The global veterinary drug market will reach 537.2 billion in 2022

In 2022, the global veterinary drug market will reach 537.2 billion yuan, and the market share of the top five manufacturers will exceed 60%. With the development of animal husbandry, the importance of veterinary drugs has gradually received attention from the industry and society. After years of development, the foreign veterinary drug market has entered a period of steady development. Foresight Industry Research Institute predicts that by 2022, the global veterinary drug market will reach 537.2 billion yuan. With the continuous mergers and acquisitions and reorganizations of international veterinary drug giants, the concentration of the global veterinary drug industry has further increased, with the market share of the top five manufacturers exceeding 60%.

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The global veterinary drug market continues to grow

Veterinary drugs refer to substances used for the prevention, treatment, diagnosis, or purposeful regulation of animal physiology. With the development of animal husbandry, the importance of veterinary drugs has gradually gained attention from the industry and society. In recent years, with the increase in the types of veterinary drugs and the expansion of the scope of use, veterinary drugs have gradually been called "animal health products". The veterinary medicine industry has expanded to the sum of the industries related to animal health and safety, also known as the animal health product industry.

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Forecast of the global veterinary drug market

After years of development, the foreign veterinary drug market has entered a period of steady development. According to the "Veterinary Drug Industry Production and Sales Demand and Investment Forecast Analysis Report" released by the Foresight Industry Research Institute, the global veterinary drug market has maintained steady growth, from 194.5 billion yuan in 2010 to 2016, except for the negative growth affected by the global financial crisis in 2009 The market size of 347.2 billion yuan has a compound annual growth rate of 10.14%.

The global veterinary drug market continues to grow and its scale is also increasing. Foresight Industry Research Institute predicts that from 2017 to 2022, the global veterinary drug market will increase at an average annual growth rate of about 7.3%. If calculated at an average annual growth rate of 7.3%, the global veterinary drug market will reach 537.2 billion by 2022 yuan.

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Global veterinary drug market competitive landscape

In terms of the regional distribution of the foreign veterinary drug market, the American market is relatively large, accounting for nearly half of the market share, and other markets except Europe and the United States are relatively small. The details are as follows:

At present, the foreign veterinary drug industry has gradually concentrated in a few large companies. Large companies continue to expand their competitive advantages and market position through mergers and acquisitions and restructuring. In recent years, with the continuous mergers and acquisitions and reorganizations of international veterinary drug giants, the concentration of the global veterinary drug industry has further increased, with the market share of the top five manufacturers exceeding 60%.

Large foreign veterinary drug manufacturers have continuously improved their strengths through acquisitions and used their capital, technology, and market advantages to have a profound impact on the veterinary drug industry in the vast majority of developing countries. In order to ensure the safety of domestic animal husbandry, the Chinese government has gradually strengthened its support to the veterinary drug industry, encouraging domestic veterinary drug manufacturers to strengthen technology and product research and development, and shorten the gap with leading foreign companies. At the same time, a small number of domestic companies with strong capabilities have continuously increased their investment in technology and developed a number of products with independent intellectual property rights, filling the domestic gaps and promoting the long-term and healthy development of my country's animal husbandry.