Global Animal Medicine Market Expected To Thrive with 6.6% Growth in 2027: Rising Pet Ownership Is A Key Driver As Per The Business Research Company's Animal Medicine Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 02, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Animal Medicine Global Marekt Report 2023, the global animal medicine market is on a trajectory of remarkable growth, set to expand from $46.91 billion in 2022 to $50.47 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 7.6%. This thriving market is expected to continue its upward ascent, reaching $65.12 billion by 2027, driven by a compelling CAGR of 6.6%. A key driver in this animal drug market growth is the surge in pet ownership, which translates to a heightened demand for veterinary services and animal medicines.
The Pet Ownership Revolution
The substantial growth in the animal medicine market is fundamentally influenced by the increase in pet ownership worldwide. The rise in pet ownership leads to a heightened demand for a variety of veterinary services, ranging from routine check-ups and vaccinations to essential preventive care. As pet companionship becomes more prevalent, the promising outlook for animal medicine hinges on the potential to improve the financial performance of animal hospitals and veterinary clinics, ultimately driving increased revenue.
For instance, the American Pet Products Association, a US-based not-for-profit industry association, reported that millennials and Generation Z constituted nearly half of the pet-owning population in the United States in 2022.
Learn More In-Depth On The Animal Medicine Market
https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
Leaders in the Field
The global animal medicine market is characterized by the presence of major players that lead the way. Some of the prominent companies in this market include:
- Zoetis Inc.
- Boehringer Ingelheim GmbH
- Merck & Co
- Evonik Industries AG
- Patterson Companies Inc.
- Ceva Animal Health LLC – Biomune
- Phirbo Animal Health
- Dechra Pharmaceuticals
- Virbac Group
- Vetoquinol S.A.
Medicated Feed Additives: A Growing Trend
Medicated feed additives are gaining traction in the animal medicine market. These additives play a crucial role in maintaining animal health, promoting growth, and improving feed efficiency. They encompass a range of components, including vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones, and fungal agents. Manufacturers of animal medicines are increasingly producing medicated feed additives to enhance production efficiency.
For example, in January 2020, Kemin Industries, a US-based ingredient manufacturer, introduced VANNIX™ C4, an innovative phytogenic feed additive designed to bolster poultry gut health. VANNIX C4 represents a probiotic feed additive formulation that fortifies gut health, minimizing the impact of enteric challenges on poultry performance.
Get A Free Sample Of The Global Animal Medicine Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=3603&type=smp
A Multifaceted Market Landscape
The global animal medicine market is segmented across various dimensions:
- Type: Veterinary Pharmaceuticals and Feed Additives.
- Type of Animal: Livestock and Companion Animals.
-
End-Use: Veterinary Hospitals, Pharmacies and Drug Stores, and Veterinary Clinics.
In conclusion, the veterinary medicine market size is in the midst of dynamic expansion, driven by the increasing human-animal bond and the resulting surge in pet ownership. Understanding these pivotal growth drivers is essential for stakeholders to capitalize on the opportunities presented by this evolving industry. Access to the complete Animal Medicine Global Market Report 2023 provides a comprehensive overview of the market, offering insights and strategies to navigate this thriving landscape.
Animal Medicine Global Market Report 2023 by The Business Research Company provides insights on the animal medicine market size, animal medicine market segments, animal medicine market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Veterinary Antibiotics Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/veterinary-antibiotics-global-market-report
Animal Antibiotics And Antimicrobials Global Market Report 2023
Veterinary Healthcare Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/veterinary-healthcare-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://healthcareresearchreports.com/ Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
