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The global veterinary drugs market size was valued at USD 17,870.6 Million in 2017 and is projected to reach USD 27,570.0 Million by 2025, exhibiting a CAGR of 5.6% in the forecast period (2018-2025).
Existing market players operating in the global veterinary drugs Industry are focusing on constant innovation and upgrading their portfolio with new and advanced product offerings for both the livestock and the companion animals. Some of the key driving factors of the global market include the rapid population growth, rising per capita income, and increased urbanization.
These factors have led to the development of the key important trends of increased demand for animals and animal-derived products and the increased companion animal ownership leading to greater expenditure of veterinary drugs to enable longer and healthier lives of these animals.
The introduction of new and advanced veterinary drugs is expected to drive the global veterinary drugs market growth in developed as well as emerging countries, subsequently driving the growth in the market during the forecast period 2018-2025. In May 2019, the U.S. FDA granted regulatory approval to Bimeda, Inc. for the product offering of OxyMed LA treatment of pneumonia and shipping fever complex in cattle and the treatment of bacterial enteritis.
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"Increasing animal ownership and the launch of new veterinary drugs products for a variety of indications and types of animals is driving the growth of the global market "
Increased animal ownership and the increased demand for animal-derived products were some of the most prominent driving factors for the growth in the market in 2017. Parasiticides segment is estimated to have the largest share among application types. Parasiticides accounted for a veterinary drugs market share of 32.2% in 2017. While, the positive effects of parasiticides cannot be generally seen but if the animals are not treated against parasites or prevented against parasites they tend to have a devastating impact on the animals and hence, parasiticides was estimated as most preferred veterinary drugs.
Globally, parasiticides product segment is estimated to grow at a faster CAGR in the market during the forecast period. This is attributed to increasing demand for animals and animal-derived products such as meat, and the administration of parasiticides enable to boosting the quality of the meat for consumption and improve the overall efficiency of the livestock and companion animals.
Currently, there are increasing technological advancements in the administration of parasiticides such as collars, dips, and sprays and this is expected to boost the veterinary drugs market growth at a significantly high CAGR during the forecast period.
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Based on the animal type, the market segments include companion and livestock. Based on the product, the veterinary drugs market segments include parasiticides, anti-infectives, anti-inflammatory, and others. The parasiticides segment dominated the global market in 2017. The segment accounted for 32.2% share of the market in 2017. Based on route of administration, the global market is categorized into oral, parenteral, and topical. In terms of distribution channels, the global market is categorized into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others.
"Growing animal ownership and increasing usage of veterinary drugs expected to result in the highest CAGR in the Asia Pacific"
North America generated veterinary drugs market revenue of USD 6,290.1 Mn in 2017 and is anticipated to account for a major share in the market during the forecast period. Growth projected in the region is likely to be driven by increasing adoption of animals, and advanced and improved new product launches in the region. In developed countries the use of veterinary drugs is continuously increasing due to high animal ownership and stringent animal healthcare guidelines along with the R&D initiatives leading to launching of new products, which may also be attributed to the increasing demand for animals.
In Europe, the veterinary drugs market growth will continue due to the stringent guidelines regarding animal health. In Asia Pacific, emerging countries such as India and China, the increasing consumption of advanced veterinary drugs will fuel the growth in the market during the forecast period. In Asian countries like China and India, there is increased animal health awareness due to government initiatives, increased usage of animals in agriculture in some regions and increasing disposable incomes leading to greater veterinary drugs expenditure.
The adoption of other veterinary drugs such as anti-infectives and anti-inflammatory is also increasing. In Latin America, the market is anticipated to strengthen due to the beef consumption industry in some of the countries in the region. Middle East & Africa also continues to represent strong growth potential in the future.
North America Veterinary Drugs Market, 2017
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"Zoetis, Boehringer Ingelheim and Intervet, dominated the global veterinary drugs market in 2017"
Zoetis emerged as the leading player with the highest veterinary drugs market share in 2017, as the company has a significant and considerable market presence, a diverse portfolio of product offerings and an acute strategic perspective which includes mergers and acquisitions such as the 2018 acquisition of Abaxis.
Other examples of strategic acquisitions of the company include Nexvet and Scandinavian Micro Biodevices. In addition, Zoetis is continuously involved in a variety of R&D initiatives such as animal cancer therapeutics. Other players operating in the Industry are Intervet Inc., Boehringer Ingelheim International GmbH, Ceva, Elanco, Vetoquinol S.A., Bayer AG, etc.
The global veterinary drugs market is anticipated to grow owing to a number of factors such as the increasing prevalence of animal diseases, increasing incidences of zoonotic diseases, increase in pet ownership, increased demand for meat and animal-based products, usage of animals in agriculture, easy accessibility and affordability of treatment, increasing awareness of animal health and welfare, and increasing animal adoption. The introduction of new products in the market, along with an increasing number of animals worldwide undergoing therapeutic treatments is projected to further augment the demand for veterinary drugs during the forecast period.
The report provides qualitative and quantitative insights on the veterinary drugs industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market segments include product, animal, route of administration, distribution channel, and geography. On the basis of the product, the global market segments include anti-infectives, anti-inflammatory, parasiticides, and others.
Based on animal, the global market is segmented into companion, and livestock. Based on route of administration, the global market for veterinary drugs market is segmented into oral, parenteral, and topical. Based on distribution channel, the global market is segmented into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report on veterinary drugs market analysis includes market dynamics and competitive landscape. Various key insights provided in the report are the pipeline analysis of veterinary drugs, overview of company share analysis, overview of strategies by key market leaders, key industry developments such as mergers & acquisitions, new product launches, regulatory Scenario, and overview of cost analysis.
By Route of Administration
· Veterinary Hospitals
· Veterinary Clinics
· Pharmacies & Drug Stores
· North America (U.S. and Canada)
· Europe (U.K., Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Fortune Business Insights says that the value of the global veterinary drugs market was USD 17,870.6 Million in 2017.
The veterinary drugs market is projected to reach USD 27,570.0 Million by 2025.
The veterinary drugs market will grow at the rate of 5.6% CAGR.