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Global Veterinary Drugs Market InsightJanuary 17, 2022 Comments
According to the WK-chem Research “Global Veterinary Drugs Professional Survey Report 2022, Forecast to 2027”, the global Veterinary Drugs market is expected to grow at a compound annual growth rate of 4.8% during the 2022-2027 period. The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. In addition, rise in animal healthcare expenditure is another major factor that fuels growth of the market.
“The veterinary drug industry is facing a new development situation. The number of new entrants continues to increase, the prices of upstream raw materials continue to rise, and the market competition in the veterinary drug industry is becoming increasingly fierce. Companies in the veterinary drug industry must actively respond, focus on cultivating innovation capabilities, and continuously improve their own production technology in order to strengthen their competitive advantages. In addition, veterinary drug companies must continue to pay attention to the development of the industry and formulate correct development strategies to enable them to gain a leading edge in the cruel market competition.” said Charles, a senior analyst at the WK-chem Research.
Veterinary drugs are drugs used to treat various diseases in animals. Veterinary drugs such as antibiotics, antimicrobial agents, antihistamines, antiprotozoans and hormones have been developed to minimize the invasion of harmful viruses and bacterial parasites in animals. The main factors contributing to the growth of the veterinary drug market are the increase in the burden of animal chronic diseases, the increase in animal adoption, and the increase in pet and poultry farmers’ preference for drugs. In addition, it is expected that in the near future, increasing R&D investment, higher pet adoption rates, increased meat consumption and mandatory vaccination of animals will drive the demand for veterinary drugs and animal vaccines. The main restrictive factor in the veterinary drug market is the government’s strict regulations on products. Veterinary drugs must be tested repeatedly during the research and development period until they meet the national standards for veterinary drugs. In addition, some adverse reactions in the mixed use of veterinary drugs will also limit the market development of veterinary drugs.
The veterinary drug market is moderately consolidated and consists of several major players. Some of the companies which are currently dominating the market are Bayer AG, Zoetis Animal Healthcare, Virbac S.A, Boehringer Ingelheim International GmbH, Merck Ltd, Elanco, Intervet Inc and Bimeda, Inc.
Segmentation of Veterinary Drugs Market:
According to the product, veterinary drugs are divided into Medicines, Vaccines, And Medicinal Feed Additives. Vaccine products will occupy an important market share. The vaccine is divided into inactivated vaccines, attenuated vaccines and recombinant vaccines. The growth of this market segment is due to the increasing demand for animal-derived foods, the increase in the number of companion animals, and various measures taken by government agencies and animal associations to maintain animal health. On the basis of mode of delivery, the market is segmented into Oral, Parenteral and Others. The parenteral segment dominated the market for veterinary drugs and held the largest revenue share. The growth can be credited to the availability of product availibility and instant onset of action. The therapeutic effect for parenteral drugs is usually achieved within an hour after the administration, thus it is preferred for faster action. By animal type, it is divided into Companion Animals and Livestock Animals. Companion animals tend to hold a larger share in the market as pet owners ensure their pet’s health and well-being. As compared to livestock animals, companion animals receive special care and veterinary treatment from their owners, which is the major factor driving the market share of this segment.
Veterinary Drugs Market: Regional Analysis
Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East& Africa. North America is expected to hold the highest market share in the veterinary drugs Market. The key factors are the increasing prevalence of zoonotic diseases, favorable reimbursement plans, and increased spending on companion animals. In addition, it is expected that increased adoption of pet health insurance in the United States will also drive market growth. The increase in the concentration of major veterinary hospitals in the region that provide good reimbursement rates has added impetus to market growth.
Largest share area：North America
Largest share country：the United States
Product Type(by Mode of Delivery)：Oral, Parenteral and Others
Product Type(by Product)：Medicines, Vaccines, And Medicinal Feed Additives
Application：Companion Animals and Livestock Animals
Leading Company：Bayer AG, Merck, Zoetis Animal Healthcare, Virbac S.A, Boehringer Ingelheim International GmbH