South Korea Veterinary Medicine Market Future Scenario In Healthcare Sector

 

Increase in animal healthcare expenditure is another major factor driving the market growth. However, lack of veterinary infrastructure in underdeveloped nations and stringent regulations related to medicated feed additives restrict the growth of the veterinary medicine market. On the contrary, increasing awareness about animal health provides a lucrative opportunity for the veterinary medicine market.

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Veterinary medicine is any product used to treat various medical conditions in animals. For example, veterinary drugs include drugs such as anti-infectives and parasiticides, which are administered orally to animals. Similarly, veterinary medicine also includes vaccines, which are used to induce immunity in animals against various infectious diseases such as equine influenza (EIV) and parainfluenza 3-respiratory syncytial. In addition, it also includes medicated feedstuffs, which are mixed with animal feed to provide medicinal effects in animals.

The global veterinary drug market is segmented on the basis of product, route of administration, animal type, distribution channel, and region to provide a detailed assessment of the market. By product, it is segmented into drugs, vaccines, and medicated foods. The drugs segment is further segmented into anti-infectives, anti-inflammatories and antiparasitics.

Asia-Pacific is expected to exhibit the fastest growth rate due to increasing awareness regarding the use of veterinary drugs. Other factors driving the growth of the market include increasing awareness regarding animal health and increasing ownership of companion animals in the region.

The global veterinary drugs market is highly competitive and major market players have adopted various strategies to capture the maximum share of the veterinary drugs market. These include collaborations, product launches, partnerships and acquisitions.

Key Market Players: 

Major players operating in the market include Zoetis, Inc., Merck & Co., Inc. (Intervet International B.V.), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Santé Animale, Virbac., Vetoquinol S.A., Boehringer Ingelheim International GmbH., ADM. Animal Nutrition and Evonik Industries AG.