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Veterinary Medicine Market Key Players, Regional Outlook, Future Trends, Size Estimation and Global Industry Insights By 2023

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Jan 17, 2021 (Heraldkeepers) -- Veterinary Medicine Market Analysis

As per Market Research Future (MRFR), the global veterinary medicine market is estimated to grow at a CAGR of 8.1% from 2017 to 2023 (forecast period).

Veterinary medicine deals with the prevention, diagnosis, and treatment of diseases, disorders, and injuries in animals. Veterinary medicine is commonly practiced worldwide due to the growing number of pet adoptions, rising veterinary expenditure, an increasing number of veterinary professionals, and a rising demand for pet insurance. In addition, awareness of animal health, government initiatives, and many NGOs working in the field of animal health is increasing.

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Veterinary Medicine Market Dynamics

The major factors contributing to the growth of the market for veterinary medicines include an increase in the prevalence of infectious diseases among animals, an increase in the preferences of pet and poultry farmers, and the cost-effectiveness of such drugs. Government steps towards the welfare of domesticated animals and increasing demand for pet animals are critical drivers in the veterinary medicine market. In addition, a large number of clinical trials and innovative R&D approaches to advanced drugs are driving the market growth. However, high costs of animal health care and lack of awareness of animal health in emerging nations are constraining market growth. Technological advances, such as an increase in medical applications and healthy quality products, offer a range of opportunities for business development.

Veterinary Medicine Market Segmentation

The global market for veterinary medicine has been segmented based on products, animals, route of administration, and end-users.

Based on the products, the global veterinary medicine market has been segmented into injury medicine, disorder medicine, and diagnosis medicine.

Based on the animals, the global veterinary medicine market has been segmented into companion and domesticated animals.

Based on the route of administration, the global veterinary medicine market has been segmented into Parental, oral, and topical.

Based on end-users, the global veterinary medicine market has been segmented into research institutions, veterinary hospitals, veterinary clinics, and others.

Veterinary Medicine Market Regional Analysis

Regionally, the global veterinary medicine market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.

The Americas dominates the global market for veterinary medicine as it is a well-developed country and has strong animal welfare policies. The Americas have a considerable market share due to high expenditure on health care, especially in the United States and Canada. The high concentration of major veterinary hospitals in the developed countries of the region, combined with reasonable reimbursement rates, adds fuel to the market's growth. The consolidation of major healthcare players in the U.S. also leads to market growth due to an increase in the purchasing power of healthcare players, which results in economies of scale.

Europe is the second-largest market globally due to the growth of the healthcare industry and the penetration of healthcare. European market growth is driven by countries such as Germany and France. Germany is projected to be the fastest-growing market in the evaluation period due to its large pharmaceutical industry. Europe's record for the second-largest sector is attributed to animal favored government policies, and tax incentives for pet animals.

The Asia Pacific region is projected to expand rapidly; China and India are likely to lead this market due to the fast-growing healthcare sector, and significant unmet needs over the forecast period. Southeast Asian countries such as China, India, and Malaysia are expected to make a substantial contribution to business growth. The increasing penetration of the veterinary industry in the Asia Pacific expected to fuel the future market for veterinary medicine. Growing awareness of private veterinary clinics and animal welfare among citizens, increasing NGOs working for the welfare of animals and a government campaign for the welfare of pet animals are driving the growth of the market in this region.

Gulf nations such as the UAE and Saudi Arabia are estimated to be driving the Middle East & African market. Other Middle East countries to watch out for are Kuwait, Jordan, Egypt, and Iran. The African region is projected to experience poor growth due to weak economic and political conditions and inadequate health care development. Other regions are expected to be lagging due to poor social development and tribal identities, such as sub-Saharan Africa. In the Middle East and Africa, lack of awareness and not much development in animal welfare has resulted in limited growth in the region.

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