Diagnostics Is The Fastest Growing Segment Fueling The Growth Of Veterinary Medicine Market

 


The global veterinary medicine Market is estimated to be valued at US$ 34.08 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Veterinary medicine includes different types of drugs used for diagnosis and treatment of diseases in animals. It helps improve animal well-being as well as food safety. Their usage prevents transmission of diseases from animals to humans.

Market key trends:

One of the key trends fueling this market is digitalization in veterinary care. Growing adoption of IoT based devices allow remote monitoring of animals and assists in early disease diagnosis. Senor devices integrated with AI analyze behaviour, movement patterns and vital parameters to detect any abnormalities. This improves treatment outcomes and reduces costs related to hospital visits. Telehealth services using these technologies ensure animals receive timely care in rural areas as well. Such developments are driving demand for diagnostic products in the veterinary medicine market.


Segment Analysis
The global veterinary medicine market is segmented into pharmaceuticals, vaccines, and feed additives. Among these, the pharmaceuticals segment dominates the market and accounted for over 55% share of the global market in 2022. The growth of this segment is majorly driven by the rising adoption of companion animals and increasing prevalence of diseases among livestock animals. Within pharmaceuticals, antimicrobials hold a significant share due to extensive usage in the treatment of bacterial and viral infections in animals.

Key Takeaways
The Global Veterinary Medicine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing pet adoption and rising expenditure on animal health. The veterinary medicine market size was valued at US$ 34.08 Bn in 2023.

Regional analysis
North America dominates the veterinary medicine market with over 40% share owing to growing pet adoption, availability of advanced veterinary healthcare facilities, and presence of leading market players. Europe follows North America due to increasing expenditure on animal health. Asia Pacific exhibits the fastest growth due to rising livestock population and growing awareness regarding animal welfare in countries like India and China.

Key players
Key players operating in the veterinary medicine market are Ceva, Zoetis, Elanco, Chanelle Pharma Group, and Boehringer Ingelheim International Gmbh, among others. Ceva and Zoetis collectively account for over 30% share due to their diverse product portfolio and global presence.

Read More: https://www.ukwebwire.com/veterinary-medicine-market-size-share-and-growth-forecast-2023-2023/

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