This report describes and explains the veterinary pharmaceuticals market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global veterinary pharmaceuticals market reached a value of nearly $28,708.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.5% since 2017. The market is expected to grow from $28,708.5 million in 2022 to $38,647.4 million in 2027 at a rate of 6.1%. The market is then expected to grow at a CAGR of 6.7% from 2027 and reach $53,388.7 million in 2032.
Growth in the historic period resulted from the increased pet population, the increased overall spending by individuals on pets, the growing penetration of e-commerce platforms promoting online pharmacies, the emerging markets growth, the increasing government initiatives and the increased disease prevalence. Factors that negatively affected growth in the historic period were the coronavirus (COVID-19) outbreak, the lack of awareness about animal health, the inappropriate use of medicines and the high cost of animal treatment.
Going forward, the increasing pet ownership, the increasing population growth, the increasing disposable income, the increasing urbanization, the increasing penetration of pet insurance and the growing government support will drive the market. Factors that could hinder the growth of the veterinary pharmaceuticals market in the future include the shortage of veterinarians, the lack of infrastructure for providing emergency veterinary services, the stringent rules and regulations in animal testing and restrictions, the high cost associated with animal healthcare drugs in low-middle income countries, the consolidation of customers and distributors and the increasing influx of counterfeit drugs.
The veterinary pharmaceuticals market is segmented by type into veterinary vaccines, veterinary antibiotics, veterinary parasiticides, and other veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of the veterinary pharmaceuticals market segmented by type, accounting for 43.0% of the total in 2022. Going forward, the veterinary antibiotics segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by type, at a CAGR of 8.7% during 2022-2027.
The veterinary pharmaceuticals market is segmented by route of administration into oral, parenteral, topical and other routes of administration. The parenteral market was the largest segment of the veterinary pharmaceuticals market segmented by route of administration, accounting for 45.2% of the total in 2022. Going forward, the oral segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by route of administration, at a CAGR of 6.24% during 2022-2027.
The veterinary pharmaceuticals market is segmented by type of animal into livestock and companion animals. The companion animals market was the largest segment of the veterinary pharmaceuticals market segmented by type of animal, accounting for 50.0% of the total in 2022. Going forward, the companion animals segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by type of animal, at a CAGR of 8.4% during 2022-2027.
The veterinary pharmaceuticals market is segmented by type of vaccine into inactivated vaccines, attenuated vaccines, recombinant vaccines, and other vaccines. The attenuated vaccines market was the largest segment of the veterinary pharmaceuticals market segmented by type of vaccine, accounting for 39.0% of the total in 2022. Going forward, the recombinant vaccines segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by type of vaccine, at a CAGR of 6.4% during 2022-2027.
The veterinary pharmaceuticals market is segmented by end user into veterinary hospitals, veterinary clinics, and pharmacies and drug stores. The veterinary hospitals market was the largest segment of the veterinary pharmaceuticals market segmented by end user, accounting for 49.4% of the total in 2022. Going forward, the veterinary clinics segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by end user, at a CAGR of 8.1% during 2022-2027.
North America was the largest region in the veterinary pharmaceuticals market, accounting for 47.5% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the veterinary pharmaceuticals market will be the Middle East and South America where growth will be at CAGRs of 17.9% and 13.6% respectively. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 11.5% and 8.5% respectively.
The global veterinary pharmaceuticals market is highly concentrated, with a small number of players dominating the market. The top ten competitors in the market made up to 79.71% of the total market in 2021. This is mainly due to the high barriers to entry in terms of investments in research and development of veterinary pharmaceuticals. Zoetis Inc. was the largest competitor with 19.26% share of the market, followed by Merck & Co., Inc. with 17.14%, Boehringer Ingelheim International GmbH with 14.64%, Elanco Animal Health Incorporated with 12.62%, Ceva Sante Animale with 4.27%, Virbac SA with 3.76%, Dechra Pharmaceuticals PLC with 2.62%, Vetoquinol S.A. with 2.13%, Phibro Animal Health Corporation with 1.73%, and Kyoritsu Seiyaku Corporation with 1.55%.
The top growth potential in the veterinary pharmaceuticals market segmented by type will arise in the veterinary vaccines segment, which will gain $3,793.4 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by route of administration will arise in the parenteral segment, which will gain $4,530.1 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by type of animal will arise in the companion animals segment, which will gain $7,103.2 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by type of vaccine will arise in the attenuated vaccines segment, which will gain $3,986.2 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by end user will arise in the veterinary hospitals segment, which will gain $4,400.2 million of global annual sales by 2027. The veterinary pharmaceuticals market size will gain the most in the USA at $2,201.4 million.
Market-trend-based strategies for the veterinary pharmaceuticals market include focus on stem cell therapy to treat animals, focus on application of nanotechnology in veterinary medicines to tackle antibiotic resistance, development of chewable tablets, focus on use of telemedicine platforms to reduce the impact of COVID-19, development of advanced vaccines, focus on super-combo parasiticides, use of subunit and virus-like particle (VLP)-based vaccines and focus on strategic partnerships and collaborations.
Player-adopted strategies in the veterinary pharmaceuticals market include focus on enhancing business activities through obtaining further regulatory approvals, focus on advancing the health and well-being of animals along with the people who take care of them by broadening product portfolio by including more medicinal products, focus on bringing innovative new therapies to improve the health of animals globally, focus on value creation by acquiring companies which will help them in expanding their product portfolio and business operations and focus on developing new therapeutics through partnerships and collaborations.
To take advantage of the opportunities, the analyst recommends the veterinary pharmaceuticals companies to focus on development of chewable tablets, focus on use of subunit and virus-like particle (VLP)-based vaccines, focus on super-combo parasiticides, focus on nanotechnology, focus on stem cell therapy to treat animals, increase focus on veterinary antibiotics, expand in emerging markets, focus on regions with high pet spending, offer competitive and skimming pricing, continue to use B2B promotions, collaborate with opinion leaders, target pet owners, and continue to target fast-growing end-users.
The global veterinary pharmaceuticals market reached a value of nearly $28,708.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 5.5% since 2017. The market is expected to grow from $28,708.5 million in 2022 to $38,647.4 million in 2027 at a rate of 6.1%. The market is then expected to grow at a CAGR of 6.7% from 2027 and reach $53,388.7 million in 2032.
Growth in the historic period resulted from the increased pet population, the increased overall spending by individuals on pets, the growing penetration of e-commerce platforms promoting online pharmacies, the emerging markets growth, the increasing government initiatives and the increased disease prevalence. Factors that negatively affected growth in the historic period were the coronavirus (COVID-19) outbreak, the lack of awareness about animal health, the inappropriate use of medicines and the high cost of animal treatment.
Going forward, the increasing pet ownership, the increasing population growth, the increasing disposable income, the increasing urbanization, the increasing penetration of pet insurance and the growing government support will drive the market. Factors that could hinder the growth of the veterinary pharmaceuticals market in the future include the shortage of veterinarians, the lack of infrastructure for providing emergency veterinary services, the stringent rules and regulations in animal testing and restrictions, the high cost associated with animal healthcare drugs in low-middle income countries, the consolidation of customers and distributors and the increasing influx of counterfeit drugs.
The veterinary pharmaceuticals market is segmented by type into veterinary vaccines, veterinary antibiotics, veterinary parasiticides, and other veterinary pharmaceuticals. The veterinary parasiticides market was the largest segment of the veterinary pharmaceuticals market segmented by type, accounting for 43.0% of the total in 2022. Going forward, the veterinary antibiotics segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by type, at a CAGR of 8.7% during 2022-2027.
The veterinary pharmaceuticals market is segmented by route of administration into oral, parenteral, topical and other routes of administration. The parenteral market was the largest segment of the veterinary pharmaceuticals market segmented by route of administration, accounting for 45.2% of the total in 2022. Going forward, the oral segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by route of administration, at a CAGR of 6.24% during 2022-2027.
The veterinary pharmaceuticals market is segmented by type of animal into livestock and companion animals. The companion animals market was the largest segment of the veterinary pharmaceuticals market segmented by type of animal, accounting for 50.0% of the total in 2022. Going forward, the companion animals segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by type of animal, at a CAGR of 8.4% during 2022-2027.
The veterinary pharmaceuticals market is segmented by type of vaccine into inactivated vaccines, attenuated vaccines, recombinant vaccines, and other vaccines. The attenuated vaccines market was the largest segment of the veterinary pharmaceuticals market segmented by type of vaccine, accounting for 39.0% of the total in 2022. Going forward, the recombinant vaccines segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by type of vaccine, at a CAGR of 6.4% during 2022-2027.
The veterinary pharmaceuticals market is segmented by end user into veterinary hospitals, veterinary clinics, and pharmacies and drug stores. The veterinary hospitals market was the largest segment of the veterinary pharmaceuticals market segmented by end user, accounting for 49.4% of the total in 2022. Going forward, the veterinary clinics segment is expected to be the fastest growing segment in the veterinary pharmaceuticals market segmented by end user, at a CAGR of 8.1% during 2022-2027.
North America was the largest region in the veterinary pharmaceuticals market, accounting for 47.5% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the veterinary pharmaceuticals market will be the Middle East and South America where growth will be at CAGRs of 17.9% and 13.6% respectively. These will be followed by Africa and Eastern Europe where the markets are expected to grow at CAGRs of 11.5% and 8.5% respectively.
The global veterinary pharmaceuticals market is highly concentrated, with a small number of players dominating the market. The top ten competitors in the market made up to 79.71% of the total market in 2021. This is mainly due to the high barriers to entry in terms of investments in research and development of veterinary pharmaceuticals. Zoetis Inc. was the largest competitor with 19.26% share of the market, followed by Merck & Co., Inc. with 17.14%, Boehringer Ingelheim International GmbH with 14.64%, Elanco Animal Health Incorporated with 12.62%, Ceva Sante Animale with 4.27%, Virbac SA with 3.76%, Dechra Pharmaceuticals PLC with 2.62%, Vetoquinol S.A. with 2.13%, Phibro Animal Health Corporation with 1.73%, and Kyoritsu Seiyaku Corporation with 1.55%.
The top growth potential in the veterinary pharmaceuticals market segmented by type will arise in the veterinary vaccines segment, which will gain $3,793.4 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by route of administration will arise in the parenteral segment, which will gain $4,530.1 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by type of animal will arise in the companion animals segment, which will gain $7,103.2 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by type of vaccine will arise in the attenuated vaccines segment, which will gain $3,986.2 million of global annual sales by 2027. The top growth potential in the veterinary pharmaceuticals market segmented by end user will arise in the veterinary hospitals segment, which will gain $4,400.2 million of global annual sales by 2027. The veterinary pharmaceuticals market size will gain the most in the USA at $2,201.4 million.
Market-trend-based strategies for the veterinary pharmaceuticals market include focus on stem cell therapy to treat animals, focus on application of nanotechnology in veterinary medicines to tackle antibiotic resistance, development of chewable tablets, focus on use of telemedicine platforms to reduce the impact of COVID-19, development of advanced vaccines, focus on super-combo parasiticides, use of subunit and virus-like particle (VLP)-based vaccines and focus on strategic partnerships and collaborations.
Player-adopted strategies in the veterinary pharmaceuticals market include focus on enhancing business activities through obtaining further regulatory approvals, focus on advancing the health and well-being of animals along with the people who take care of them by broadening product portfolio by including more medicinal products, focus on bringing innovative new therapies to improve the health of animals globally, focus on value creation by acquiring companies which will help them in expanding their product portfolio and business operations and focus on developing new therapeutics through partnerships and collaborations.
To take advantage of the opportunities, the analyst recommends the veterinary pharmaceuticals companies to focus on development of chewable tablets, focus on use of subunit and virus-like particle (VLP)-based vaccines, focus on super-combo parasiticides, focus on nanotechnology, focus on stem cell therapy to treat animals, increase focus on veterinary antibiotics, expand in emerging markets, focus on regions with high pet spending, offer competitive and skimming pricing, continue to use B2B promotions, collaborate with opinion leaders, target pet owners, and continue to target fast-growing end-users.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure
6. Introduction and Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global Veterinary Pharmaceuticals Market Segmentation
10. Veterinary Pharmaceuticals Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Veterinary Pharmaceuticals Market, Conclusions And Recommendations
22. Appendix
Executive Summary
Veterinary Pharmaceuticals Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global veterinary pharmaceuticals market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- 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 research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest growing market for veterinary pharmaceuticals? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The veterinary pharmaceuticals market global 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. It places the market within the context of the wider veterinary pharmaceuticals market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the veterinary pharmaceuticals market.
- Key Trends - Highlights the major trends shaping the global veterinary pharmaceuticals market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027, 2032F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027, 2032F) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2022) (2022-2027, 2032F) and analysis for each segment by type, by route of administration, by type of animal, by type of vaccine and by end user in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027, 2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies - This section includes market opportunities and strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for veterinary pharmaceuticals providers in terms of product/service offerings, geographic expansion, marketing strategies and target group.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope:
Markets Covered:
1) By Type: Veterinary Vaccines; Veterinary Antibiotics; Veterinary Parasiticides; Other Veterinary Pharmaceuticals2) By Route Of Administration: Oral; Parenteral; Topical; Other Routes Of Administration
3) By Type Of Animal: Livestock; Companion Animals
4) By Type Of Vaccine: Inactivated Vaccines; Attenuated Vaccines; Recombinant Vaccines; Other Vaccines
5) By End User: Veterinary Hospitals; Veterinary Clinics; Pharmacies And Drug Stores
Companies Mentioned: Zoetis Inc; Merck & Co., Inc; Boehringer Ingelheim International Gmb; Elanco Animal Health Incorporated; Ceva Sante Animale.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
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; veterinary pharmaceuticals indicators comparison.
Data segmentations: 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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Zoetis Inc
- Merck & Co., Inc
- Boehringer Ingelheim International Gmb
- Elanco Animal Health Incorporated
- Ceva Sante Animale
- Virbac SA
- Dechra Pharmaceuticals PLC
- Vetoquinol S.A.
- Phibro Animal Health Corporation
- Kyoritsu Seiyaku Corporation
- National Meditek
- Fartovet Industry Limited
- Hebei Chengshengtang Animal Pharmaceutical
- Shijiazhuang Fengqiang Animal Pharmaceutical Co,.Ltd
- Vvaan Lifesciences Private Limited
- Century Pharmaceuticals Limited
- Cargill India Pvt. Ltd.
- Jurox Pty Ltd
- Bayer
- Veteq
- Nimrod Veterinary Products Ltd.
- Bimeda
- Vetoquinol SA
- Orion Animal Health
- Petmedix
- Eco Animal Health
- Teknofarma
- Farmavet
- Candioli Pharma
- Suanfarma
- Marino Ibericamed
- MPA veterinary
- Lamons Laboratories SA
- Swetrade Pharmaceuticals AB
- Animalcare
- VET-AGRO Sp. z o. o
- CANPOLAND SA
- Cymedica,
- VIC Group
- NITA-FARM
- Apicenna LLC
- Delos Medica
- Provet Group
- VitOMEK LCC,
- Bioveta AS
- Veterinarski Zavod Subotica
- PharmaGal s.r.o.,
- Bond Vet
- rifecta Pharmaceuticals USA LLC.
- Modern Animal Merck & Co., Inc.
- Trifecta Pharmaceuticals USA LLC.
- Bio-Synthesis Inc
- Small Door Veterinary
- Fuzzy
- Alberta Veterinary Laboratories Ltd.
- Veterinary Purchasing Co. Ltd.,
- Maure
- Peru Animal Hospital
- Miami County Veterinary Clinic
- Cindy Fouts
- UCBVET
- Syntec
- Sauvet
- Vetanco
- Chemo Argentina
- Brouwer
- Agrovet Market Animal Health
- Lemavet
- Primo Veterinary Medicines Trading LLC.
- AL KUBARA VETERINARY MEDICINES TRADING LLC.
- Eurovets Veterinary Suppliers
- Physio Evolution
- Herzliya Veterinary Hospital
- Oron Veterinary Center
- Dr Aviram Ezra – Veterinarian
- Saudi Pharmaceutical Industries (SPI
- DBK Pharma S.A.E.
- Dawa Limited
- Aesthetics Limited
- Neimeth International Pharmaceuticals
- Osy-Adamu Pharmaceutical Co.
- M S J Afro Agro Pharmacy
- Global Vet (U) Ltd
- Multivet Ghana Ltd
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 312 |
| Published | October 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 28.7 Billion |
| Forecasted Market Value ( USD | $ 53.4 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
