Animal Medicine Global Market Report 2021: COVID 19 Impact and Recovery to 2030

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Medicine Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027731/?utm_source=GNW
7 billion in 2020 to $37.88 billion in 2021 at a compound annual growth rate (CAGR) of 15.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $48.55 billion in 2025 at a CAGR of 6%.

The animal medicine market consists of sales of veterinary medicines and related services by entities (organizations, sole traders and partnerships) that manufacture veterinary medicines used to treat animal diseases and/or to improve animals’ performance and health.The animal medicine industry includes establishments that manufacture veterinary pharmaceuticals such as veterinary vaccines, veterinary antibiotics, and other veterinary pharmaceuticals, and establishments that manufacture medical feed additives and nutritional feed additives.

The animal medicine market is segmented into veterinary pharmaceuticals and feed additives.

North America was the largest region in the global animal medicine market, accounting for 58% of the market in 2020.Asia Pacific was the second largest region accounting for 18% of the global animal medicine market.

Africa was the smallest region in the global animal medicine market.

Nanotechnology is increasingly gaining traction in the animal medicine market as a substitute of veterinary antibiotics to tackle antibiotic resistance.Nanotechnology is the study of the controlling matter on an atomic and molecular scale.

Nanotechnology in the animal medicine industry is used to improve diagnosis, treatment, animal growth promotion, and production.Nanoparticles are mainly used as alternative antimicrobial agents to reduce the use of antibiotics and improve the detection of pathogenic bacteria.

They are also used as drug delivery agents for new drugs and vaccines candidates to improve their characteristics and performance, and to reduce drug resistance in animal organisms.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the animal medicine market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.

The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.

However, it is expected that the animal medicine market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The increasing penetration of pet insurance is expected to drive the animal medicine market.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%.During the forecast period, the pet insurance market in the USA is expected to grow from $1 billion in 2018 to $2 billion in 2022, at a compound annual growth rate of 14%, mainly driven by the increasing consumer awareness and rising disposable income of companion animal owners.

Increasing penetration of pet insurance will increase the number of visits at veterinary clinics supporting the use of animal medicine in the treatment of different diseases.
Read the full report: https://www.reportlinker.com/p06027731/?utm_source=GNW

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