The New Report “Animal Medicine Market” published by Premium Market Insights, covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The global animal medicine market reached a value of nearly $42,469.3 million in 2019, having grown at a compound annual growth rate (CAGR) of 4.8% since 2015, and is expected to grow at a CAGR of 6.53% to nearly $54,690.0 million by 2023.Also the market is expected to growth to $62,005.7 million in 2025 at a CAGR of 6.48% and to $85,059.4 million in 2030 at a CAGR of 6.53%.
Growth in the historic period resulted from strong economic growth in emerging markets driving pet care spending among the population, increased spending on pets globally, and increased disease prevalence among animals supporting the use of veterinary medicines, worldwide rise in meat consumption, and shortages of cheaper generic medicines in the animal medicine market. Factors that negatively affected growth in the historic period were shortages of veterinarians resulting in the low awareness levels of animal healthcare, the lack of awareness about animal healthcare in developed and developing market in general, and inappropriate use of medicines.
Top Companies Covered in this Report:
Zoetis, Inc.; Boehringer Ingelheim GmbH; Merck & Co.; Elanco Animal Health Inc.; Bayer AG
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Going forward, economic growth supporting increased standards of living and strengthening middle class, increasing penetration of pet insurance, and rising meat production will drive growth. Factors that could hinder the growth of the animal medicine market in the future include rising threat of antibiotic resistance among animals, consolidation of customers and distributors resulting in the decline of veterinary medicines prices and reductions in free trade affecting end users of the animal medicine market.
The animal medicine market is segmented by type of medicine into veterinary pharmaceuticals and feed additives. The veterinary pharmaceuticals market was the largest segment of the animal medicine market, accounting for $37,643.5 million or 88.6% of the total in 2019 and this market is also expected to be the fastest-growing segment going forward at a CAGR of 6.7% during 2019-2023.
The veterinary pharmaceuticals market is further segmented by type of pharmaceuticals into veterinary parasiticides, veterinary vaccines, veterinary antibiotics and others – veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of veterinary pharmaceuticals market, accounting for $11,041.6 million or 29.3% of the total market in 2019. And this market is also expected to be the fastest-growing segment going forward at a CAGR of 7.6% during 2019-2023.
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Fundamentals of Table of Content:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Animal Medicine Market Size
2.2 Animal Medicine Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Animal Medicine Market Size by Manufacturers
3.2 Animal Medicine Key Players Head office and Area Served
3.3 Key Players Animal Medicine Product/Solution/Service
3.4 Date of Enter into Animal Medicine Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Animal Medicine Sales by Product
4.2 Global Animal Medicine Revenue by Product
4.3 Animal Medicine Price by Product
5 Breakdown Data by End User
5.2 Global Animal Medicine Breakdown Data by End User
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