Animal Medicine Market Characteristics
The animal medicine market consists of sales of animal medicine and related services by entities (organizations, sole traders and partnerships) that produce animal medicine to treat animal diseases. This industry includes establishments that produce veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals. It also includes establishments that produce medical feed additives and nutritional feed additives.
Competitive Landscape of the Animal Medicine Market
Major players in the global animal medicine market include Zoetis Inc., Boehringer Ingelheim GmbH, Bayer AG., Elanco Animal Health (Eli Lilly and Company), Ceva Santé Animale.
Animal Medicine Market Size
The animal medicine market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth in the animal medicine market is due to emerging markets growth, increased pet spending, increased pet ownership by gen X and Y adults.
However, the market for animal medicine is expected to face certain restraints from several factors such as shortage of veterinarians, non-availability of proper resources cost.
Animal Medicine Market Segmentation
The global animal medicine market is further segmented based on type and geography.
By Type - The animal medicine market is segmented into veterinary pharmaceuticals, feed additives veterinary vaccines, veterinary antibiotics, veterinary parasiticides, others - veterinary pharmaceuticals , medical feed additives, nutritional feed additives.
By Geography - The global animal medicine is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America animal medicine market accounts the largest share in the global animal medicine market.
Trends in the Animal Medicine Market
Veterinary pharmaceutical producers have started using Stem Cell Therapy as an animal medicine due to its excellent capabilities of healing arthritis or animal injury. Stem Cell Therapy is a process of injecting stem cell into the body of the animal to replace the damaged cells of the body, are the major trends witnessed in the global animal medicine market.
Potential Opportunities in the Animal Medicine Market
With wildlife conservation, economic growth, emerging markets growth, the scope and potential for the global animal medicine market is expected to significantly rise in the forecast period.