The North America veterinary medicines market is predicted to grow with a CAGR of 3.82%, over the forecast years of 2019 to 2028. The market growth is fueled by factors such as, the surging need for new veterinary treatment options, and the rise in animal health expenditure.
Canada and the United States are assessed for analyzing the North America veterinary medicines market growth. Canada’s veterinarians are represented by the national professional association, termed the Canadian Veterinary Medical Association (CVMA) that supports veterinarians’ practices, and encourages them to sustain high professional and medical standards. The CVMA also promotes veterinary medicine to the public, provides professional development opportunities, and advocates responsible animal treatment. Additionally, the growing awareness regarding the importance of immunization in companion animals and livestock generates an increasing demand for veterinary vaccines. For instance, there are numerous advantages linked with vaccination, like preventing infectious diseases among animals. Besides, this is highly essential for farm animals.
According to the evaluations conducted by the World Organization for Animal Health (OIE), Canada is acknowledged as the best-performing nation, in terms of veterinary services. Also, the country is a prime illustration of meeting international standards.
Conversely, the rising incidence of medical complications in animals, requiring veterinary medicines, further hikes the market growth. For example, as per the Companion Animal Parasite Council in 2019, more than 64,600 cats and 667,000 dogs in the United States were affected by Giardia, a microscopic parasite, causing the diarrheal illness, giardiasis. This has created the surging need for parasiticides across the region. Therefore, such factors are anticipated to propel the region’s market growth, during the forecast period.
Distinguished enterprises operating in the market are, Archer Daniels Midland, Elanco, Zoetis, Kindred Biosciences, etc.
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