine market.
Furthermore, the rising technological advances and scientific innovations in animal market such as anti-neoplastic veterinary drugs and genomic tests, new product launches, strategic collaborations, acquisitions, and mergers, the globally rising meat production and consumption, the robust R&D investment in this sector, new technology with better therapeutic application and raised quality standards and the surging demand for insurance of exotic breeds of dogs and cats will further add to the growth of this market.
However, factors such as rising threat of antibiotic resistance among animals, the high cost associated with animal medicines, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medicate feed additives and consolidation of customers and distributors resulting in the decline of veterinary medicines prices and reductions in free trade impede the growth of this market.
ANIMAL MEDICINE MARKET SEGMENTATION:
By Animal Type:
By Type of Medicine:
By Route of Administration:
By Type of Prescription:
By Drug Type:
By Distribution Channel:
The North American region is the largest regional market for animal medicines holding the highest share in the market followed by Europe. The region is also anticipated to maintain its dominance in the market by growing at a tremendous growth rate accounting to factors such as the surging incidences of animal diseases in the region, the easy availability of veterinary medicines, the increasing adoption of pet health insurance in the U.S., surge in animal health expenditure, the increasing presence of various organizations and associations working towards securing animal health, the growing favorable reimbursement programs, the increasing number of companion animal owners, the strong foothold of industry players as well as veterinary hospitals, clinics and drug stores etc. The major contributors in the region are the U.S and Canada.
The Asia-Pacific region is the fastest growing regional market for animal medicine and is projected to exhibit significant growth in the upcoming years owing to the surge in awareness related to use of veterinary medicines, animal health, the increasing health concerns in animals, the rapid rise in ownership of companion animals in the region and the growing expenditure on animal health and veterinary services in the region etc. along with various other associated factors. The major contributors in the region are India and China.
FEW KEY PLAYERS IN ANIMAL MEDICINE MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global animal medicine market by the following segments:
Customization: We also offers customization is in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Animal Medicine Industry Report
The report offers a comprehensive insight on the Animal Medicines Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.