Veterinary Medicine Market Research Report by MRFR provide overview of key players and their strategic profiling in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market and in-depth analysis of the market structure along with forecast for the next 5 years of the various segments and sub-segments
Veterinary medicine, which deals with prevention, diagnosis and treatment of diseases, disorder and injury in animals. Veterinary medicine is widely practiced worldwide due to increasing number of pet adoptions, rising veterinary expenditure, increase in the number of veterinary professionals and rising demand for pet insurance. There is increase in awareness about animal’s health, government initiatives and many NGOs working for animal health care.
From ages humans have depended on animals for service, food and companionship. Now in modern times, animals have played crucial role in in research where diseases are studied and drug therapies are developed. Increasing diseases in animals have driven the growth for the market. Government steps towards welfare of domesticated animals and increasing demand for pet animals are the major driving forces in veterinary medicine market. The high purchasing power and the combined nature of the large animal products industry in the U.S. and Europe will drive the market. The rise in companion animals is the largest driver of the veterinary medicine market.
Increasing range of various infections in humans from animals through consumption of animal products and not treating street animals properly are major restraints for the growth of the market.
The Global Veterinary Medicine Market is expected to grow at a CAGR of 8.1% during forecasted period 2017-2023.
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Global Veterinary Medicine Market is expecting a huge growth in the coming years due to increasing love for pet and increasing demand for poultry animals. The considerable decisions in research and development in the veterinary medicine is expected to boost the growth of market. Additionally, strict policies from government for wild animal’s welfare across the region also boost the growth of the market. The Global Veterinary Medicine Market is expected to grow at a CAGR of 8.1% during forecasted period 2017-2023.
Veterinary Medicine Market – Key Players
The prominent key players present in the global Veterinary medicine market are Zoetis, Inc. (Pfizer), Merck & Co., Inc. (Intervet), Eli Lilly and Company (Elanco/Novartis), Bayer Healthcare AG, Ceva Santé Animale, Virbac S.A, Vetoquinol SA, Boehringer Ingelheim GmbH, Nutreco N.V. and Sanofi S.A. (MERIAL Limited). Major animal feed additive manufacturers are Cargill Inc. (Provimi), ADM Alliance Nutrition, Koninklijke DSM N.V and Evonik Industries AG among others.
Global Veterinary Medicine Market – Competitive Analysis
Eli Lilly and Company is an American global pharmaceutical company with headquarters located in Indianapolis, Indiana, in the United States. The company also has offices in Puerto Rico and 17 other countries. Its products are sold in approximately 125 countries. Eli Lilly and company has worked tirelessly to discover medicines for betterment of animals and humans.
Bayer HealthCare, headquartered in Leverkusen, Germany, has been researching, developing, producing and distributing medical products for the prevention, diagnosis and treatment of diseases. The products like Advantage, Advantex, and Advocate were developed for better health for your pet.
Veterinary Medicine Market – Regional Analysis
The Americas accounts for a significant market share owing to high expenditure on the health care especially of the U.S. and Canada. The high concentration of the major veterinary hospitals in the developed countries of this region coupled with good reimbursement rates is adding fuel to the market growth.
Europe is the second largest market in the world due to growing healthcare industry and healthcare penetration. The European market growth is led by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large pharmaceutical industry.
Asia Pacific region is expected to grow rapidly; China and India are likely to lead this market due to fast growing healthcare sector and large unmet needs over the forecast period. South East Asian countries such as China, India, and Malaysia are projected to contribute highly to the market growth. The growing penetration of veterinary industry in the Asia Pacific region is expected to drive the future veterinary medicine market in the region. Asia-Pacific is fastest growing market for veterinary medicine.
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Gulf nations such as Saudi Arabia and the UAE are estimated to drive the Middle East & African market. Other Middle East nations to watch out for are Kuwait, Jordan, Egypt and Iran. The African region is expected to witness a poor growth owing to poor economic and political conditions, and poor healthcare development.
Some Brief Table of Contents
CHAPTER 1 INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS & LIMITATIONS
1.3 MARKET STRUCTURE
CHAPTER 2 RESEARCH METHODOLOGY
2.1 RESEARCH PROCESS:
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
CHAPTER 3 MARKET DYNAMICS
3.4 MACROECONOMIC INDICATORS
CHAPTER 4 MARKET FACTOR ANALYSIS
4.1 PORTERS FIVE FORCES MODEL
4.2 BARGAINING POWER OF SUPPLIERS
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