Veterinary Drugs Market Increase Significantly Including Pharmaceutical and Medicinal Industry with a size of USD 37.7 Billion 2023-2033
Updated · Apr 24, 2023
Published Via 11Press : The global Veterinary Drugs Market was valued at USD 12.9 Mn in 2022 and is projected to increase significantly at a CAGR of 11.60% from 2023 to 2033 with a size of USD 37.7 Billion in the Forecast Year.
The veterinary drugs market refers to pharmaceutical and medicinal products used to prevent, treat or manage various animal ailments and disorders. These medications are intended to promote animal health and well-being and may be prescribed or purchased directly by pet owners or veterinarians. Market products cover an expansive selection of antibiotics, anti-inflammatory drugs, vaccines, parasiticides, and specialized treatments such as parasiticides.
The global veterinary drugs market is driven by several key drivers, including increasing pet ownership and healthcare expenditure, an increase in animal disease incidence rates, as well as rising consumer demand for animal-based products like meat, milk, and eggs. Unfortunately, though, regulatory hurdles, the cost associated with drug development approval procedures, as well as increasing concerns surrounding antibiotic usage for agriculture purposes could impede progress within this space.
- The veterinary drugs market comprises pharmaceutical and medicinal products used to prevent, treat or manage animal illnesses and disorders.
- The market is driven by factors like increased pet ownership and healthcare expenditure, the prevalence of animal diseases, and increasing demand for products featuring animals as ingredients.
- Market products encompass an assortment of antibiotics, anti-inflammatory drugs, vaccines, parasiticides, and other specialized treatments for various conditions.
- Market participants face numerous hurdles and hurdles related to drug development and approval costs as well as increasing concerns over using antibiotics or similar substances in animal agriculture.
- In the coming years, it is anticipated that the global veterinary drugs market will experience steady expansion driven by rising demands for animal healthcare services and an inclination toward animal welfare issues.
- North America and Europe are currently the two primary veterinary drug markets, while Asia Pacific is projected to experience rapid expansion as pet ownership and demand increase due to rising interest in animal-related products.
- Key players in this market include Zoetis, Merck Animal Health, Elanco Animal Health, Boehringer Ingelheim, and Bayer Animal Health among many others.
- Increased Pet Ownership and Healthcare Expenditures: With increasing pet ownership numbers and costs for healthcare rising exponentially, demand for veterinary drugs continues to soar.
- Animal Disease Trends: Rising animal health problems such as obesity, arthritis, and cancer is driving demand for veterinary drugs.
- Rising Demand for Animal-Based Products: As more animal-derived products like meat, milk, and eggs become mainstream consumer favorites, demand is driving an uptick for veterinary drugs that help manage and prevent animal illnesses.
- Technological Advancements in Drug Development: Technological advances are revolutionizing drug research and development for use on animals, providing more treatment options and treatment to address an expanding spectrum of animal ailments.
- Government Initiatives to Support Animal Well-Being: Governments around the globe have initiated programs designed to increase animal well-being, driving demand for veterinary drugs.
- An ever-increasing awareness about animal health: As more animal owners recognize the significance of animal welfare and care, demand for veterinary medications increases accordingly.
- Increase in Livestock Production: With increasing consumer appetites for meat and other animal-derived products fuelling increased livestock production, demand for veterinary drugs to treat animal ailments has also seen exponential growth.
- High costs associated with drug development and approval: Drug development is expensive and approval can limit the entry of new players in the market.
- Obstacles to Market Growth: The veterinary drug market is highly regulated, with strict laws regarding product safety, efficacy, and labeling requirements that must be fulfilled to remain viable on the market. Complying with such requirements may take both time and money – something which may hinder its expansion.
- Concerns About Antibiotic Use in Animal Agriculture: With rising concerns over the misuse of antibiotics used in animal agriculture and its subsequent impact on human health, efforts have been undertaken to limit their usage as animal feed and find other treatment alternatives.
- Accessibility Issues in Certain Regions: Some parts of the world lack sufficient veterinary access, thereby inhibiting market expansion for veterinary drugs.
- Competition from alternative therapies: Alternative therapies like acupuncture, herbal medicine, and homeopathy have become increasingly popular with pet owners and may impede the expansion of the veterinary drugs market.
- Limited reimbursement options: In certain countries, the costs associated with veterinary drugs may not be covered by pet insurance policies or government programs, thus restricting demand.
- Increased Access to Generic Drugs: With generics often being more cost-effective than brand-name medicines, their availability could hamper market expansion.
The increasing demand for animal healthcare, the growing prevalence of animal diseases, and the rising focus on animal welfare are the key drivers of market growth. North America and Europe are the largest markets for veterinary drugs, while the Asia Pacific region is expected to grow at the fastest rate due to increasing pet ownership and rising demand for animal-based products. The market includes a wide range of products, including antibiotics, vaccines, parasiticides, and other specialized treatments, with key players including Zoetis, Merck Animal Health, Elanco Animal Health, Boehringer Ingelheim, and Bayer Animal Health, among others.
Key Market Segments
- Companion Animal
- Livestock Animal
Key Market Players included in the report:
- Boehringer Ingelheim GmbH
- Bayer AG
- Elanco Animal Health (Eli Lilly and Company)
- Ceva Sant Animale
- Dechra Pharmaceuticals PLC.
- Merck Animal Health
The global veterinary drug market can be divided into different regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America and Europe represent two of the largest veterinary drug markets globally, accounting for an increasing share of total sales. High pet ownership rates combined with rising animal-related product demand as well as an increasing emphasis on animal health and welfare are major contributors to market expansion in these two regions, along with well-established animal healthcare providers operating under tight regulation markets that facilitate further expansion here.
- Asia Pacific region is projected to experience the fastest rate of expansion over this forecast period, driven by factors including an increasing pet ownership trend and consumer interest in animal-derived products as well as increasing awareness regarding animal welfare and care. Furthermore, growing livestock populations within this region create demand for veterinary drugs needed to treat animal illnesses effectively while managing them efficiently.
- Latin America and the Middle East/Africa are projected to experience strong expansion during this forecast period due to rising pet ownership rates and an increasing need for animal-derived products in these regions.
- Overall, the global veterinary drug market is projected to experience steady expansion as animal healthcare demand and disease prevalence increase alongside an escalation in the emphasis placed on animal welfare worldwide.
|The market size value in 2022
|USD 12.9 Bn
|Revenue Forecast by 2032
|USD 37.7 Bn
|CAGR Of 11.60%
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World
|Short-Term Projection Year
|Long-Term Projected Year
Frequently Asked Question
Q. What Are Veterinary Drugs?
A. Veterinary drugs are medications designed to treat, manage and/or prevent animal illnesses and disorders. Examples include antibiotics, vaccines, parasiticides, anti-inflammatory agents as well as specific treatments tailored for specific ailments.
Q. What factors are driving the expansion of the veterinary drugs market?
A. The growth of this sector can be attributed to factors like an increasing need for animal healthcare services, an increase in animal disease cases worldwide, and rising pet ownership worldwide.
Q. Which regions are the leading markets for veterinary drugs?
A. North America and Europe represent the two primary markets, accounting for most of the global veterinary drug sales market; however, the Asia Pacific region is projected to experience rapid expansion over the forecast period.
Q. Who are the Key Players in the Veterinary Drug Market?
A. The veterinary drug market encompasses numerous companies from large multinational conglomerates to regional players such as Zoetis, Merck Animal Health, Elanco Animal Health, Boehringer Ingelheim, and Bayer Animal Health among many more.
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