Dublin, Jan. 13, 2020 (GLOBE NEWSWIRE) — The “Animal Medicine Global Market Opportunities And Strategies To 2023” report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest-growing market for the animal medicine market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The global animal medicine market report answers all these questions and many more.
This report describes and evaluates the global animal medicine market. It covers two five-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.
The global animal medicine market size reached a value of nearly $38 billion in 2019, having grown at a compound annual growth rate (CAGR) of 11.7% since 2015, and is expected to grow at a CAGR of 12.5% to nearly $61 billion by 2023.
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 the developed and developing markets in general, and inappropriate use of medicines.
Going forward, economic growth supporting increased standards of living and strengthening the 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 the rising threat of antibiotic resistance among animals, consolidation of customers and distributors resulting in the decline of veterinary medicine 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 $33.8 billion or 88.8% of the total in 2019 and this market is expected to be the fastest-growing segment going forward at a CAGR …
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