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.
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.
Companies marketing medicines for small pets exempt from authorisation must submit their annual return to the Veterinary Medicines Directorate (VMD) by 30 November 2026.
