Market Dynamics:
Rising pet adoption around the globe is a major factor driving growth of the veterinary medicine market. According to the American Pet Products Association, US pet industry spending reached US$ 103 billion in 2021, indicating growing humanization of pets. Furthermore, increasing consumer awareness regarding animal health is also contributing to market growth. According to Centers for Disease Control and Prevention (CDC), about 75% of emerging infectious diseases in humans have animal origins, commonly known as zoonotic diseases. Increasing awareness about potential zoonotic diseases and their prevention through animal treatment and vaccines is boosting demand for veterinary medicines. Additionally, growing meat consumption and rise of factory farming is spurring veterinary medicine demand from the livestock sector for prevention and treatment of diseases.

Key Takeaways

The Global Veterinary Medicine Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing pet adoption across the world. Rising disposable income allows owners to spend more on advanced healthcare of companion animals.

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