DUBLIN--(BUSINESS WIRE)--The "Animal Medicine Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
Animal Medicine Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery provides the strategists, marketers and senior management with the critical information they need to assess the global animal medicine market.
This report describes and evaluates the global animal medicine market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.
The global animal medicine market reached a value of nearly $42,469.3 million in 2019, having grown at a compound annual growth rate (CAGR) of 4.8% since 2015, and is expected to grow at a CAGR of 6.53% to nearly $54,690.0 million by 2023. Also the market is expected to growth to $62,005.7 million in 2025 at a CAGR of 6.48% and to $85,059.4 million in 2030 at a CAGR of 6.53%.
Growth in the historic period resulted from strong economic growth in emerging markets driving pet care spending among the population, increased spending on pets globally, and increased disease prevalence among animals supporting the use of veterinary medicines, worldwide rise in meat consumption, and shortages of cheaper generic medicines in the animal medicine market. Factors that negatively affected growth in the historic period were shortages of veterinarians resulting in the low awareness levels of animal healthcare, the lack of awareness about animal healthcare in developed and developing market in general, and inappropriate use of medicines.
Going forward, economic growth supporting increased standards of living and strengthening middle class, increasing penetration of pet insurance, and rising meat production will drive growth. Factors that could hinder the growth of the animal medicine market in the future include rising threat of antibiotic resistance among animals, consolidation of customers and distributors resulting in the decline of veterinary medicines prices and reductions in free trade affecting end users of the animal medicine market.
The animal medicine market is segmented by type of medicine into veterinary pharmaceuticals and feed additives. The veterinary pharmaceuticals market was the largest segment of the animal medicine market, accounting for $37,643.5 million or 88.6% of the total in 2019 and this market is also expected to be the fastest-growing segment going forward at a CAGR of 6.7% during 2019-2023.
The top opportunities in the global animal medicine market will arise in the veterinary pharmaceuticals segment which will gain $11,088.2 million of global annual sales by 2023. The top opportunities in the global veterinary pharmaceuticals market will arise in the veterinary parasiticides segment which will gain $3,751.8 million of global annual sales by 2023.
The top opportunities in the global veterinary antibiotics market will arise in the other veterinary antibiotics segment which will gain $1,195.4 million of global annual sales by 2023. The top opportunities in the global veterinary vaccines market will arise in the live attenuated vaccines segment which will gain $1,651.9 million of global annual sales by 2023. The top opportunities in the global feed additives market will arise in the amino acids and antioxidants feed additives segment which will gain $427.6 million of global annual sales by 2023.
The top opportunities in the global animal medicine market segmented by type of prescription, will arise in the prescription medicines segment which will gain $10,654.2 million of global annual sales by 2023. The top opportunities in the global animal medicine market segmented by route of administration, will arise in the other route of administration segment which will gain $7,541.4 million of global annual sales by 2023.
The animal medicine market size will gain the most in the USA at $7,588.5 million. Market-trend-based strategies for the animal medicine market include developing oral drug solutions, investing in nanotechnology treatment applications, developing new combination medicated feed additives and collaborating with academic and research institutions to develop new products.
Player-adopted strategies in the veterinary medicines industry include reinforcing M&A strategies, developing new animal health products through collaborations and investments in research and development projects.
To take advantage of the opportunities, the publisher recommends the animal medicine companies to consider produce easy-to-give medicines, drugs to combat skin cancer and generic drugs, collaborate to drive innovations, produce combination medicated feed additives and focus on individual customers.
Companies Mentioned
- Zoetis, Inc.
- Boehringer Ingelheim GmbH
- Merck & Co.
- Elanco Animal Health Inc.
- Bayer AG
For more information about this report visit https://www.researchandmarkets.com/r/lq47v0
