Quick Summary:
As the landscape of animal health care evolves, the animal medicine market has emerged as a vital segment, experiencing vigorous growth and dynamic developments. Savvy business executives recognize that to remain competitive and informed, access to comprehensive market research is indispensable.
Our market research report meticulously addresses this need, offering an authoritative examination of the global animal medicine sector. It explores the multifaceted patterns of growth influenced by heightened pet health awareness, increased veterinary expenditure, and the expanding reach of pet insurance. The report illuminates how these factors intertwine to propel the market forward, providing key insights for strategic decision-making.
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Our extensive report equips executives with the essential information to navigate the complexities of the animal medicine market, outlining innovative trends, potential opportunities, and strategic partnerships in the industry. It is tailor-made for those seeking to understand the upsurge in pet ownership and its implications on the demand for veterinary services and products.
With a focus on the burgeoning influence of nanotechnology and strategic collaborations in enhancing animal healthcare outcomes, the report delivers a forward-looking assessment of the market. It highlights how adopting cutting-edge technology and fostering partnerships contribute significantly to the industry's growth and evolution. This report is a critical tool for leaders aiming to capitalize on the sector's current momentum and forecast its future trajectory.
The animal medicine market size is expected to see strong growth in the next few years. It will grow to $72.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. Anticipated growth in the animal medicines market is driven by factors such as increased disease prevalence in animals, higher pet ownership, growing consumption of animal-derived products, and supportive government initiatives. Key trends include the introduction of super-combo parasiticides, strategic collaborations for innovation, development of chewable tablets, launch of mobile veterinary units, focus on creating new products, emphasis on pet care e-commerce, and a heightened focus on medicated feed additives.
The expansion of pet insurance is anticipated to significantly impact the animal medicine market. Across the globe, the pet insurance sector remains largely underutilized, offering substantial growth potential. In developed nations such as the USA, pet insurance holds a mere 1% penetration rate, while in Western European countries such as the UK, it reaches around 20%. Forecasts suggest a robust growth trajectory for the US pet insurance market, projected to add $2 billion in 2022 at an impressive compound annual growth rate of 14%. This surge is primarily attributed to heightened consumer awareness and increased disposable income among owners of companion animals. The escalated adoption of pet insurance is likely to result in a higher frequency of visits to veterinary clinics, driving the utilization of animal medicine in treating diverse ailments.
The surge in pet ownership and adoption rates is a key driver fueling the growth of the animal medicine market. Pet owners demonstrate a stronger inclination to invest in their pets' veterinary care compared to their personal healthcare expenses. This inclination is rooted in their deep emotional attachment to their animals and a steadfast commitment to ensuring their pets' optimal health and quality of life. A BeChewy article reported a significant rise in pet adoptions, with 977,202 pets adopted in 2021, reflecting a 61% adoption rate in the USA. Moreover, 1 million pets were adopted in 2022. Consequently, the escalating rates of pet ownership and adoption are expected to drive substantial growth within the animal medicine market.
Nanotechnology is progressively becoming a prominent force in the animal medicine sector, serving as a viable alternative to veterinary antibiotics. This scientific discipline involves manipulating matter at the atomic and molecular scale. Within animal medicine, nanotechnology plays a pivotal role in enhancing diagnostics, treatments, promoting animal growth, and improving production methods. Nanoparticles, in particular, are employed as antimicrobial substitutes for antibiotics, aimed at curbing their use while enhancing the identification of pathogenic bacteria. Furthermore, these particles serve as efficient drug delivery agents for novel medications and vaccine candidates, augmenting their characteristics and efficacy while mitigating drug resistance in animal organisms.
In November 2021, Nextmune, a Sweden-based entity operating within Vimian Group's Specialty Pharma segment, initiated a strategic collaboration with Angany, Inc for an undisclosed investment. The primary objective of this partnership is to jointly develop innovative vaccines catering to allergy and atopic dermatitis in companion animals. Angany Inc., a Franco-Canadian pre-clinical stage pharmaceutical firm, specializes in pioneering immunotherapy techniques to combat allergies, adopting a distinctive approach in the field.
Major companies operating in the animal medicine market report are Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co Inc., Elanco Animal Health Incorporated, Virbac Group, Ceva Santé Animale, Phibro Animal Health Corporation, China Animal Husbandry Industry Co., Ltd., Vetoquinol S.A., Neogen Corporation, Century Pharmaceuticals Limited, BASF India Ltd., Cargill India Pvt. Ltd., Intervet Australia Pty Ltd., Jurox Pty Ltd., SeQuent scientific Ltd., Guangdong Wens Dahuanong Biotechnology Co. Ltd., Shandong Lukang, Bayer Animal Health Cadila Pharmaceuticals Ltd., Novasep, Koninklijke DSM n.v, Novartis AG, Nutreco N.V., Sanofi S.A, Merial Pusuch as Biological Engineering, Bad Oldesloe, CP-Pharma Handelsgesellschaft mbH, SaluVet GmbH, KRKA UK, Interfeed, Biotex Plus Ltd., Belfarmacom, Cymedica, vet resolution, Vetruus Ltd., Nimrod Veterinary Products Ltd., Bimeda, Animalcare, Medco-ERP Ltd. Holland, Brouwer, IDT Biologika, Vetiquinol S.A, UCBVET, Biowet Puławy, Esculap, Pasteur Romania, Vector-Vita-LLC, NITA-FARM, Bioveta, Heska, Dechra Veterinary Products, Eli Lilly and company, IDEXX Laboratories, Agrodan CA, Agrovet Market S.A, Interchem Ltda, Invesbio S.A, Syntec, Sauvet, Vetanco, Chemo Argentina, Saudi Pharmaceutical Industries SPI, Montajat Pharmaceuticals Co. Ltd., ALKE SAGLIK URUNLERI San. ve Tic. A.S., MISTAV Ilac ve Tavukculuk San.Tic.Ltd., DBK Pharma S.A.E., Kahmavet, Lemavet, Abpharma, ASVET, Ekinos - Veterinary Products, Lanrex Pharmaceuticals Nig Ltd., Emzor Pharmaceutical Ltd.
North America was the largest region in animal medicine market in 2023. Asia-Pacific was the second-largest region in the animal medicine market. The regions covered in the animal medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the animal medicine market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The animal medicine market consists of sales of procuring drugs to shield against external parasites such as fleas, ticks, and heartworms (intestinal parasites). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The primary categories of animal medicines include veterinary pharmaceuticals and feed additives, catering to both livestock and companion animals. Veterinary pharmaceuticals represent medications administered to animals for the treatment of various diseases. These animal medicines are distributed and utilized by various entities such as veterinary hospitals, pharmacies, drug stores, and veterinary clinics, contributing to the overall health and well-being of animals.
The animal medicine research report is one of a series of new reports that provides animal medicine statistics, including animal medicine industry global market size, regional shares, competitors with animal medicine shares, detailed animal medicine segments, market trends and opportunities, and any further data you may need to thrive in the animal medicine industry. This animal medicine research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
Executive Summary
Animal Medicine Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on animal medicine market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for animal medicine? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Medicine: Veterinary Pharmaceuticals; Feed Additives
2) By Type Of Animal: Companion Animal; Livestock Animals
3) By Type Of Prescription: OTC; Prescription
4) By Route Of Administration: Oral; Parenteral; Other Routes Of Administration
5) By Distribution Channel: Veterinary Services; Online; Other Distribution Channels
Sub segments: Veterinary Vaccines; Veterinary Antibiotics; Veterinary Parasiticides; Others Veterinary Pharmaceuticals; Medical Feed Additives; Nutritional Feed Additives
Key Companies Mentioned: Zoetis, Inc; Boehringer Ingelheim GmbH; Merck & Co Inc; Elanco Animal Health Incorporated; Virbac Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
A selection of companies mentioned in this report includes:
- Zoetis, Inc
- Boehringer Ingelheim GmbH
- Merck & Co Inc
- Elanco Animal Health Incorporated
- Virbac Group
- Ceva Santé Animale
- Phibro Animal Health Corporation
- China Animal Husbandry Industry Co., Ltd
- Vetoquinol S.A.
- Neogen Corporation
- Century Pharmaceuticals Limited
- BASF India Ltd.
- Cargill India Pvt. Ltd.
- Intervet Australia Pty Ltd
- Jurox Pty Ltd
- SeQuent scientific ltd
- Guangdong Wens Dahuanong Biotechnology Co. Ltd
- Shandong Lukang
- Bayer Animal Health Cadila Pharmaceuticals Ltd.
- Novasep
- Koninklijke DSM n.v
- Novartis AG
- Nutreco N.V.
- Sanofi S.A
- Merial Pulike Biological Engineering
- Bad Oldesloe
- CP-Pharma Handelsgesellschaft mbH
- SaluVet GmbH
- KRKA UK
- Interfeed
- Biotex Plus Ltd.
- Belfarmacom
- Cymedica
- vet resolution
- Vetruus Ltd
- Nimrod Veterinary Products Ltd.
- Bimeda
- Animalcare
- Medco-ERP Ltd. Holland
- Brouwer
- IDT Biologika
- Vetiquinol S.A
- UCBVET
- Biowet Puławy
- Esculap
- Pasteur Romania
- Vector-Vita-LLC
- NITA-FARM
- Bioveta
- Heska
- Dechra Veterinary Products
- Eli Lilly and company
- IDEXX Laboratories
- Agrodan CA
- Agrovet Market S.A
- Interchem Ltda
- Invesbio S.A
- Syntec
- Sauvet
- Vetanco
- Chemo Argentina
- Saudi Pharmaceutical Industries SPI
- Montajat Pharmaceuticals Co. Ltd.
- ALKE SAGLIK URUNLERI San. ve Tic. A.S.
- MISTAV Ilac ve Tavukculuk San.Tic.Ltd
- DBK Pharma S.A.E.
- Kahmavet
- Lemavet
- Abpharma
- ASVET
- Ekinos - Veterinary Products
- Lanrex Pharmaceuticals Nig Ltd
- Emzor Pharmaceutical Ltd.
Methodology
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