Veterinary Medicine Market Size is Expected to Exhibit 5.57% CAGR by 2027

Anand949504 Feb, 2022Science

Veterinary medicine market was worth USD 28,012.73 Million in2019 and expanding at CAGR of 5.57% during the forecast period (2020-2027). The disconcerting growth in the number of zoonotic as well as chronic diseases among animals has been favorable for the veterinary medicine industry over the years. The worldwide livestock population has witnessed significant growth in the last couple of decades. The USDA recorded close to 105.0 million cattle and 40.1 million beef cows in the United States as of August 2020, and these numbers are bound to rise substantially in the following years. The expanding livestock pool is continuously expanding, also giving rise to a number of diseases, which fosters the need for effective veterinary medicines. Additionally, mounting R&D efforts, surge in procedural advances, pet adoption rate, and the huge demand for meats along with mandatory vaccination could enhance the market share as well.