The Global Veterinary Drug Market is estimated to be USD 26.89 Bn in 2023 and is expected to reach USD 37.45 Bn by 2028 growing at a CAGR of 6.85%.Telemedicine solutions and advanced biologics are trending to improve animal health and well-being
The increased use of pet health insurance to pay for veterinarian services in industrialized nations is expected to fuel market expansion. Canada, the UK, and Sweden all have booming pet health insurance industries. The adoption of pet health insurance has rapidly increased in China. The rise in popularity of pets and the expansion of knowledge about pet health are two important aspects that have influenced the creation of pet healthcare insurance.
However, because these treatments are expensive, the market for veterinary drugs will expand at a slower rate. The rising incidence of diseases and the rise in the use of counterfeit medications will both hinder the expansion of the veterinary medical sector. the use of counterfeit medicines in the veterinary anti-infective market can restrain the market growth because these medicines may not contain the appropriate active ingredients, resulting in reduced efficacy, leading to treatment failure, prolonged illness or even death in animals. Also, it can cause health risks as it may contain harmful ingredients. Counterfeit medicines are often sold at lower prices than genuine products, which can pressure legitimate manufacturers and distributors to lower their prices to remain competitive. This can lead to lower profit margins and reduced investment in research and development, which can slow down the introduction of new products and challenge market growth.
On the contrary, A significant rise in pet ownership is driving up the demand for better companion animal care options and raising the cost of pet health care. The American Pet Products Association estimates that total spending in the U.S. pet sector will exceed USD 109.6 Bn in 2022 after increasing to USD 103.6 Bn in 2020 from USD 97.1 Bn in 2019. A pet was also present in about 67% of American families, which in 2020 amounted to over 84.9 Mn houses.
Market Segmentations
- The Global Veterinary Drug Market is segmented based on Animal Type, Product, Mode of Delivery, End-Use and Geography.
- By Animal Type, the market is classified into Companion and Livestock.
- The Livestock animal segment holds the largest market share. The world's increased demand for proteins is the reason that production animals have dominated the market. The widespread adoption of production animals is also a result of rising spending on animal health, particularly in industrialized nations.
- By Product, the market is classified into Biologics, Pharmaceuticals, and Medicated Feed Additives.
- The pharmaceuticals segment holds the largest market share due to the increasing prevalence of zoonotic diseases, brucellosis, and food-borne diseases.
- By Mode of Delivery, the market is classified into Oral, Parenteral, and Others.
- The parenteral segment holds the largest market share. The growth can be attributed to the accessibility of the product and the quick start of action. It is favored for rapid action because parenteral medications often start to have a therapeutic impact an hour after delivery.
- By End-Use, the market is classified into Reference Laboratories, Point-of-Care Testing, Veterinary Hospitals & Clinics, and Others. The veterinary hospitals & clinics segment holds the largest market share. The development can be attributed to the availability of specialist operations, innovative therapeutics, nuclear & regenerative medicines, improved diagnostic imaging, and laser diagnostics in veterinary hospitals & clinics.
- By Geography, the market is classified into the Americas, Europe, Middle East & Africa and Asia-Pacific. The Americas has the highest market share. Growth is mostly attributed to elements like the rising occurrence of zoonotic illnesses and lucrative reimbursement policies.
Recent Development
- Elanco Animal Health Incorporated and Ginkgo Bioworks launched a new company, BiomEdit, a microbiome innovation company. The new business's launch seeks to create and market cutting-edge probiotics, bioactive substances, tailored microbial therapies, and monitoring services for animal health - April 2022.
- The Zoetis product Solensia (frunevetmab injectable) has been approved by the US Food and Drug Administration to treat pain associated with feline osteoarthritis - January 2022.
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Bimeda, Inc, Elanco Animal Health Inc., Merck & Co., Inc., Virbac Corp., etc.Countries Studied
- America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
- Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
- Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
- Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.Ansoff Analysis
- The report presents a detailed Ansoff matrix analysis for the Global Veterinary Drug Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
- The publisher analyses the Global Veterinary Drug Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
- Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Veterinary Drug Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
- Excel data sheet for the market size will also be provided with the report.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
- The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
- The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Table of Contents
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Dynamics
5 Market Analysis
6 Global Veterinary Drug Market, By Animal Type
7 Global Veterinary Drug Market, By Product
8 Global Veterinary Drug Market, By Mode of Delivery
9 Global Veterinary Drug Market, By End-Use
10 Americas' Veterinary Drug Market
11 Europe's Veterinary Drug Market
12 Middle East and Africa's Veterinary Drug Market
13 APAC's Veterinary Drug Market
14 Competitive Landscape
15 Company Profiles
16 Appendix
Companies Mentioned
- Aspen Veterinary Resources, Ltd.
- Bayer Ag
- Bimeda, Inc.
- Biogenesis Bago SA
- Boehringer Ingelheim International GmbH
- Ceva Sante Animale
- Dechra Pharmaceuticals Ltd.
- Elanco Animal Health, Inc.
- Evonik Industries Ag
- Hester Biosciences Ltd.
- Huvepharma, Inc.
- IDT Biologika GmbH
- Merck & Co., Inc.
- Neogen Corp.
- Nutreco
- Oceanic Pharmachem Pvt. Ltd.
- Perrigo Company PLC
- Phibro Animal Health Corp.
- Vetoquinol Group
- Virbac Corp.
- Zoetis Services LLC
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 132 |
| Published | February 2024 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 26.89 Billion |
| Forecasted Market Value ( USD | $ 37.45 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 21 |
