Portland, OR, Aug. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global veterinary medicine market generated $22.97billion in 2019, and is estimated to reach $29.69 billion by 2027, registering a CAGR of 4.6% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing ownership of companion animals, increase in expenditure of animal healthcare,and surge in population of livestock across the globedrive the growth of the global veterinary medicine market.However,stringent government regulatory approvals associated with vaccines and veterinary drugsrestrain the market growth. Furthermore, increasing awareness toward animal healthis expected to provide new opportunitiesduring the forecast period.
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Covid-19 scenario:
- The demand for veterinary medicines is expected to decline during the Covid-19 pandemic as veterinary visits are limited.Animal healthcare approach has been changed and care for emergency cases and critically ill animals is provided.
- However, companies are implementing various strategies to connect customers and veterinarians for integrated purchasing experience. Thus, this is expected to lead to stabilization in market overtime.
- According to some of the major veterinary companies such as Elanco, Huvepharma EOOD, and Dechra Pharmaceuticals PLC, the supply chain of veterinary medicines is mostly unaffected during the Covid-19 outbreak. The uninterrupted supply chain enabled veterinary companies to quickly shift to new strategies for maintaining the flow.
The report offers a detailed segmentation of the global veterinary medicine market based onproduct, route of administration,animal type, distribution channel,and region.
Based on product, the drugs segmentcontributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the vaccines segmentis estimated to portray the highest CAGR of 5.7% during the forecast period.
Based on route of administration, the parenteral routesegmentaccounted for the largest share in 2019, holding more than halfof the total share, and is expected to maintain the largest share throughout the forecast period. In addition, itis expected to register the highest CAGR of 5.2% from 2020 to 2027.
Based on region,North Americacontributed the highest share, accounting formore than two-fifthsof the total market sharein 2019, and will maintain its dominance throughout the forecast period.However,Asia-Pacificisexpected to grow at the highest CAGR of 6.3% from 2020 to 2027.
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Leading market players analyzed in the research include Merck & Co., Inc. (Intervet International B.V.), Zoetis, Inc.,DechraPharmaceuticals PLC,Elanco Animal Health, Virbac, Ceva Santé Animale, Boehringer Ingelheim International GmbH, Vetoquinol S.A.,Evonik Industries AG., and ADM Animal Nutrition.
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