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Region : Global | Latest Update: Jul, 2019 | Published Date: Apr, 2019 | Report ID: FBI100171| Status : Published
The Global Veterinary Drugs Market was valued at US$ 17,870.6 Mn in 2017, and is projected to reach US$ 27,570.0 Mn by the end of 2025, exhibiting a CAGR of 5.6%.
Existing market players operating in the veterinary drugs market 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 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 growth of the veterinary drugs in developed as well as emerging countries, subsequently driving the growth in the market during the forecast period 2018-2025.
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Parasiticides to account for the highest market share by 2025
Increased animal ownership and the increased demand for animal-derived products were some of the most prominent driving factors for the growth in the global veterinary drugs market in 2017. Parasiticides segment is estimated to have the largest market share among application types. Parasiticides accounted for a 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 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 growth at a significantly high CAGR during the forecast period.
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In terms of animal type, the global veterinary drugs market is categorised into companion and livestock. Based on route of administration, the global veterinary drugs market is categorised into oral, parenteral, and topical. In terms of distribution channels, the market is catgorised into veterinary hospitals, veterinary clinics, pharmacies & drug stores, and others. Veterinary hospitals is likely to be the fastest growing segment during 2018-2025.
Growing animal ownership and increasing usage of veterinary drugs expected to result in the highest CAGR in the Asia Pacific
North America generated revenue of US$ 6,290.1 Mn in 2017 and is anticipated to account for a major share in the global veterinary drugs 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. Whereas, in emerging countries such as India and China, the increasing consumption of advanced veterinary drugs will fuel the growth in the veterinary drugs 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.
North America Veterinary Drugs Market, 2017
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Zoetis to dominate the veterinary drugs market in terms of revenue
Zoetis emerged as the leading player with the highest 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 veterinary drugs market 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 report on global veterinary drugs market focuses on market size in terms of revenue (US$ Mn), of veterinary drugs, for the period 2014-2025.
The report offers information pertaining to various dynamics of the market including drivers, restraints, opportunities for market players in the veterinary drugs market, and trends. The report analyzes and evaluates current market size, growth rate, and forecast of the global veterinary drugs market, with regards to products (anti-infectives, anti-inflammatory, parasiticides, and others).
The report also offers key insights related to 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.
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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)