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The Global Veterinary Therapeutics Market was valued at US$ 35,005.2 Mn in 2017 and is projected to reach US$ 54,968.3 Mn by 2025, exhibiting a CAGR of 5.8% in the forecast period (2018-2025).
The increasing demand for meat and other animal products is a key factor for the rising need of veterinary therapeutic products across the globe. Moreover, increasing ownership of companion animals among households is also creating demand for their therapeutic products. The spending on medicines for the companion animals is increasing in developing nations, and this is anticipated to fuel the global veterinary therapeutics market growth during the forecast period. The rising trend of using preventive therapeutics is also expected to drive the global veterinary therapeutics market growth during 2018-2015. 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. These new product launches are also expected to boost the global veterinary therapeutics market growth.
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Increased adoption of drugs for livestock animals, combined with new product launches is driving the growth of the global market
Increased use of drugs in livestock animals and rising new product approvals are the most prominent driving factors for the growth of the global veterinary therapeutics market in 2017. Among product types, vaccines is expected to be the fastest growing product segment globally. Rise in incidences of zoonotic diseases have led to increased consumption of medications for prevention purpose. Increasing pet ownership and spending capacities of pet owners is fueling the demand of veterinary vaccines. Vaccines are one of the key and critical tools for every veterinarian and veterinary public health system and offer one of the best and potent long term solutions for effective prevention of current and future infectious animal diseases. Strong veterinary therapeutics ensures a strong public health system for the humans and substantially lesser negative impact of zoonotic diseases.
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Based on the product type, the global veterinary therapeutics market segments include drugs, vaccines ,and medicated feed additives. The drugs segment is estimated to have the largest market share among product types. Drugs accounted for a market share of 51.1% in 2017. Based on the animal type, the market segments include companion, and livestock. Based on route of administration, the global veterinary therapeutics 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.
North America Veterinary Therapeutics Market Size, 2017
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The increasing pet ownership is expected to result in the highest CAGR in Asia Pacific
North America generated revenue of US$ 11,124.6 Mn in 2017 and is anticipated to account for a dominant share in the global veterinary therapeutics market during the forecast period. Growth witnessed in the region is likely to be driven by increasing demand for animal proteins like meat and milk in the region. In developed countries, the consumption of veterinary drugs and vaccines is increasing. The use of medicated feed additives is witnessing faster growth in recent times due to various advantages it offers. Europe, is estimated to be the second most dominant market in terms of market share. Whereas, in emerging countries, part of the Asia Pacific and Latin America region, such as India, Brazil and China, the rise in livestock population and increasing ownership of companion animals is fueling the veterinary therapeutics market. The market in Middle East & Africa accounted for a comparatively small share of the market in 2017.
Zoetis, accounted for a significantly large market share in terms of revenue and alongwith Boehringer Ingelheim and Intervet, dominated the global veterinary therapeutics market in 2017
Zoetis emerged as the leading player with the highest market share in 2017, as the company has a geographically widespread presence and robust product portfolio. The global veterinary therapeutics market is highly consolidated, with top 10 companies holding around 75% market share. The key strategy of leading market players is to introduce new products in specialty disease area and increase their geographical expansion. Other players operating in the veterinary therapeutics market are Intervet Inc. (Merck Animal Health), Elanco, Merial, Bayer AG, Boehringer Ingelheim International GmbH, Ceva, Vetoquinol S.A., IDEXX Laboratories, Inc., Virbac, etc.
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The increasing ownership of animals especially due to rising rates of adoption have resulted in an increasing demand for veterinary therapeutics. Additional factors that are expected to contribute to the growth of the market include the growing human population, increasing demand for meat and other animal products for consumption, and increasing trend of preventive therapeutics designed to prevent the occurrence of a disease.
The report provides qualitative and quantitative insights on the healthcare architecture industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by product type, animal type, route of administration, distribution channels, and regions. On the basis of product type, the market for veterinary therapeutics can be segmented into drugs, vaccines, and feed additives. On the basis of animal type, the global veterinary therapeutics market can be classified into livestock animals and companion animals. On the basis of route of administration, the market can be sub-segmented into oral, parenteral, topical. On the basis of distribution channels, the global veterinary therapeutics market can be 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 Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are pipeline analysis, the regulatory scenario for key countries, pricing analysis, key industry developments, an overview of animal diseases by key countries, snapshot on the novel & upcoming therapies, an overview of treatment plans for different animal diseases, and overview of incidence & prevalence of animal diseases.
By Product Type
By Animal Type
By Route of Administration
By Distribution Channels
Based on the detailed study conducted by Fortune Business Insights, the veterinary therapeutics market was valued at USD 35.00 Billon in 2017.
Fortune Business Insights has estimated the value of the veterinary therapeutics market at USD 54.96 Billion in 2025.
The veterinary therapeutics market is projected to grow at a CAGR of 5.8% during the forecast period.
In 2017, North America dominated the veterinary therapeutics market by generating a revenue of USD 11.12 Billion.
Increasing adoption of drugs in livestock animals combined with new product launches are driving the growth of global veterinary therapeutics market.
Zoetis, Bayer AG and Intervet Inc. are the companies that dominated the market of veterinary therapeutics market in 2017.
Based on the analysis done by Fortune Business Insights, the veterinary therapeutics market is projected to witness diverse opportunities owing to growing awareness regarding availability of veterinary drugs in emerging countries.
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