The worldwide veterinary medicine market has been predicted to grow at a compound annual growth rate of 8.1% over the next five years, according to a report.

Compiled by Industry Today, the research stated: “The global veterinary medicine market is expecting a huge growth in the coming years due to increasing love for pet and increasing demand for poultry animals.

“… Additionally, strict policies from government for wild animal welfare across the region also boost the growth of the market.”

US domination

The report identified the US as dominating the global market for veterinary medicine, but added: “Europe is the second largest market in the world due to growing health care industry and penetration.

“The European veterinary medicine market growth is led by countries such as Germany and France. Germany is expected to be the fastest growing market over the assessment period due to its large pharmaceutical industry.”

Rapid growth

The statement continued: “Europe records for [the] second largest market, due to animal-favoured government policies and tax benefits for pet animals, are major driving forces in [the] European market.”

The report also noted the Asia-Pacific region veterinary medicine market – including China, India and Malaysia – is also expected to grow rapidly from 2018-23.