TBRC market research report covers Veterinary Drugs market size, Veterinary Drugs market forecast, major Veterinary Drugs companies and their market share, key strategies, and more.
LONDON, Jan. 12, 2022 (GLOBE NEWSWIRE) — Manufacturing of medicated feed additives is a major trend in the veterinary drug market, according to The Business Research Company’s research report on the veterinary drug market. Medicated feed additives generally help maintain animal health and promote growth and feed efficiency. These include vitamins, amino acids, fatty acids, pharmaceuticals, minerals, growth hormones and fungi. Veterinary drug manufacturers have started to increasingly manufacture medicinal feed additives to improve production efficiency.
For example, in January 2020, Kemin Industries, a US-based ingredient manufacturer, launched VANNIX™ C4, a novel phytogenic feed additive for poultry gut health. VANNIX C4 is a probiotic feed additive formulation made from gut health-promoting ingredients to minimize the impact of gut problems on poultry performance.
Global Veterinary Drugs Market Size grew from $32.7 billion in 2020 to $37.88 billion in 2021 at a compound annual growth rate (CAGR) of 15.8%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures with social distancing, teleworking and the closure of commercial activities leading to operational challenges. The market is expected to reach $48.55 billion in 2025 at a CAGR of 6%.
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The global veterinary drug market is concentrated with few major players. the Top Ten Competitors caught up on the market 50% of the overall market in 2020. Major market players include Zoetis, Inc., Boehringer Ingelheim GmbH, Merck & Co., Inc., Elanco Animal Health Incorporated, Ceva Santé Animale, and others.
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The veterinary medicines market is segmented by type into veterinary medicines and feed additives; by animal species in poultry, cattle (for dairy and meat purposes), dogs and cats, other domestic animals and other livestock; by prescription type in OTC and prescription; via the route of administration into oral, intravenous, subcutaneous and others; by sales channel into veterinary services, online and others.
Numerous manufacturers of veterinary medicines enter into strategic cooperation and partnership agreements. The overview of the animal health industry shows that key players in the animal health market are increasingly collaborating with other players and forming partnerships to drive product innovation, succeed in the increasingly competitive animal health market and, by sharing skills and expertise, open up new regions for the development of innovative ones Unlock products with other players. For example, in June 2021, the Pride Veterinary Medical Community of USA announced a collaboration with Covetrus, a United States-based animal health technology company. With this collaboration, Covetrus aimed to empower the healthcare professionals in veterinary medicine by providing advanced medicine based on the needs of different segments of the veterinary market. In April 2019, Bayer Animal Health, a Germany-based animal health division of Bayer AG, collaborated with Adivo GmbH, a biotech company that produces therapeutic antibodies for pets, to develop therapeutic antibodies for veterinary use.
North America was that largest region in the global veterinary drug market, accounting 58.0% of the total in 2020. Asia Pacific followed, followed by Western Europe and then the other regions. Forward that fastest growing regions will be in the veterinary drug market South America and Middle East where there will be growth CAGRs of 7.2% and 7.0% or.
Animal Medicine Market Global Report 2022: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company providing Animal Medicines market overviews, Animal Medicines market analysis and market size and growth forecast for the Animal Medicines market Total Market, Veterinary Drugs Market Segments and Regions, Veterinary Drugs Market Trends, Veterinary Drugs Market Drivers, Veterinary Drugs Market Constraints, Veterinary Drugs Market Revenue, Profiles and Market Shares of leading competitors in 1,000+ industry reports covering 2,500+ market segments and 60 geographies.
The report also includes an in-depth analysis of the impact of COVID-19 on the market. The reports are backed by 150,000 datasets, extensive secondary research and exclusive insights from interviews with industry leaders. A very experienced and competent team of analysts and modelers creates market analyzes and forecasts. The reports identify the key countries and segments for opportunities and strategies based on market trends and approaches by leading competitors.
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