Global Animal Medicine Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
3 May, 2021
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.
Global Animal Medicine Market Size And Drivers:
The animal medicine market expected to grow from $32.7 billion in 2020 to $37.88 billion in 2021 at a compound annual growth rate (CAGR) of 15.8%. The market is expected to reach $48.55 billion in 2025 at a CAGR of 6%.
The increasing penetration of pet insurance is expected to drive the animal medicine market.
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Trends In The Global Animal Medicine Market
Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute of veterinary antibiotics to tackle antibiotic resistance. Nanotechnology is the study of the controlling matter on an atomic and molecular scale. Nanotechnology in the animal medicine industry is used to improve diagnosis, treatment, animal growth promotion, and production. Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria. They are also used as drug delivery agents for new drugs and vaccines candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.
Global Animal Medicine Market Segments:
The global animal medicine market is further segmented based on type, type of animal, end use and geography.
By Type: Veterinary Pharmaceuticals, Feed Additives.
By Type of Animal: Livestock, Companion Animals.
By End-Use: Veterinary Hospitals, Pharmacies And Drug Stores, Veterinary Clinics.
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, North America is the largest region in the global animal medicine market, accounting for 58% of the market.
Read More On The Report For The Global Animal Medicine Market At:https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
Animal Medicine Global Market Report 2021 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.