United Kingdom Veterinary Medicine Markets, Competition, Forecast & Opportunities, 2023-2027
DUBLIN, April 12, 2023 /PRNewswire/ -- The "United Kingdom Veterinary Medicine Market, By Animal Type (Production v/s Companion), By Production (Poultry, Swine, Cattle, Others), By Companion (Dogs, Cats, Horses, Others), By Product Type, By End User, By Source, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The United Kingdom veterinary medicine market is anticipated to witness a robust CAGR in the forecast period, 2023-2027
The surge in awareness about the adverse effects of zoonotic and foodborne diseases and efforts by the market players to optimize the supply chain and manufacturing of medicines are the primary factors driving the demand for the United Kingdom veterinary medicine market over the forecast period.
Also, a rise in the launch of new products and medicines and increasing consumer willingness to spend on animal healthcare are the other prominent factors that are expected to accelerate the growth of the United Kingdom veterinary medicine market.
Increased Consumer Spending on Animal Healthcare Drives the Market Growth
Consumer spending on veterinary and other pet services in the United Kingdom in 2020 amounted million GBP 3993.
The trend of pet humanization and the rise in the spending by pet owners to maintain animal health are playing a major role in influencing market demand. People are becoming more dependent on pets for emotional support and are spending significant amounts on animal health and well-being.
The most popular pets in the United Kingdom are cats, dogs, rabbits, indoor birds, guinea pigs, hamsters, tortoises, turtles, lizards, domestic fowls, and snakes. People prefer to keep pets as they improve their mental health and bring positivity to homes. People spend more than £3 billion on pet food every year.
About more than half of pet owners live in cities, and most of the pet owners are under the age of 40. The huge popularity of pets and improved living standards of pet owners are expected to accelerate the United Kingdom veterinary medicine market growth in the forecast period.
The growing Prevalence of Diseases in Animals Fuels the Market Demand
Zoonotic and food-borne diseases are common in animals. The British government has spent about GBP 70 million a year on disease control and prevention.
Bovine tuberculosis (bTB), which is caused by Mycobacterium bovis, is one of the most serious health problems faced by cattle in the country. Market players are launching products specifically for the health problems faced by animals, such as the introduction of BRAVECTO Plus medicine, which is used to treat external and internal parasite infections of cats.
In 2019, veterinary activities contributed 2.7 billion British pounds to the GVA of the UK Non-Financial Business Economy, and this number is rapidly growing in the coming years. An increase in awareness about the negative effects of different diseases on animals and the availability of advanced treatment facilities are expected to drive the demand for the United Kingdom veterinary medicine market in the next five years.
Supportive Government Policies Favor the Market Growth
Leading authorities are keen on ensuring the well-being and health of animals and are introducing several initiatives and making hefty investments in the development of the animal healthcare industry.
The Animal Welfare Act 2006 states that animal owners need to take care of their pets, failing which they could be banned from owning animals or face an unlimited fine or sent to prison for up to six months.
Also, the Welfare of Farmed Animals (England) (Amendment) Regulations 2010 protects farm animals from any kind of cruelty and negligence by pet owners. Therefore, the focus of the government on welfare is expected to create lucrative growth opportunities for the United Kingdom veterinary medicine market in the forecast period.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in United Kingdom veterinary medicine market.
- Dechra Pharmaceuticals PLC
- Norbrook Laboratories Ltd
- Elanco Animal Health UK Limited
- Bayer Plc.
- Boehringer Ingelheim Animal Health UK Limited
- Ceva Animal Health Limited
- Covetrus Animal Health Holdings Limited
- KRKA UK Ltd
- TVM UK
- Vetoquinol UK Limited
Report Scope:
United Kingdom Veterinary Medicine Market, By Animal Type:
- Production
- Poultry
- Swine
- Cattle
- Others
- Companion
- Dogs
- Cats
- Horses
- Others
United Kingdom Veterinary Medicine Market, By Product Type:
- Vaccine
- Pharmaceuticals
- Medicated Feed Additives
United Kingdom Veterinary Medicine Market, By End User:
- Veterinary Hospitals & Clinics
- Reference Laboratories
- Others
United Kingdom Veterinary Medicine Market, By Source:
- Domestic
- Import
United Kingdom Veterinary Medicine Market, By Region:
- London
- Southeast
- East Anglia
- Scotland
- Southwest
- East Midlands
- Yorkshire & Humberside
- Rest of United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/dtsaxf
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