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The global veterinary medicine market was valued at US$ 31.06 Billion in 2021.
We expect the global veterinary medicine market to exhibit a CAGR of 7.50% during 2022-2027.
The rising prevalence of zoonotic diseases due to consumption of animal-derived products, along
with the emerging trend of pet humanization, is primarily driving the global veterinary medicine
The sudden outbreak of the COVID-19 pandemic had led to the limited visits to veterinary hospitals
and delay in diagnosis and treatment for animals on account of mitigating the risk of the coronavirus
infection, thereby negatively impacting the demand for veterinary medicines.
Based on the animal type, the global veterinary medicine market can be categorized into production
and companion, where production animal exhibits clear dominance in the market.
Based on the route of administration, the global veterinary medicine market has been segmented
into oral, parenteral, and topical. Among these, parenteral administration represents the largest
Based on the distribution channel, the global veterinary medicine market can be bifurcated into
veterinary hospitals and clinics, point-of-care testing/in-house testing, and others. Currently,
veterinary hospitals and clinics account for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global veterinary medicine market include Archer-Daniels-Midland
Company, Boehringer Ingelheim GmbH, Cargill Incorporated, Ceva Santé Animale, Dechra
Pharmaceuticals PLC, Elanco Animal Health Incorporated, Evonik Industries AG, Merck & Co. Inc.,
Neogen Corporation, Vetoquinol S.A., Virbac, and Zoetis Inc.
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