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LONDON, May 26, 2021 (GLOBE NEWSWIRE) – According to The Business Research Company’s research report on the veterinary drug market, the veterinary drug market is focused on a small number of large players who dominate the market. The Top ten competitors on the market up to 71% of the total market in 2020. Major players in the market include Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Elanco Animal Health Incorporated, Ceva Santé Animale, Virbac Group, Dechra Pharmaceuticals PLC, Phibro Animal Health Corporation, Vetoquinol SA and Kyoritsuseiyaku Corporation.
The global veterinary drug market reached nearly $ 30,862.3 million in 2020, after growing at a compound annual growth rate (CAGR) of 7.4% since 2015. The market is expected to be from $ 30,862.3 million in 2020 to $ 63,786.5 million in 2025 at a rate of 15.6%. The global market size for veterinary drugs is then expected to grow with a CAGR of 14.6% from 2025 and achieve $ 125,844.5 million in 2030.
The COVID-19 pandemic impacted the supply side of the veterinary services market by impacting leading global veterinary pharmaceutical companies, reducing new product launches, implementing higher security measures, and canceling events, conferences and exhibitions. The COVID-19 crisis affected the demand side of the veterinary drug market by stocking up on veterinary drugs, purchasing veterinary drugs online, increasing the ownership and adoption of pets, and limiting the emergency services provided by veterinarians.
The report from the corporate research firm, titled Veterinary Pharmaceuticals Market – By Animal Type (Livestock, Companion Animal), By Drug Type (Veterinary Parasiticides, Veterinary Vaccines, Veterinary Antibiotics, Others), By Route Of Administration (Oral, Others), By End Use, And By Regions, Opportunities, and Strategies – Global Forecast To 2030 includes Large Veterinary Medicines Companies, Veterinary Medicines Market Share by Company, Veterinary Medicines Manufacturers, Veterinary Medicines Market Size, and Veterinary Medicines Market Forecast. The report also covers the global Veterinary Medicines Market and its segments.
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The increasing awareness of animal health is expected to drive the market for the veterinary pharmaceuticals market over the forecast period. It is crucial to monitor the health of the animal to prevent outbreaks of animal disease and to support the normal functioning and behavior of an organism. Many programs and campaigns are run to support the animal health market. For example, the Irish government launched Animal Health Awareness Week on November 23, 2020, while MSD Animal Health launched the “Protect Our Future Too” (#ProtectOurFutureToo) campaign in more than 30 countries in Europe, Russia, North Africa and the Middle East has started raising awareness of the risks to our pets from seasonal changes, such as warmer months in autumn and winter and generally higher temperatures. These types of animal health awareness programs will indirectly boost the veterinary drug market.
North America is the largest region in the veterinary pharmaceuticals market with a share of 44.9% the total in 2020. Asia Pacific, Western Europe, and then the other regions follow. In the future the fastest growing regions in the veterinary market Africa and South America where the growth in CAGRs will be from 24.1% and 21.2% each in the period 2020-2025. This is followed by Asia Pacific and Eastern Europe, where markets are expected to post CAGRs of 20.3% and 20.2% respectively over the 2020-2025 period.
Veterinary Drugs Market – By Animal Type (Livestock, Companion Animal), By Type of Drug (Animal Parasiticides, Animal Vaccines, Animal Antibiotics, Other), By Route Of Administration (Oral, Other), By End Use, And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company providing market insights, market size and growth for the entire market, segments and regions, trends, drivers, restraints and revenues of leading competitors analyzing and forecasting, profiles and market shares in over 1,000 industry reports covering the Covering over 2,500 market segments and 60 regions. The report also includes an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 records, extensive desk research and exclusive insights from interviews with industry leaders. A very experienced and competent team of analysts and modelers provides market analyzes and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and the approaches of leading competitors.
Here is a list Of Related reports from The Business Research Company:
Veterinary medicine market – by type of medicine (veterinary drugs, feed additives), by type of additives (antibiotics, amino acids and antioxidants, vitamins, acidulants, enzymes, others), by animal species (cattle (dairy and meat purposes), poultry, other farm animals, Dogs and cats, other companion animals), by drug type (brand, generic), by type of prescription (OTC, prescription-only), by route of administration (oral, intravenous, subcutaneous, other), by distribution channel (veterinary services, online, other), according to Degree of regulation (highly regulated countries, weakly regulated countries) and by region, opportunities and strategies – global forecast to 2030
Veterinary Medicine Market – By Type (Veterinary Services, Veterinary Devices, and Veterinary Medicine) & By Region, Opportunities and Strategies – Global Forecast to 2023
Global Companion Animal Vaccines Market Report 2021: COVID 19 Growth And Change By 2030
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