The veterinary medicine market is booming on the back of the increasing awareness amongst individuals for the advantages of maintaining animal health and the rising rate of pet ownership across the developed and developing nations. With the growing prevalence of animal zoonotic diseases globally, individuals opt for medicines and therapies that help them keep safe their pets from adverse health conditions, thus significantly investing a certain amount of funds in healthcare services. Veterinary medicines primarily include drugs, such as parasiticides and anti-infective drugs, that are orally administered in animals. On the other hand, veterinary medicine often consists of vaccines that can improve immunity in animals to fight against several infectious diseases, including parainfluenza 3-respiratory syncytial and equine influenza (EIV).
Besides, they are often integral and potent medication techniques for preventing the growth of zoonotic viruses and other associated microorganisms and promoting animal health and welfare. It further plays a prominent role in animal health protection through controlling and preventing a severe epi zoonotic disease. Additionally, the use of vaccines in animals due to the emergence and spread of resistant micro-organisms may spur the effective use of a significant number of existing antimicrobial medical products to treat viral infections. As a result, it has increased the acceptance of veterinary medicinal products, thus permitting the usage of such products to diagnose and treat diseases among livestock and companion animals. Following these favorable developments, the Global Veterinary Medicine Market is estimated to see healthy growth, pegged at a CAGR of around 7.4% throughout the forecast period 2021-2027.
The use of veterinary medicine has become common in hospitals and clinics for human and veterinary use. These medicines are more frequently used in hospital and clinical laboratories where pathology tests are conducted to get information about the health of the pet to aid in treatment, diagnosis, and inhibition of diseases. Recently, the number of licensed vaccines in veterinary medicine continues to grow and find its usage in hospitals and clinical settings due to the increased need to protect pets against emerging pathogens. Further, in healthcare facilities, veterinary medicine has long been an effective way to reduce bacterial and viral infection in livestock and companion animal. It is a vital tool in regulating animal health and welfare. This has resulted in the recent establishment of therapeutic biologics into veterinary medicine that emphasizes the role of new vaccine types approved for the treatment, instead of prevention, of disease in pets. The medicines are increasingly used against contagious and deadly diseases to protect the pet's health. Few infectious diseases of animals can even transmit to a person and affect humans health. For instance, parvovirus is exceptionally a contagious disease that any person can transmit, animal or object that comes in contact with an infected dog's feces. Hence, the preference for veterinary medicine is increased gradually to provide proper treatment of such infectious diseases among animals and prevents their spread and effect among the human population.
Segmentation Overview of the Global Veterinary Medicine Market
The veterinary medicine market is segmented into product, route of administration, animal type, and distribution channel. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook (Drugs (Anti-infective, Anti-inflammatory, Parasiticide), Vaccines (Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines), Medicated Feed Additives (Amino Acids, Antibiotics))
By Route of Administration Outlook (Oral Route, Parenteral Route, and Topical Route)
By Animal Type Outlook (Companion Animal and Livestock Animal)
By Distribution Channel Outlook (Veterinary Hospital Pharmacies, Retail Veterinary Pharmacies)
Key Players Insights
Archer Daniels Midland, Boehringer Ingelheim International GmbH, Ceva Sant Animale, Dechra Pharmaceuticals Plc, Elanco Animal Health Inc., Evonik Industries AG (RAG Stiftung), Merck & Co., Inc., Soparfin SCA, Virbac SA, Zoetis Inc., among others, are some key market players included in the research study of the global veterinary medicine market.
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