Published by Via Press 11 : Global Animal medicine market Price is given USD 12.9 million By 2022 and a significant increase in A CAGR 11.60% From 2023 to 2033 37.7 billion dollars In the forecast year.
The veterinary drugs market refers to pharmaceutical and pharmaceutical products used to prevent, treat or control various animal diseases and disorders. These medications are intended to promote the health and well-being of animals and can be prescribed or purchased directly from pet owners or veterinarians. Marketed products cover a wide range of antibiotics, anti-inflammatories, vaccines, antiparasitics, and specialty treatments such as antiparasitics.
The global veterinary medicine market is driven by a number of key drivers, including increasing pet ownership and healthcare costs, increasing incidence of animal diseases, and increasing consumer demand for animal products such as meat, milk, and eggs. Unfortunately, regulatory hurdles, the cost associated with drug development approval processes, as well as the increased risk of antibiotics being used for agricultural purposes may hinder progress in this area.
Key receivers
- The veterinary drugs market includes drugs and pharmaceutical products used to prevent, treat or control animal diseases and disorders.
- The market is driven by factors such as increasing pet ownership and healthcare costs, prevalence of animal diseases, and increasing demand for products that use animals as ingredients.
- Marketed products include a variety of antibiotics, anti-inflammatories, vaccines, dewormers, and other specific treatments for a variety of conditions.
- Market participants face a number of hurdles and obstacles related to drug development and licensing costs, as well as the increased risk of using antibiotics or similar substances in animal husbandry.
- In the coming years, the global veterinary drugs market is expected to experience continuous expansion due to increased demand for animal healthcare services and a shift towards animal welfare issues.
- North America and Europe are currently the two major veterinary medicine markets, while Asia Pacific is expected to witness rapid expansion due to increasing ownership and demand for 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.
Reasons for driving
- Rising Pet Ownership and Healthcare Costs: Demand for veterinary medicine continues to grow as pet ownership numbers and healthcare costs continue to rise.
- Animal Disease Trends: Increasing animal health problems such as obesity, arthritis and cancer are driving the demand for veterinary drugs.
- Increasing demand for animal-based products: As products derived from animals such as meat, milk and eggs are popular, there is a growing demand for veterinary treatments that help control and prevent animal diseases.
- Technological Advances in Drug Development: Technological advances are revolutionizing drug research and development for use in animals, providing more treatment options and treatments to address a wide range of animal diseases.
- Government initiatives to support animal welfare: Governments around the world have launched programs designed to increase animal welfare, stimulating demand for veterinary medicines.
- Growing awareness of animal health: As more pet owners realize the importance of animal welfare and care, the demand for veterinary medicine increases.
- Increase in animal husbandry: Increasing consumer demand for meat and other animal products has fueled animal production, leading to significant growth in the demand for veterinary drugs to treat animal diseases.
Preventive factors
- High costs associated with drug development and approval: Drug development is expensive and approval may restrict new players from entering the market.
- Barriers to market growth: The veterinary drug market is highly regulated, with strict regulations regarding product safety, efficacy and labeling requirements that must be met to remain on the market. Complying with such requirements can take time and money – which can hinder expansion.
- Risk of antibiotic use in animal husbandry: Due to the increased use of antibiotics in animal husbandry and the threat to human health, efforts have been made to restrict animal feed and find other treatment options.
- Accessibility issues in certain regions: Some parts of the world lack adequate veterinary services, hindering market expansion of veterinary drugs.
- Competition from alternative therapies: Alternative therapies such as acupuncture, herbal medicine, and homeopathy are becoming increasingly popular among pet owners and may hinder the expansion of the veterinary medicine market.
- Limited Reimbursement Options: In certain countries, veterinary costs may not be covered by veterinary insurance policies or government programs, limiting demand.
- Increased access to generic drugs: Generic drugs are often more cost-effective than brand-name drugs, so their availability can hinder market expansion.
Market value
Rising demand for animal healthcare, prevalence of animal diseases and increasing focus on animal welfare are the major drivers for the market growth. North America and Europe are the largest veterinary markets, while the Asia Pacific region is expected to grow at the fastest rate due to increasing pet ownership and increasing demand for animal-based products. The market includes a wide range of products including antibiotics, vaccines, parasites and other specialty treatments, with key players including Zotis, Merck Animal Health, Elanco Animal Health, Boehringer Ingelheim and Bayer Animal Health, among others.
Key market segments
Kind of
- Anti-infective
- Anti-inflammatory
- Parasites
- others
App
- Companion animal
- Animal husbandry
Key Market Players Covered in the Report:
- Boehringer Ingelheim GmbH
- Bayer AG
- Elanco Animal Health (Eli Lilly & Company)
- Ceva Sant Animale
- Dechra Pharmaceuticals PLC.
- Merck Animal Health
- Virback
- Vetoquinol
Regional snapshot
The global veterinary medicine market can be segmented into various regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
- North America and Europe They represent the two largest veterinary markets globally, accounting for an increasing share of total sales. High rates of pet ownership, increased demand for animal-related products, and increased focus on animal health and welfare have contributed significantly to market expansion in these two regions, with well-established animal healthcare providers operating in tightly regulated markets more comfortable. Expansion here.
- Asia Pacific region The increasing trend of pet ownership and consumer demand for animal-derived products as well as increasing awareness about animal welfare and care are projected to experience the fastest expansion rate during this forecast period. Furthermore, the increasing number of animals in this region creates a need for veterinary drugs to treat animal diseases efficiently and effectively.
- Latin America and the Middle East/Africa It is estimated that there will be significant expansion during this forecast period due to increasing pet ownership and increasing demand for animal derived products in these regions.
- In general, the global veterinary medicine market is expected to experience continuous expansion due to the increasing demand for animal healthcare and the prevalence of diseases.
Scope of report
| Report behavior | Details |
| The market size is in 2022. | 12.9 billion dollars |
| Revenue forecast in 2032 | 37.7 billion dollars |
| growth rate | CAGR of 11.60% |
| Covered regions | North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, and the rest of the world |
| Historical years | 2017-2022 |
| Foundation year | 2022 |
| Estimated year | 2023 |
| Short term forecast year | In the year 2028 |
| A year of long thought | 2032 |
Frequently asked question
Q. What are veterinary drugs?
A. Veterinary drugs are drugs designed to treat, control and/or prevent diseases and disorders in animals. Examples include antibiotics, vaccines, dewormers, anti-inflammatory agents, and specific treatments for specific illnesses.
Q. What are the factors driving the growth of the veterinary drugs market?
A. The growth of this sector can be attributed to factors such as increasing demand for animal healthcare services, increasing cases of animal diseases worldwide, and increasing pet ownership worldwide.
Q. Which regions are the leading markets for Veterinary Medicines?
A. North America and Europe represent the two major markets that account for the majority of global veterinary drug sales. However, the Asia Pacific region is projected to witness the fastest expansion during the boom.
Q. Who are the key players in the veterinary medicine market?
A. The veterinary medicine market includes a number of companies ranging from large multinational conglomerates to regional players such as Zotis, Merck Animal Health, Elanco Animal Health, Boehringer Ingelheim and Bayer Animal Health.
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