The global veterinary drugs market is expected to grow at a CAGR of 7.56% from 2023 to 2028. The market was valued at USD 49323 million in 2023 and is estimated to reach USD 71008 million by 2028.
The veterinary drugs market, also known as the animal drugs market, is an industry of medicines for animals. The medicines are made to cure the various diseases that animals could contract and improve animal health. Veterinary pharmaceuticals have multiple drugs, vaccines, antibiotics, and nutritional medicines. These veterinary drugs mainly focus on livestock, companion, and farm animals, and these veterinary drugs are made, tested, and approved like human drugs. The U.S. FDA follows a present procedure for the approval of veterinary drugs. Every new animal drug must go through the new animal drug application (NADA) process for a generic license. All the regulatory requirements must be met for a drug to be approved by the FDA. Veterinary drugs are composed based on animal body functions and problems.
Impact of COVID-19 on the veterinary drugs market:
The COVID-19 pandemic greatly affected all sectors of society, including the veterinary industry. The common pets at home, like cats and dogs, were being tested for the virus by organizations like the Idexx laboratories, and the results were primarily negative. However, the pet owners were still advised to keep a distance from the pets for both the owner's and the pet's safety. The production and supply chain for livestock was disrupted mainly, as was the supply chain for medication. The government's stringent restrictions on the veterinary drugs market hit during the COVID-19 era, but it is expected to recover during the forecast period. The disruption of the food and agriculture supply chain led to a shortage of essential animal farms yields like milk, eggs, and meat markets.
Rising awareness regarding animal health and increased expenditure on veterinary care is expected to propel the expansion of the veterinary drugs market.
The increased adoption rate of pets in society and the increased risk of chronic diseases in animals have led to the market's rise. In addition, the heightened demand for poultry worldwide pushes the market's growth. It is predicted that more than 6 out of every ten known infectious diseases in people can come from animals, and 3 out of 4 newly emerged diseases are from animals. Furthermore, it is said that zoonotic contagious diseases are a common occurrence. So, the rate of acceptance for veterinary drugs in the animal farm industry has significantly risen and will continue increasing during the forecast period. In addition, the rise in animal parasitic and bacterial infections will also grow the market. With the increased risk of the spread of diseases from animals and the aggravated demand for meat around the world, the animals must be completely vaccinated and treated with veterinary drugs.
The continued growth in the human population and the rise in the livestock population in the world are expected to drive the veterinary drugs market growth.
For instance, according to the USDA, in 2020, there were around 103 million cattle and 32.1 million beef cows in the United States, which is expected to improve during the forecast period. Moreover, veterinary drugs help produce a healthy animal farm, a significant food source for the world. Additionally, the rise in the pet insurance market, with more people adopting and taking care of pets as their family members, is expected to boost the market growth.
The hiked prices for veterinary drugs and veterinary services are expected to affect the veterinary drugs market negatively. The developing countries that spend very low on animal health will not be able to contribute significantly to the market. In addition, this high cost and low awareness about the importance of veterinary drugs and the threat of zoonotic diseases could hinder the market's growth.
This research report on the global veterinary drugs market has been segmented and sub-segmented based on animal type, product, mode of delivery, end-user, and region.
Global Veterinary Drugs Market - By Animal Type:
Based on the animal type, the livestock segment is the more lucrative and is estimated to contribute the most to the global veterinary drugs market during the forecast period. This rise is attributed to the rising demand for protein-rich food and concerns for veterinary healthcare. However, the companion segment is estimated to grow at a fast CAGR after the production section due to a rise in the adoption of pets and the prevalence of chronic diseases in animals.
Global Veterinary Drugs Market - By Product:
Based on the product, the drugs segment is anticipated to register the most significant share of the global veterinary drugs market during the forecast period and hold more than 50% of the share of the worldwide market in 2022. The domination of this segment is attributed to the increment in the spread of zoonotic diseases, food-borne diseases, and brucellosis.
On the other hand, the vaccines market is estimated to grow at a healthy CAGR during the forecast period owing to the growing demand for veterinary vaccines and increased epidemics.
Global Veterinary Drugs Market - By Mode of Delivery:
The parenteral segment of the mode of delivery shows therapeutic effects after only an hour of administration, thus making it the fastest and most effective way and placing it on top in the market. The parenteral segment had over 44% in 2022 due to its ease of availability and efficiency.
The oral segment is now on the rise and is expected to have a fast-growing CAGR during the forecast period.
Global Veterinary Drugs Market - By End-user:
Veterinary clinics and hospitals have facilities like laser diagnostics, specialized surgeries, nuclear and regenerative medicines, novel therapies, and advanced diagnostic imaging, making them highly efficient and, thus, the highest contributor to the market. As a result, the veterinary hospital and clinics segment held a massive share of the global veterinary drugs market in 2022.
The reference laboratories segment is expected to grow at a promising growth rate during the forecast period.
Global Veterinary Drugs Market - By Region:
North America played a significant role in the global veterinary drugs market in 2022 and is expected to occupy a promising share worldwide throughout the forecast period. The North American veterinary drugs market size was worth USD 14589 million in 2021 and is expected to be worth USD 21864 million by 2027. This dominance is due to favorable reimbursement programs and increasing animal cases of zoonotic and chronic diseases. In addition, this rise is also because of the increment in the expenditure on companions in countries like U.S. and Canada. Additionally, the increase in pet health policies, along with the development of more veterinary clinics and partnerships among companies, fuels the market growth in this region; consider the 2019 partnership between Zoetis and Caritas U.S.-based companies to improve the quality of tilapia fish.
Europe is expected to keep growing in the market owing to its stringent animal health guidelines and critical players in the market in countries like the U.K., Italy, Germany, and France.
The Asia Pacific region is expected to grow at a fast CAGR during the forecast period owing to the increased adoption of companion animals and more awareness regarding the need for animal health care and the acceptance of veterinary drugs. In addition, increasing expenditure on veterinary services in developing countries like India, China, Japan, and South Korea leads to market growth in the regions.
Latin American countries like Brazil, Argentina, and Columbia will show growth in the market due to an increased demand for beef in the regions. In addition, the middle east and Africa, with countries like UAE and South Africa, are also expected to show study growth in the market.
KEY MARKET PLAYERS:
Some of the noteworthy companies operating in the global veterinary drugs market are Ceva, Elanco, Vetoquinol S.A., Bimeda, Inc., Pharmgate Inc., Zoetis, Intervet Inc., Boehringer Ingelheim International GmbH, Bayer AG, Merck Animal Health, Nuteco N.V., Vibrac, and Kindred Biosciences, Inc.
RECENT MARKET DEVELOPMENTS:
As per our research report, the global veterinary drugs market is expected to be worth USD 66,017.4 million by 2027.
Based on animal type, the livestock animals segment accounted for the major share of the veterinary drugs market in 2021.
The growth rate of the global veterinary drugs market has seen a slight decline due to the COVID-19.
Ceva, Elanco, Vetoquinol S.A., Bimeda, Inc., Pharmgate Inc., Zoetis, Intervet Inc., Boehringer Ingelheim International GmbH, Bayer AG, Merck Animal Health, Nuteco N.V., Vibrac, and Kindred Biosciences, Inc. are some of the notable players inthe global veterinary drugs market.
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