Veterinary medicine, which deals with prevention, diagnosis and treatment of diseases, disorder, and injury in animals. Veterinary medicine is widely practiced worldwide due to increasing number of pet adoptions, rising veterinary expenditure, increase in the number of veterinary professionals and rising demand for pet insurance. There is increase in the awareness about animal’s health, government initiatives, and many NGOs are working for animal health care.
Global veterinary medicine market is expecting a huge growth in the coming years due to increasing love for pet and increasing demand for poultry animals. The considerable decisions in research and development in the veterinary medicine is expected to boost the growth of market. Additionally, strict policies from government for wild animal’s welfare across the region also boost the growth of the market.
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On the regional basis, veterinary market is segmented into America, Europe, AsiaPacific, and the Middle East & Africa. Asia Pacific is the fastest growing market in this region, in which India and China are major countries for increase growth of market. Indian veterinary medicine market is broadly segmented into animal types and diagnostics. Animal types is sub-segmented into companion animals, domesticated animals and poultry animals. Based on diagnostics, it is sub-segmented into clinical chemistry, various vaccines, and other veterinary diagnostics products. There are many diseases in animals and their subsequent transfer to human via animal food product consumption and prevention of these diseases are some factors, which may add fuel to the growth of the market. Growing consumer focus on animal health and food safety, and increasing pet ownership subsequently increasing the growth of the market in India. India is known as land of agriculture, which itself indicates the welfare agricultural animals. There is increasing demand for animal products resulting in growth of market. These are driving forces for growth of veterinary medicine market. Rise in prices of pet care and animal healthcare equipment are major restraint for growth of the market in this region.
The major key players in global veterinary medicine market are Zoetis, Inc. (Pfizer), Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited). Major animal feed additive manufacturers are Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM N.V and Evonik Industries AG among others.
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Asia Pacific region is expected to grow rapidly; China and India are likely to lead this market due to fast growing healthcare sector and large unmet needs over the forecast period. South East Asian countries such as China, India, and Malaysia are projected to contribute highly to the market growth. The growing penetration of veterinary industry in the Asia Pacific region is expected to drive the future veterinary medicine market in the region. Asia Pacific is fastest growing veterinary medicine market. Increasing private veterinary clinics and awareness among people regarding animal welfare. Increasing NGOs work for welfare of animals and government campaign for welfare of pet animal are driving forces for growth of market in this region.
Gulf nations such as Saudi Arabia and the UAE are estimated to drive the Middle East & African market. Other Middle East nations to watch out for are Kuwait, Jordan, Egypt and Iran. The African region is expected to witness a poor growth owing to poor economic and political conditions, and poor healthcare development. Other regions are expected to be laggards due to poor social development and tribal identities such as sub Saharan Africa. In Middle East & Africa, lack of awareness and not much development in welfare for animals resulted in limited growth in this region.
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The global veterinary medicine market is segmented on the basis of products, animals, route of administration, and end users.
On the basis the animals it is sub-segmented into companion and domesticated animals.
On the basis of the products it is sub-segmented into injury medicine, disorder medicine, and diagnosis medicine.
On the basis of the route of administration it is sub-segmented into Parental, oral, and topical.
On the basis of end users, it is sub-segmented into research institutions, veterinary hospitals, veterinary clinics, and others.
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