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Veterinary medicine market outlook
The Veterinary Medicine market was valued at $ 28,012.73 million in 2019 and expanded at a CAGR of 5.57% over the forecast period (2020-2027). The worrying growth in the number of zoonotic and chronic diseases in animals has had a positive impact on the veterinary medicine industry over the years. The global livestock population has grown rapidly over the past few decades. The USDA recorded nearly 105.0 million cattle and 40.1 million cattle in the United States in August 2020, and those numbers are sure to increase significantly in the years to come. The growing animal population is constantly expanding, creating a number of diseases that increase the need for effective veterinary drugs. In addition, increased R&D efforts, an increase in procedural advances, the rate of pet adoption and the huge demand for meat along with mandatory vaccinations could also add to the market share.
The global escalation in pet ownership increases the need for advanced treatment options and leads to rising pet health expenses. The pet ownership rate has increased rapidly in developing countries, while the poultry and cattle populations are also growing rapidly. This has fueled the demand for a wide variety of veterinary drugs.
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Market segmentation
The veterinary industry can be used for both domesticated and companion animals, depending on the species.
Veterinary medicines can be broken down into biological, medicinal feed additives and pharmaceuticals. The Pharma segment is at the top with a maximum share of 57.0% due to the increasing number of zoonoses, foodborne diseases and brucellosis.
The route of the administration-based segments can be parenteral, oral, and more.
The veterinary medicinal products are sold through various distribution channels, namely retail, online pharmacies and veterinary clinics.
Regional analysis
America dominates the veterinary market as a top winner, thanks to the rapid rise in pet ownership coupled with rising cases of zoonoses. In addition, the increase in research-based activities and the use of state-of-the-art drug manufacturing technologies will result in increased demand for veterinary drugs in the coming years.
With the fastest growing rate, Asia Pacific will be one of the most promising markets for veterinary medicine in the years to come. Significant efforts by various NGOs in this area, the growing number of private veterinary clinics, the rising awareness of animal welfare and the tremendous growth of the veterinary sector are fueling business value in the region.
Europe has one of the largest livestock populations in the world, which also gives way to a number of livestock diseases. This increases the need for veterinary medicines, while the increasing adoption of pets and increasing initiatives by government agencies also add value to the European market. Increase in zoonotic diseases; and the pharmaceutical companies that focus on R&D for new drugs are also favoring the market.
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Prominent providers
Norbrook Laboratories, Merck Animal Health, Ceva, Dechra Pharmaceuticals plc, Zoetis, Vetoquinol SA, Boehringer Ingelheim, Bayer AG, Chanelle Pharma Group, Elanco are the leading veterinary drug developers in the industry.
Latest developments
TheraVet, a renowned company with expertise in the treatment and management of osteoarticular diseases in pets, is introducing BIOCERA-VET-Osteosarcoma in France, the Netherlands and Belgium. BIOCERA-VET-Osteosarcoma is expected to meet the increasing need for palliative treatment of canine osteosarcoma through pain relief while improving the quality of life of pets through a minimally invasive approach.
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