SAN FRANCISCO, January 19, 2022 /PRNewswire/ — The Global veterinary drug market size expected reach $32.8 billion by 2028, according to a new report from Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. The key factors driving the pet medicine market include the increasing pet population, disease prevalence and the availability of pet insurance. In Canada For example, according to the Canadian Animal Health Institute (CAHI), 58% of households owned at least one dog or cat in 2020. CAHI also reported an increase in veterinary visits to cats following the start of the COVID-19 outbreak in 2020.
Key takeaways and takeaways from the report:
- The market has been evaluated $15.8 billion in 2020 and is projected to grow at a CAGR of 9.6% over the forecast period
- Increasing R&D initiatives by large companies are estimated to be key drivers for the market
- For example, in 2019, Dechra Pharmaceuticals commercialized 15 products from its Le Vet research and development pipeline
- The humanization of pets further contributes to increased spending on pets, including pet medicines
- According to APPA, US citizens spent about $31.4 billion for veterinary care and products in 2020. The category included expenditure on routine veterinary care, surgery, and pharmaceuticals
- The hospital pharmacy segment dominated the market by distribution channel in 2020. Factors that contributed to the large proportion include higher patient footfall in hospitals and the convenience of purchasing the necessary medication once the pet has been diagnosed
- North America held the largest share of about 36% in 2020 due to well-established veterinary health facilities, rising pet spending and pet humanization
- In Asia Pacific, the market is expected to grow at the fastest rate of over 10% due to the rising pet population and pet health consciousness
Read the 150-page market research report, “Pet Medicine Market Size, Share and Trend Analysis Report by Animal Type (Dogs, Cats, Horses), by Region (North America, Europe, Asia Pacific, Latin America, middle East & Africa) and segment forecasts, 2021 – 2028‘, by Grand View Research
The COVID-19 pandemic has particularly affected the pet medicines market. Impacts included subdued sales, supply chain challenges, operational hurdles, hospital visits in the event of a fall, and lower demand. Elanco, for example, reported a 20% drop in revenue in the second quarter of 2020. In particular, the Company’s pet segment has been impacted by the decline in brands in the international markets and those in the clinic, e.g. B. vaccines, negatively affected. The company reported a sales recovery in the second half of 2020. Vetoquinol, on the other hand, reported an increase in sales driven by its essential portfolio including veterinary drugs in 2020, despite restricted access to veterinary clinics and hospitals due to lockdown protocols. Boehringer Ingelheim also reported increasing sales in the pet supplies segment.
With the increasing number of pets around the world, the trend of pet humanization has gained traction in several key markets. Pet parents are becoming increasingly aware of their pet’s health, treatment and well-being. This has increased the acceptance of pet insurance to reduce financial risks for pet parents. Petplan – the UK’s largest pet insurance provider offers insurance policies for a variety of species including dogs, cats, horses, small mammals, birds, reptiles, rabbits and multiple pet owners. These policies provide coverage for physical and online consultations, prescription medications, diagnostic tests, surgery, dental injuries, cancer treatment and more.
The increasing prevalence of diseases in pets is another important driver that is expected to contribute to the market growth. For example, parasitic infections from internal and external parasites often affect pets. Antibiotics and topical therapies are often prescribed for pyoderma. However, with chronic or recurrent pyoderma, further testing and routine bathing with medicated shampoos may be prescribed. For example, Vivaldis Viv Silky Shampoo is indicated for a range of fungal and bacterial infections, including superficial and deep pyoderma.
Market segmentation:
Grand View Research has segmented the global Veterinary Drugs market based on animal type and region:
Species Outlook for Companion Animal Medicine (Revenue, $M, 2016-2028)
- dogs
- By product
- biologics
- vaccinations
- By type
- live attenuated vaccines
- Inactivated vaccines
- recombinant vaccines
- toxoid
- Other
- As specified
- distemper
- Kennel Cough (Parainfluenza)
- parvovirus
- Canine Herpes
- Lyme disease
- rabies
- Other
- drug
- parasiticides
- anti-infectives
- antiphlogistic
- analgesics
- Other
- medicated feed additives
- As specified
- infectious diseases
- Dermatological diseases
- pains
- orthopedic diseases
- behavioral disorders
- Other indications
- By distribution channel
- sale
- Ecommerce
- hospital pharmacy
- cats
- By product
- biologics
- vaccinations
- By type
- live attenuated vaccines
- Inactivated vaccines
- recombinant vaccines
- toxoid
- Other
- As specified
- distemper
- Kennel Cough (Parainfluenza)
- parvovirus
- Canine Herpes
- Lyme disease
- rabies
- Other
- drug
- parasiticides
- anti-infectives
- antiphlogistic
- analgesics
- Other
- medicated feed additives
- As specified
- infectious diseases
- Dermatological diseases
- pains
- orthopedic diseases
- behavioral disorders
- Other indications
- By distribution channel
- sale
- Ecommerce
- hospital pharmacy
- horses
- By product
- biologics
- vaccinations
- live attenuated vaccines
- Inactivated vaccines
- recombinant vaccines
- toxoid
- Other
- Other
- drug
- parasiticides
- anti-infectives
- antiphlogistic
- analgesics
- Other
- medicated feed additives
- As specified
- infectious diseases
- Dermatological diseases
- pains
- orthopedic diseases
- behavioral disorders
- Other indications
- By distribution channel
- sale
- Ecommerce
- hospital pharmacy
PetCare Regional Outlook (Revenue, $M, 2016-2028)
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Latin America
- MY
List of the major players of the Pet Medicine Market
- Merck & Co., Inc.
- Something
- Vetoquinol SA
- Zoetis
- Boehringer Ingelheim International GmbH
- Elanco
- Virbac
- Bimeda, Inc.
- Norbrook
- Kalier
Check out other pet health and treatment studies published by Grand View Research:
- Companion Animal Health Market Report | 2021-28 – The size of the global Pet Health Market has been assessed $18.67 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. An increase in government and private sector initiatives to promote animal health is expected to drive the market growth over the forecast period.
- Postoperative Pain Management Therapeutics for Companion Animals Market Report | 2021-26 – The Global Pet Postoperative Pain Management Market Size has been estimated at $228.90 million in 2018 and is expected to experience a CAGR of 6.7% over the forecast period. The increase in surgical procedures in pets, particularly orthopedic and dental procedures, is driving the demand for post-surgical pain medication.
- US Pet Health Market Report | 2021-26 – The size of the US pet health market has been assessed $5.5 billion in 2018 and is expected to register a CAGR of 5.2% during the forecast period. The market is primarily being driven by the increasing acceptance of pets in the country, coupled with an increasing awareness of animal diagnostics among pet owners.
Browse Grand View Research’s coverage of the Global animal health industry.
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquarters in san francisco, the firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.
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SOURCE Grand View Research, Inc.
