Global Animal Medicine Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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The global animal medicine market reached a value of nearly $42.46 billion 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 $54.69 billion by 2023. Also, the market is expected to growth to $62.01 billion in 2025 at a CAGR of 6.48% and to $85.06 billion in 2030 at a CAGR of 6.53%. The increasing penetration of pet insurance is expected to drive the animal medicine market.
The animal medicine market consists of sales of veterinary medicines and related services by entities (organizations, sole traders and partnerships) that manufacture veterinary medicines used to treat animal diseases and/or to improve animals’ performance and health. The animal medicine industry includes establishments that manufacture veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals, and establishments that manufacture medical feed additives and nutritional feed additives.
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The global animal medicine market is further segmented based on type of medicine, type of animal, drug use, type pf prescription, route of administration, distribution channel, level of regulation and geography.
By Type of Medicine: Veterinary Pharmaceuticals, Feed Additives.
By Type of Animal: Cattle, Poultry, Other Farm Animals, Dogs And Cats, Other Companion Animals.
By Drug Use: Branded, Generic.
By Type Of Prescription: OTC, Prescription.
By Route of Administration: Oral, Intravenous, Subcutaneous, Others.
By Distribution Channel: Vet Services, Online, Offline.
By Level of Regulation: Highly Regulated Countries, Loosely Regulated Countries.
By Geography: The global animal medicine market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American animal medicine market accounts for the largest share of 53.7% in the global animal medicine market.
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Trends In The Animal Medicine Market
Veterinary medicines manufacturers have started increasingly producing combination medicated feed additives to improve efficiencies of the end product. Medicated feed additives in general help maintain animal health and promote growth and feed efficiency. They are usually promoted as an extra nutrient or drug for livestock. Medicated feed additives include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and fungus. Around 70% of companies in the medical feed additives market are introducing new medicated feed additives formed as a result of a combination of two or more medicated feed additives to improve the efficiency of the product.
Animal Medicine Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides animal medicine market overviews, analyzes and forecasts market size and growth for the global animal medicine market, animal medicine market share, animal medicine market players, animal medicine market segments and geographies, animal medicine market’s leading competitors’ revenues, profiles and market shares. The animal medicine market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.