The global animal healthcare market could be a driving force for innovation, reaching US $ 56.2 billion between 2021 and 2031 . The CAGR will be 4%. Mental health is the prerogative and remote psychiatry is practiced. It has been proven that physical illnesses can be cured quickly if the mind is in order. As geographical barriers transcend, remote psychiatry will become an integral part of the healthcare field. This is a fact about the future healthcare sector.
Animal health care is known to be a priority area for many pharmaceutical companies these days. This particular market has become quite important due to the increasing incidence of animal diseases, coupled with large-scale factory livestock farming that requires superior quality animal feed additives, hygiene products, and vaccines. I am.
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The main driver of demand for veterinary medicine is the industrialization of the dairy and meat industries around the world. In addition, increasing zoonotic diseases, food poisoning, and increasing adoption of pets further complement the market expansion.
According to a revised report published by Persistence Market Research, the global veterinary market is valued at US $ 36.1 billion in 2020 and is projected to grow at a CAGR of over 4% over the forecast period (2022-2031) .
Company Profile:
- Bayer AG
- Boehringer Ingelheim GmbH
- Billback SA
- Zoetis, Inc.
- Hester Bioscience Co., Ltd.
- Intas Pharmaceuticals Ltd.
- Merck Animal Health
- Elanco (Eli Lilly and Company)
- Something animal health
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Important points from market research
- Parasite repellents are expected to contribute approximately 27% revenue share to the market by 2031 due to growing animal care and hygiene preferences.
- Livestock are expected to account for more than half of the world market share. The industrialization of the dairy and meat industries has increased the demand for animal-based products and spurred market development.
- Oral routes of administration in veterinary medicine are expected to contribute to a revenue share of approximately 45% in the market by 2031 because they provide the highest levels of drug stability and accurate measurements.
- Of all distribution channels, veterinary hospitals accounted for more than 35% of the market share in 2020. Various applications such as clinical toxicity testing, treatment and clinical pathology drive market expansion.
- North America holds the highest share of the global veterinary medicine market due to the presence of large market players, high healthcare costs and increased domestic R & D efforts.
- Key players are focused on strengthening the clinical pipeline through the discovery of new anti-abuse formulations and various acquisitions.
- The US market accounts for most of the world’s revenue at 30% and has a share of more than 85% in the North American market.
“Increased incidence of infectious disease transmission in animals, growth of animal inhabitants, and increased adoption of companion animals are factors driving market growth,” said an analyst at Persistence Market Research.
Increased funding and support from international organizations
International organizations such as UK Science have contributed significantly to the global eradication of cattle epidemics, which has a significant impact on the management of ruminant FMD and Pestedes Petits.
Other funding programs are often supported by WHO, national governments, and private humanitarian agencies. Stakeholders recognize the need to prevent the financial loss caused by the lack of effective vaccination and instead take a precautionary aspect for animal health care.
What does the report cover?
Persistence Market Research provides a unique perspective and actionable insights on the veterinary medicine market in its latest research, showing historical demand assessments from 2016 to 2020 and forecasts from 2021 to 2031. .. -Inflammatory and analgesics, parasite repellents, vaccines, hormones and alternatives, nutritional products, etc.), animals (companion animals and livestock), routes of administration (oral, parenteral, topical, etc.) and distribution channels (veterinary hospitals, etc.) Veterinary clinics, pharmacies, drug stores, etc. across seven major regions of the world).
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Important questions answered in the Veterinary Medical Market Report
How is the veterinary drug market expected to grow during the forecast period?
What direction is the veterinary drug market expected to move in terms of quantity and value during the forecast period?
What are the implications of macroeconomic factors on the future veterinary medicine market?
What are the major market drivers in the animal healthcare market?
What are the important opportunities and areas of improvement for manufacturers in the veterinary drug market?
What are the key developments and trends to take over the animal healthcare market?
Which emerging countries are expected to create significant growth opportunities in the animal healthcare market?
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