Market Overview:
Expansion of the pharmaceutical and healthcare industry in favor of animal welfare is aiding the pet industry in controlling the spreading of diseases in animals and improving their life by treating infections, injuries and other health-related complexities. Market Research Future (MRFR) has recently published a detailed report stating that the global veterinary medicine market is marked to expand at a noteworthy CAGR of 8.1% during the forecast period of 2017-2023.
Market Drivers and Restraints:
Rise in prevalence of various infectious diseases among the animals and increasing awareness regarding animal welfare are majorly propelling the expansion of the global veterinary medicine market. Development of advanced medication as a result of increased research and development expenditure and rise in trend of companion animals in the developed and developing regions are fueling the growth of the global veterinary medicines market. However, lack of awareness and poor healthcare facilities in the underdeveloped regions are likely to act as restraining factors on the expansion of the global veterinary medicines market during the forecast period.
Market Segmentation:
The global veterinary medicine market has been segmented on the basis of products, animals, route of administration, and end users. Based on animals, the veterinary medicine market has been segmented into companion and domesticated animals. Based on products, the veterinary medicine market has been segmented into injury medicine, disorder medicine, and diagnosis medicine. Based on route of administration, the veterinary medicine market has been segmented into Parental, oral, and topical. Based on end users, the veterinary medicine segmented into research institutions, veterinary hospitals, veterinary clinics, and others.
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Regional Analysis:
Geographically, the global veterinary medicines market has been segmented into four major regions such as Europe, the Americas, Asia Pacific and the Middle East and Africa. The Americas command for the major in the global veterinary medicines market owing to the high concentration of veterinary hospitals that provide optimum healthcare facilities for pets, rise in rescue and adoption activities that are resulting in the high demand for proper medical attention for the animals and good reimbursement policies in this region. The rapid expansion of healthcare industry due to increased research and development activities and presence of large number of players leading the pharmaceutical industry and favorable government policies and tax benefits for pets are fueling the growth of the veterinary medicines market in the Europe region. Rise in awareness regarding animal welfare, increasing number of non-governmental organizations that are focusing on the welfare of animals and rise in trend of companion animals in the emerging economies are propelling the growth of the veterinary medicines market in the Asia Pacific region. Poor economic conditions, lack of healthcare facilities and low awareness among the population of the underdeveloped areas are resulting in the slow growth of the veterinary medicines market in the Middle East and Africa region.
Competitive Analysis:
The prominent players profiled by MRFR that are operating in the global veterinary medicine market are Zoetis, Inc. (Pfizer), Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Ceva Santé Animale, Boehringer Ingelheim GmbH, Virbac S.A., Vetoquinol S.A., Nutreco N.V. and Sanofi S.A. (MERIAL Limited), Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM N.V, Evonik Industries AG and others. The pharmaceutical companies in the global veterinary medicines market are aiming towards business expansion through the introduction of innovative medications by increasing their research and development expenditure. For instance, in December 2018, FDA has announced that the Center for Veterinary Medicine has approved Pexion, a noise aversion drug specially designed for dogs and manufactured by Boehringer Ingelheim Vetmedica of St. Joseph, Missouri.
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