The Business Research Company’s Animal Medicine Market 2022 – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, June 21, 2022 /EINPresswire.com/ — The production of medicated feed additives is a major trend in the animal medicine market. Medicated feed additives in general help maintain animal health and promote growth and feed efficiency. They include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and fungus. According to the animal medicine market analysis, manufacturers have started increasingly producing medicated feed additives to improve efficiencies of production. For instance, in January 2020, Kemin Industries, a US-based ingredient manufacturer has launched VANNIX™ C4, a novel phytogenic feed additive for poultry gut health. VANNIX C4 is a probiotic feed additive formulation of gut-health-fortifying ingredients to minimize the impact of enteric challenges on poultry performance.
The increasing penetration of pet insurance is expected to drive the animal medicine market growth. Globally, the pet insurance market is largely untapped with extremely low penetration rates providing a large market opportunity. In developed economies such as the USA, the pet insurance penetration rate is around 1%, although in Western European countries such as the UK the penetration rate is around 20%. According to the animal medicine market research, increasing the penetration of pet insurance will increase the number of visits at veterinary clinics supporting the use of animal medicines for the treatment of different diseases.
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The global animal medicine market size reached a value of nearly $41.20 billion in 2020, having increased at a compound annual growth rate (CAGR) of 5.3% since 2015. The global animal medicine market size is expected to grow at a CAGR of 5.7% from 2020 to reach $54.32 billion in 2025. The global animal medicine market size is expected to reach $72.43 billion in 2030, at a CAGR of 5.9%.
Major players covered in the global animal medicine industry are Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc., Elanco Animal Health Incorporated, Ceva Santé Animale.
North America was the largest region in the global animal medicine market, accounting for 58.0% of the total in 2020. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the global animal medicine market will be South America and Middle East where growth will be at CAGRs of 7.2% and 7.0% respectively.
TBRC’s animal medicine market report is segmented by type of medicine into veterinary pharmaceuticals, feed additives, by type of animal into poultry, cattle (dairy and meat purposes), dogs and cats, other companion animals, other farm animals, by type of prescription into OTC, prescription, by route of administration into oral, intravenous, subcutaneous, others, by distribution channel into veterinary services, online, others.
Animal Medicine Market 2022 – By Type (Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides), By Type Of Animal (Poultry, Cattle (Dairy And Meat Purposes),Dogs And Cats, Other Companion Animals, Other Farm Animals), By Type Of Prescription (OTC, Prescription), By Route Of Administration (Oral, Intravenous, Subcutaneous), By Distribution Channel (Vet Services, Online), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides an animal medicine global market overview, forecast animal medicine global market size and growth for the whole market, animal medicine global market segments, geographies, animal medicine market trends, animal medicine global market drivers, restraints, leading competitors’ revenues , profiles, and market shares.
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