The global Veterinary medicine market size was estimated at USD 24.6 billion in 2019 and is predicted to register a CAGR of 6.2% during the forecast period. Increasing demand to curb chronic and zoonotic diseases in livestock and pet animals is that the key driver to the present market. The worldwide livestock population has been experiencing rapid climb over the past few decades. In developing countries, the demand for livestock products is increasing. Consistent with the USDA, there have been around 94.4 million cattle and calves within the U.S. as of 2019 and this number is predicted to grow substantially within the coming years.

Top Driver: Rising concerns about food security and animal husbandries are anticipated to boost demand for veterinary pharmaceuticals

The analysis of various factors that augment the market’s growth. It constitutes trends, restraints, and drivers that transform the market in either a positive or negative manner. This section also provides the scope of various segments and applications which will potentially influence the market within the future. The detailed information is predicated on current trends and historic milestones. This section also provides an analysis of the quantity of production about the worldwide market and also about each type from 2019 to 2028. This section mentions the quantity of production by region from 2019 to 2028. Pricing analysis is included within the report consistent with each type from the year 2019 to 2028, manufacturer from 2019 to 2028, region from 2019 to 2028.

A thorough evaluation of the restrains included within the report portrays the contrast to drivers and provides room for strategic planning. Factors that overshadow the market growth are pivotal as they will be understood to plan different bends for getting hold of the lucrative opportunities that are present within the ever-growing market. Additionally, insights into market expert’s opinions are taken to know the market better.

Production animals to Make Crucial Contribution for Growth of Global Veterinary medicine market

Based on animal type, the marketplace for medicine is segmented into production and companion animals. Production animals accounted for the most important share in 2019. The segment is further categorized into poultry, swine, cattle, sheep and goats, and fish. The dominant share captured by production animals may be a consequence of accelerating demand for proteins globally. Furthermore, increasing animal healthcare spending, specifically in developed regions, is presumed to be liable for the wide-scale adoption of medicine among production animals. consistent with American NASS reports, the entire expenditure in U.S. firms was USD 359.8 billion in 2019 where livestock, poultry, and related expenses increased by 11.8% in 2019 from the previous year.  

Based on the merchandise, the marketplace for medicine is segmented into biologics, pharmaceuticals, and medicated feed additives. The biologics segment is split into vaccines et al.  which incorporates monoclonal antibodies and hormonal supplements. The pharmaceuticals segment is further divided into parasiticides, anti-infectives, anti-inflammatory, analgesics, et al.  Pharmaceuticals held the main share as of 2018, due to the clinical urgency to be used of potent pharmaceuticals and targeted medicines to guard livestock animals from zoonotic diseases.

North America dominated to witness fastest growth in Global Veterinary medicine market

North America accounted for the most important revenue share within the marketplace for medicine in 2018 due to favorable healthcare structure and rising government initiatives during this region. Moreover, the U.S. topped the list of highest meat consumption in 2018, which is further increasing the necessity to stop foodborne and zoonotic diseases in livestock animals. North America features a strong presence of major animal health companies. Increasing pet healthcare expenditure is another major factor contributing to the expansion of this region.

Players to Focus on Veterinary medicine market

The industry is marked by the presence of various small and large companies and is highly fragmented. Leading market participants include

• Elanco
• Boehringer Ingelheim GmbH
• Bayer AG
• Zoetis
• Ceva
• Elanco
• Vetoquinol
• GmbH
• Zoetis

Players are constantly involved in strategic initiatives such as regional expansion, new product launch, technological advancements, and mergers and acquisitions to gain deeper penetration.

Elanco:  instance, in August 2019, Elanco acquired the animal health unit of Bayer to strengthen its product portfolio and pipeline. In June 2018, Merck entered into a partnership with Vinovo B.V., a division of Viscon Hatchery Automation. This has helped the corporate expand its portfolio of poultry vaccines.

Zoetis: In August 2019, Zoetis acquired Platinum Performance to increase its nutritional feed product portfolio.

Scope of the Report

By Animal Type

• Production
• Poultry
• Swine
• Cattle
• Dogs
• Cats
• Horses

By Product

• Biologics
• Pharmaceuticals

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report 

1. It provides a technological development map over time to understand the growth rate of the industry.
2. It renders definite analysis for changing competitive dynamics.
3. It builds a seven-year estimate based on how the market is predicted to grow.