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BANGALORE, India, Sept. 20, 2022 /PRNewswire/ — Veterinary Market Segmentation by Type (Oral, Injectable, Other), Application (Companion, Livestock): Opportunity Analysis and Industry Forecast, 2022-2028 It is published in Valuates Reports under the Animal Products & Services category. It is published in Valuates Reports under the Animal Products & Services category. It is published in the evaluation reports in the Animal Products and Services category. It is published in the evaluation report in the category of products and services of animal origin.
The global veterinary drug market is expected to reach $50.09 billion by 2028, up from $32.22 billion in 2021, at a CAGR of 6.4% between 2022 and 2028. When drug demand inrecrease, infusion pump and syringe pump are more and more demanded to deliver the drug.
The primary driver of the veterinary medicine market is the rise of zoonotic & chronic illness cases. The primary driver of the veterinary medicine market is the rise of zoonotic & chronic illness cases. The main driver of the veterinary drugs market is the increase in zoonotic and chronic diseases. A key driver of the veterinary drug market is the increase in zoonotic and chronic diseases. The world’s livestock population has also increased rapidly over the past few decades. Additionally, it is projected that rising R&D and procedural developments, pet adoption rates, rising meat consumption, and required immunization would all contribute to the increase in demand. Additionally, it is projected that rising R&D and procedural developments, pet adoption rates, rising meat consumption, and required immunization would all contribute to the increase in demand. In addition, growing research and development and procedural developments, pet adoption rates, rising meat consumption, and required immunizations are predicted to drive demand. In addition, rising demand is expected to drive increased research and development and program development, more pets, increased meat consumption, and needed immunizations.
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Ever since people all over the world started having companion animals in their homes, the number of pet owners has been gradually increasing. This factor is expected to contribute to the expansion of the veterinary drug market. The results show little impact on the COVID-19 pandemic. In 2020, people who work remotely are 8 times more likely to have a new pet. About two-thirds of married or never-married people report spending more time as their primary motivation for owning a pet, while those who are divorced, separated or widowed cite companionship as their primary motive.
With the planet becoming more densely populated, where humans and animals coexist in close proximity, the likelihood of zoonotic diseases spreading between species has increased. Due to changing ecosystems, global trade, increasing urbanization and the growing population of the modern world, diseases are spreading faster than ever before. Farmers face all sorts of challenges. There are many infectious and parasitic diseases, and the rise of antibiotic-resistant diseases requires new biotechnological advances in vaccines. Throughout history, zoonotic diseases have caused devastating outbreaks. This covers diseases such as bubonic plague, salmonella and, most recently, COVID-19. Thus, food safety issues are critical and need to be addressed to combat foodborne diseases, especially in the context of globalization and climate change. This, in turn, is expected to boost the market for veterinary drugs.
In addition, investment and innovation in animal health has changed dramatically, mainly due to the increasing demand for protein and the humanization of pets. To improve the delivery of veterinary services to the public and maintain efficient and fair markets for veterinary services, governments in developing countries are experimenting with new and innovative policy instruments, especially in low-income rural areas. This is expected to drive further growth in the veterinary drug market.
Livestock is one of the fastest growing sub-sectors of agriculture in low- and middle-income countries due to rising incomes, changing diets and population growth.
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The companion section is likely to grow at the fastest pace. The increase in the number of pets worldwide is the main reason for the growth of this segment. Another important factor that is expected to increase the demand for veterinary drugs in the coming years is the increase in the prevalence of chronic diseases in pets.
The Asia-Pacific market is expected to grow at the fastest pace. The industry in this area has grown due to factors such as the increase in the number of pets and growing animal health concerns. In addition, the Asia-Pacific market is expected to be driven by growth in the region’s cattle population, as well as increased spending on veterinary and veterinary services.
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- The veterinary services market size is US$28.5 billion and is expected to reach US$39.0 billion by the end of 2028, growing at a CAGR of 5.4% during 2022-2028.
- The global veterinary imaging market size is estimated at $1,793.8 million by 2022 and is expected to be $2,390.1 million by 2028, growing at a CAGR of 4.9% during the period under review.
- The size of the global veterinary vaccines market is estimated at US$8,853.6M by 2022 and is expected to be adjusted to US$12.63B by 2028, increasing by an average of 6.1% during the period under review.
- The global market size for probiotics in animal feed is estimated at $4,185.7 million by 2022 and is expected to reach an adjusted size of $5,357.7 million by 2028, an increase of 4, 2% during the period under review.
- The global veterinary endoscopy market size is expected to increase from USD 139.7 million in 2021 to USD 180.5 million by 2028 at a CAGR of 3.7% from 2022 to 2028.
- The global veterinary rapid test market is expected to grow from US$546.6M in 2020 to US$966.9M by 2027 at a CAGR of 8.5% during 2021-2027.
- The size of the global veterinary software market was estimated at $1.31 billion in 2019 and is expected to reach $2.08 billion by 2027, growing at a compound annual growth rate (CAGR) of 6.1% since 2020 to 2027.
- The size of the global pet food market was estimated at US$87,268.2 million in 2020 and is expected to reach US$133,430.9 million by 2030, growing at a CAGR of 4.6% between 2021 and 2030 year.
- The global dairy management market is expected to grow from $2,423.4M in 2021 to $3,243.5M by 2028 at a CAGR of 3.8% during 2022-2028.
- The global market for RFID tags for livestock management is valued at $1,954.9 million by 2022 and is expected to grow to an adjusted size of $3,081.6 million by 2028, an increase of a CAGR of 7.9 % during the period under review.
- The size of the global livestock monitoring market is estimated at US$562.1 million by 2022 and is expected to reach an adjusted size of US$1,006.7 million by 2028, growing at a CAGR of 10.2% during the period under review.
- The size of the global influenza vaccine market is estimated at US$8,036 million by 2022 and is expected to have an adjusted size of US$10,952 million by 2028, increasing by an average of 5.3% during the period under review.
- The global vaccine market was estimated at US$42.56 billion in 2020 and is expected to reach US$62.78 billion by the end of 2027 at a 5.6% CAGR during 2021-2027.
- The global TB vaccine market was valued at US$72 million in 2020 and is expected to reach US$87 million by the end of 2027, growing at a CAGR of 2.9% during 2021-2027.
- The global healthcare analytics market size was estimated at AED 23.51 billion in 2020 and is expected to reach AED 96.9 billion by 2030, growing at a CAGR of 15.3% between 2021 and 2030 .
- The size of the global healthcare information technology (IT) market was estimated at AED 250,577.15 million in 2020 and is expected to reach AED 880,688.75 million by 2030, growing by an average of 13.3% since 2021 to 2030.
- The global market for interoperable healthcare solutions is expected to grow from $1,925.7M in 2021 to $3,440.1M by 2028 at a CAGR of 8.2% between 2022 and 2028 .
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