Veterinary Medicine Market Overview:
The Veterinary Medicine market is a dynamic and rapidly evolving
sector that plays a pivotal role in safeguarding the health and well-being of
animals. With a growing emphasis on preventive healthcare and advancements in
veterinary science, the market is witnessing significant expansion. Veterinary
science, encompassing a wide range of medical disciplines dedicated to animal
care, forms the cornerstone of this market's growth.
The Veterinary
Medicine Market Size is expected to reach USD 44.92 billion at
CAGR of 5.6% during the forecast period of 2023 to 2032.
One notable trend within the Veterinary Medicine market is the
rise of holistic veterinary medicine. This approach goes beyond
traditional medical practices, considering the overall well-being of animals by
addressing not only physical ailments but also emotional and environmental
factors. Holistic veterinary medicine integrates various therapeutic
modalities, including acupuncture, herbal medicine, and nutritional
counselling, to provide comprehensive care. This paradigm shift reflects a
growing awareness among pet owners and professionals about the
interconnectedness of physical and emotional health in animals.
Latest Innovation on Veterinary Medicine Market
1. Smart Wearables for Animal Health Monitoring
Innovations in smart wearables are transforming veterinary
medicine by providing real-time health monitoring for animals. These devices
track vital signs, activity levels, and other health metrics, enabling early
detection of potential issues and allowing for more personalized and timely
interventions.
2. Development of Targeted Drug Delivery Systems
New targeted drug delivery systems are enhancing the
effectiveness of veterinary medicines by focusing treatments directly at
specific tissues or organs. These systems improve the precision of drug
administration, reduce side effects, and increase the overall efficacy of
treatments for various animal health conditions.
Major Key Players:
MRFR recognizes Veterinary Medicine Market Players are
— Boehringer Ingelheim, Ceva, Chanelle Pharma Group, Dechra
Pharmaceuticals plc, Elanco, Merck Animal Health, Norbrook Laboratories,
Vetoquinol S.A., Bayer AG, and Zoetis.
Animal health is a primary concern
for pet owners and livestock farmers alike, leading to a surge in the demand
for effective animal medicine. This includes a wide range of pharmaceuticals,
vaccines, and diagnostic tools designed to prevent and treat diseases in
companion animals and livestock.
One significant segment within the veterinary medicine market
is pet
vaccines. With the growing pet population worldwide, the
need for preventive healthcare measures has intensified. Pet vaccines not only
safeguard individual animals against diseases but also contribute to the
overall health and well-being of animal populations.
As the veterinary medicine market continues to evolve,
research and development efforts are focused on creating safer, more
efficacious products. This includes novel vaccine formulations, therapeutics
with fewer side effects, and diagnostic technologies for early disease
detection.
The global veterinary medicine industry, according to MRFR’s
analysis, can be categorized based on products, animals, route of
administration, and end-users, offering a comprehensive understanding of key
market dynamics for future growth strategies.
In terms of animals, the market encompasses companion and
domesticated animals, with a notable rise in companion animals attributed to
increased disposable income levels.
Product-wise, the veterinary medicine market consists of
injury medicine, disorder medicine, diagnosis medicine, and homeopathic
veterinary medicine, all of which contribute significantly to regional market
growth.
Route of administration options include parental, oral, and
topical methods, with oral medications gaining popularity for their ease of
administration by incorporating them into food items.
Regarding end-users, the veterinary medicine market is
segmented into research institutions, veterinary hospitals, veterinary clinics,
and others. Research institutions are particularly poised to capitalize on
market opportunities due to their existing research infrastructure and
capabilities.
Recent Developments:
In August 2023, Boehringer Ingelheim, a pioneer in animal
health, announced that the U.S. FDA has authorized SENVELGO (velagliflozin oral
solution), a ground-breaking new medication for diabetic cats. Owners of cats
can administer SENVELGO, a once-daily liquid oral solution, with a tiny bit of
food or directly into the cat's mouth. Up to one-third of diabetic cats are put
to sleep within a year of being diagnosed, and the difficulty of treating
diabetic cats is frequently a significant cause. The SENVELGO oral solution is
a feline therapeutic treatment that exemplifies our commitment to consistently
provide and promote novel and inventive solutions that cater to the distinct
requirements of cats. For cats with diabetes mellitus who have not previously
received insulin treatment, SENVELGO® oral solution improves glycemic control
by streamlining the therapeutic procedure and eliminating the need for needles.
October 2023: Ceva Animal Health has introduced a marketing
assistance kit to assist veterinarians in spreading knowledge of pheromones as
a treatment for pets' fireworks phobias. The bundle stresses the advantages of
Adaptil, Feliway, and Ceva's line of relaxing wraps called ThunderShirt. The
kit comes with a wall/notice board display, a poster, an e-book and booklet for
owners, as well as graphics and pre-written pieces for use on practices' own
social media accounts. Practices that create a den in the waiting area to show
the advantages of giving dogs a secure place to hide out when pyrotechnics are
going off will receive additional points. Prior to the start of the fireworks
season, Ceva is promoting commercial deals, which businesses are urged to pass
along to their customers.
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