Veterinary Drugs Market
Veterinary Drugs Market (Product Type - Anti-infective, Anti-inflammatory, and Parasiticides; Animal - Companion and Livestock; Route of Administration - Oral, Parenteral, and Topical) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
- 155 Pages
Global Veterinary Drugs Market: Snapshot
Across developed countries the ownership of companion or livestock animals of various known and exotic breeds has remained high since the last few decades. Developing countries are catching up in this regard as well. Across the world, livestock animals are majorly domesticated for their economic value. Dairy products, meat, fibers, and fertilizers derived from companion animals have considerable market value. In addition, their labor is put to use in agriculture and farming. Besides this, humans have grown fond of petting companion animals. Spurred by these factors the demand for veterinary drugs has increased as veterinarians and owners focus more on ensuring the health and wellness of companion pets.
While the market continues reeling under threat from the availability of low quality counterfeit products, the growing affordability of veterinary drugs will keep their demand pacing higher in the coming years. Given the scenario, Transparency Market Research (TMR) forecasts the market to exhibit a CAGR of 5.1% between 2016 and 2024. At this pace, the market which stood at US$17.2 bn in 2015, is forecast to reach US$26.7 bn by the end of 2024.
Demand for Veterinary Drugs to be Higher in Livestock Animals Segment
In terms of animal type, the global veterinary drugs market is bifurcated into companion animal and livestock animal. Of these, the livestock animal segment held the largest market share in 2015 on account of the high demand for high quality protein and poultry meat. The companion animal segment will exhibit robust growth as well during the course of the forecast period. The rising pet ownership and the increase in healthcare expenditure on them will boost this segment in the coming years.
Based on product, anti-infective, parasiticides, anti-inflammatory, and others comprise the key market segments. Of these, the anti-infective segment held the dominant share in the market in 2015 gaining from the increasing demand for zoonotic diseases. However, between 2016 and 2024, growth witnessed in the parasiticides segment is projected to be higher than other segments. It is forecast to exhibit a CAGR of 6.1% during the forecast period thereby emerging as the most lucrative product segment. The market will witness rising demand for anti-inflammatory drugs as well aimed at improving mobility and quality of life in companion animals.
North America to Continue Dominating Overall Market
Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa constitute the key market segments. Among these, North America emerged dominant in 2015, accounting for value-based share of nearly 31%. It is expected to remain at the fore of the overall market through the course of the report’s forecast period. The region exhibits a higher prevalence of pet ownership as compared to other regions. In the same year, Europe emerged as the second-leading market segment. During the forecast period, Asia Pacific and Latin America is also expected to contribute to revenue generated by the overall market. The increasing incidence of infectious disease among animals will fuel the demand for effective veterinary drugs in Asia Pacific and Latin America.
Some of the leading companies operating in the global veterinary drugs market are Zoetis, Inc., which dominated the overall vendor landscape in 2015, Boehringer Ingelheim GmbH, Bayer AG., Elanco Animal Health (Eli Lilly and Company), Ceva Santé Animale, Dechra Pharmaceuticals PLC., Merck & Co., Inc., Virbac, Vetoquinol, and others.
Increasing Pet Adoption among Many Regions to Propel the Growth Prospects of the Veterinary Drugs Market
The veterinary drugs market will gain considerable traction during the forecast period of 2016-2024 on the back of the rising number of pet adoptions across the globe. Countries like India having their main occupation as agriculture also contributes largely to the growth of the veterinary drugs market as many individuals in these countries have livestock. Thus, these factors will invite vital growth opportunities for the veterinary drugs market.
- According to the American Society for the Prevention of Cruelty to Animals (ASPCA), nearly 78 mn dogs and 85.8 mn cats are owned in the U.S. Almost 44 percent of all households in the U.S. own a dog while 35 percent own a cat. These statistics reveal the growing trend of pet ownership among many individuals. Thus, these factors bring tremendous growth opportunities for the veterinary drugs market.
- Ongoing research and development activities have led to great growth opportunities. The players in the veterinary drugs market focus on these activities for developing novel formulations that are more beneficial and convenient for the animals. Strategic collaborations help in strengthening the foothold of the players in the veterinary drugs market, eventually increasing the growth rate.
- Government support also plays a major role in the growth of the veterinary drugs market. The Indian Government’s Animal Husbandry Department and the Ministry of AYUSH recently signed an agreement for exploring the possibilities of formulating quality drugs for animals through medicinal herbs. Such developments bode well for the growth of the veterinary drugs market.
- The COVID-19 pandemic has minimally affected the veterinary drugs market. The growing prevalence of the novel coronavirus led many countries to impose strict lockdowns. The medical and healthcare industry was exempted from the lockdown norms. This aspect proved to be a relief for the players in the veterinary drugs market.
Global Veterinary Drug Market: Overview
This report on the veterinary drugs market analyzes the current and future scenario of the global market. Increase in pet ownership, rise in healthcare expenditure on companion animals, rise in meat consumptions along with high demand for good quality proteins are some of the drivers expected to drive the global veterinary drugs market during the forecast period.
The global veterinary drugs market report comprises an elaborate executive summary, which includes market snapshot that provides information about various segments. It also provides information and data analysis of the country’s market with respect to the segments based on product type, animal type, route of administration and regions. A detailed qualitative analysis of drivers and restraints, opportunities, and trends has been provided in the market overview section. Additionally, the section comprises Porters Five Forces Analysis to help understand the competitive landscape in the market. This section also provides market attractiveness analysis in terms of country and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global veterinary drugs market.
Global Veterinary Drug Market: Key Market Segments
Based on product type, the market has been segmented into anti-infective, anti-inflammatory, parasiticides, and others. The market segments have been analyzed based on available approved products, cost-effectiveness, and preference from veterinarians for treating the animals with various drug classes. The market size and forecast for each of these segments have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year.
Based on animals, the global veterinary drugs market has been segmented into companion animals and livestock animals. The market segments have been extensively analyzed based on increase in demand for disease treatment among companion animals and livestock animals. Increase in pet ownership, demand for infection free meat, and increase in awareness for treatment of the domesticated animals are driving the market share of animal segment. Different types of route of administration are used to feed the drug to animals. On basis of route of administration global veterinary drugs market is segmented into oral, parenteral, and topical route of administration. Under the route of administration segment, oral administration of drugs in animals plays a major role followed by parenteral. The market size and forecast in terms of US$ Mn for each segment have been provided for the period from 2014 to 2024. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2016 to 2024, considering 2015 as the base year.
Global Veterinary Drugs Market: Regional Outlook
Geographically, the global veterinary drugs market on the basis of region has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market size and forecast for each of these regions have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year.
Companies Mentioned in Report
The report also profiles major players in the global veterinary drugs market based on various attributes such as company overview, financial overview, product portfolio, business strategies, SWOT analysis, and recent developments. Major players profiled in this report include players in the global veterinary drugs market are Bayer AG., Boehringer Ingelheim GmbH, Ceva Santé Animale, Dechra Pharmaceuticals PLC., Elanco Animal Health (Eli Lilly and Company), Merck & Co., Inc., Virbac, Vetoquinol, Zoetis, Inc. and others.
The Global Veterinary Drugs Market has been segmented as follows:
by Route of Distribution