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Report forecasts huge increase in veterinary medicine market
The global veterinary medicine market is expected to grow at a rate of 8.1 per cent over the next five years.
Increase in popularity of companion animals a key driver 

The global veterinary medicine market is expected to grow at a rate of 8.1 per cent over the next five years, according to a report published by marketresearchfuture.com

The Veterinary Medicine Market Report - Global Forecast to 2023 found that an increase in popularity of companion animals will be the biggest driver of the market. Increasing animal diseases and government welfare initiatives are also expected to provide a significant boost.

Veterinary medicine is widely practised across the globe due to an increasing number of pet adoptions, rising veterinary expenditure and rising demand for pet insurance. Some of the key players include Zoetis, Inc, Eli Lilly and Company and Bayer Healthcare AG.

The veterinary medicines market is segmented into five regions - America, Europe, Asia Pacific, the Middle East and Africa. America dominates the global medicines market due to the amount it spends on animal welfare and research in the veterinary market.

The report found that a high concentration of the major veterinary hospitals in the developed countries of the Americas - together with good reimbursement rates - are fuelling market growth. It also cites the high buying power of large healthcare players in the US as another major driving force.

In Europe, the second largest market in the world, market growth is led by Germany and France. The report forecasts that Germany will be the fastest growing market over the assessment period owing to its enormous pharmaceutical industry.

Animal-favoured government policies and tax benefits are also major driving forces in the European market, the report notes.

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RCVS Knowledge appoints Veterinary Evidence editor-in-chief

News Story 1
 RCVS Knowledge has welcomed Professor Peter Cockcroft as editor-in-chief for Veterinary Evidence.

A world-renowned expert in evidence-based veterinary medicine, Prof Cockcroft will lead the strategic development and editorial quality of the open-access journal. He was previously in the role from 2017-2020.

Katie Mantell, CEO of RCVS Knowledge, said: "We are excited about the extensive knowledge of evidence-based veterinary medicine and clinical veterinary research that Peter brings, and we look forward to working with him over this next phase of the journal's development." 

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News Shorts
CVS Group hit by cyber attack

CVS Group, which owns more than 450 veterinary practices in the UK, has been hit by a cyber attack.

In a statement, the group said the incident involved unauthorised external access to a limited number of its IT systems. As soon as the attack was discovered, the group took its IT systems temporarily offline, causing 'considerable operational disruption'.

It has warned that the security steps taken and ongoing plans to move its operational systems and IT infrastructure to the Cloud are likely to have an ongoing impact over a number of weeks.

Due to the risk that personal information was accessed, CVS has informed the Information Commissioner's Office. The company is working with third party consultants to investigate the incident.