Global Animal Medicine Market Set to Expand, Expected to Reach $50.47 Billion by 2023
Animal Medicine Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Animal Medicine Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, December 8, 2023 /EINPresswire.com/ -- The global animal medicine market is on a trajectory of significant growth, with the market size forecasted to increase from $46.91 billion in 2022 to $50.47 billion in 2023, showcasing a notable Compound Annual Growth Rate (CAGR) of 7.6%. Looking ahead, the market is projected to reach $65.12 billion by 2027, sustaining a CAGR of 6.6%.
Driver: Increasing Penetration of Pet Insurance
A key driver propelling the animal medicine market is the increasing penetration of pet insurance worldwide. Despite being largely untapped globally, the pet insurance market presents a substantial opportunity for growth, with particularly low penetration rates. Notably, in developed economies like the USA, the pet insurance penetration rate hovers around 1%, while in Western European countries like the UK, it stands at approximately 20%. The USA is expected to witness a $2 billion increase in the pet insurance market in 2022, with a robust Compound Annual Growth Rate of 14%. This growth is attributed to heightened consumer awareness and the rising disposable income of companion animal owners. The surge in pet insurance is anticipated to result in more frequent visits to veterinary clinics, consequently driving the demand for animal medicine to treat various diseases.
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Major Players in the Animal Medicine Market
Leading companies shaping the landscape of the animal medicine 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, and Vetoquinol S.A. These industry giants play a pivotal role in driving innovation and ensuring the availability of diverse and effective animal medicines.
Nanotechnology in Animal Medicine
Nanotechnology is gaining prominence in the animal medicine market as a viable substitute for veterinary antibiotics. This field involves manipulating matter at the atomic and molecular levels, offering advancements in diagnosis, treatment, animal growth promotion, and production. Nanoparticles serve as alternative antimicrobial agents, reducing the reliance on antibiotics and enhancing the detection of pathogenic bacteria. Additionally, nanotechnology is employed as drug delivery agents, improving the characteristics and performance of new drugs and vaccine candidates, while also combating drug resistance in animal organisms.
Regional Insights: North America Leads, Asia-Pacific on the Rise
North America emerged as the largest region in the animal medicine market in 2022, with Asia-Pacific following closely as the second-largest region. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.
Animal Medicine Market Segments:
1. Type:
• Veterinary Pharmaceuticals
• Feed Additives
2. Type of Animal:
• Livestock
• Companion Animals
3. End-Use:
• Veterinary Hospitals
• Pharmacies And Drug Stores
• Veterinary Clinics
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https://www.thebusinessresearchcompany.com/report/animal-medicine-global-market-report
Animal Medicine Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Animal Medicine Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on animal medicine market size, animal medicine market drivers and animal medicine market trends, animal medicine market major players, animal medicine market competitors' revenues, animal medicine market positioning, and market growth across geographies. The animal medicine market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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