The new report by Expert Market Research titled, ‘Global Veterinary Medicines Market Size, Share, Price, Trends, Growth, Report and Forecast 2024-2032’, gives an in-depth analysis of the global veterinary medicine market, assessing the market based on its segments like major products, routes of administration, animal type, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 23.74 Billion
- Forecast CAGR (2023-2032): 4.6%
- Forecast Market Size (2032): USD 31.07 Billion
Pet ownership is on the rise which is driving the veterinary medication business. According to the American Pet Products Association, the United States spent USD 103.6 billion on pets in 2020 alone. The need for veterinary pharmaceuticals is increasing as pet parents spend more money to extend the lives of their pets, moving the market forward. The COVID-19 epidemic has fueled the trend of pet ownership even more, as people increasingly rely on companion animals for emotional support during stay-at-home orders and statewide lockdowns. This is likely to increase demand for veterinary medicines, boosting the veterinary medicines industry’s growth in the next years.
The rising prevalence of animal epidemics and outbreaks is driving up demand for animal vaccinations, which is propelling the business forward. Pet parents are increasingly favoring immunizations as advances in vaccine technology lead to the production of more efficient vaccines. Furthermore, the increased desire for alternative medications for animals to reduce antibiotic use is boosting market growth. As a result, in the forecast term, the development of efficient immunotherapy for animals to treat bacteria-related disorders is expected to boost the veterinary pharmaceuticals industry’s growth.
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Veterinary Medicines Industry Definition and Major Segments
The rising prevalence of animal epidemics and outbreaks is driving up demand for animal vaccinations, which is propelling the business forward. Pet parents are increasingly favouring immunizations as advances in vaccine technology led to the production of more efficient vaccines. The increased desire for alternative medications for animals to reduce antibiotic use is boosting market growth. As a result, in the forecast term, the development of efficient immunotherapy for animals to treat bacteria-related disorders is expected to boost the veterinary pharmaceuticals industry’s growth.
By type of animals, the market is bifurcated into:
- Companion Animals
- Livestock Animals
The major products of veterinary medicine are:
- Inactivated vaccines
- Attenuated vaccines
- Recombinant vaccines
- Medicated Feed Additives
- Amino acids
The market can be broadly categorised based on its routes of administration into:
- Oral Route
- Parenteral Route
- Topical Route
Based on distribution channels, the market is divided into:
- Veterinary Hospital Pharmacies
- Retail Veterinary Pharmacies
The market can be broadly divided into regions including:
- North America
- The Asia Pacific
- Latin America
- The Middle East
Veterinary Medicines Market Trends
The market for veterinary medications is being fueled by the adoption of the newest technical breakthroughs and innovations. As a result, the cost-effectiveness of animal therapy is increasing, bolstering market growth. The deployment of effective medications for animals is expanding as veterinarians increasingly embrace technology such as Big Data and artificial intelligence (AI) to deliver optimal medicinal therapy to animals. Furthermore, the development of animal wearable devices is increasing the attention on animal health, enhancing the veterinary drugs industry’s growth. In developing countries, the increased availability of effective animal care is driving up demand for veterinary drugs.
The market is predicted to develop due to the start of numerous research initiatives aimed at improving the quality of life of animals. The development of predictive biomarker techniques that can aid in early diagnosis of pathology or disease is expected to boost demand for veterinary pharmaceuticals, boosting market growth. The trend of preventive care is driving up demand for medicines to reduce the risk of disease transmission and infection in animals, which is expected to propel the veterinary pharmaceuticals market forward during the forecast period.Read More : Difference Between Macro and Micro Economics.
Key Market Players
The major players in the market are Archer-Daniels-Midland Company, Boehringer Ingelheim International GmbH, Dechra Pharmaceuticals PLC., Evonik Industries AG, Elanco Animal Health Incorporated and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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