Veterinary Pharmaceutical Drugs Market

Market Overview

The global veterinary pharmaceuticals drugs market was worth USD 41,633.76 million during 2020 and is expected to reach USD 64,796.09 million by 2026 at a CAGR of 7.56%.

The Prevalence of Infectious and Chronic Illnesses Propel the Veterinary Pharmaceuticals Drugs Industry

The rising prevalence of infectious and chronic illnesses is propelling the veterinary medication industry. The global Veterinary Pharmaceutical Drugs Market is expected to increase at a higher CAGR by 2030.

Likewise, the world cattle population has grown swiftly over the last few decades. According to the USDA, there were nearly 103 million cattle and 32.1 million beef cows in the U.S. as of July 2020. These numbers are projected to expand significantly in the coming years.

In addition, increased research and development (R&D) and procedural developments, pet adoption rates, rising meat consumption, and mandated immunization are expected to drive the demand for veterinary medications and vaccines for pets.

Market Dynamics

The Rising Demand Vaccines, Medical Feed Supplements, Mergers of Key Players Driving the Growth of the Market:

• Pharmaceuticals led the veterinary medication market in 2020, with a revenue share of over 57% since the prevalence of bacterial infections, brucellosis, and other food-borne infections is increasing.
• The market is divided into three product categories: biologics, medicines, and medicated food supplements. Biologics are further subdivided into vaccinations and others. I immunomodulatory, monoclonal antibodies, hormone supplements are examples of others.
• Pharmaceuticals are further classified as anti-infectives, analgesics, parasiticides, anti-inflammatory drugs, and so forth.
• Due to the growing consumption of vaccines across livestock and companion animals for disease prevention, the biologics sector is expected to expand the quickest in the veterinary medicine market throughout the forecast period. According to CNN, the United Kingdom Department for Environment, Food, and Rural Affairs confirmed the emergence of H5N1 avian flu at a chicken farm in Suffolk. In December 2019, 27,000 birds were slaughtered humanely as a result of the sickness.
• The medical feed supplements market is also predicted to rise rapidly throughout the forecast period, owing to their growing use in animal health maintenance.
• The growing worldwide population increases consumption of meat and dairy products, promoting the expansion of the medical feed additives industry.
• A considerable number of acquisitions and mergers performed by leading market players to extend their product range of vaccines is predicted to improve the growth potential.

Regional Analysis

Animal Adoption and Product Launches Accelerate Market Growth Dynamics in North America:

The animal medication industry is likely to be driven by the rising adoption of veterinary medication. Essentially, the global veterinary medication sector is unexplored and has low penetration rates, creating a substantial market opportunity. Veterinary medication penetration rates are under 1% in industrialized economies such as the U.S. and around 20% in Western European nations such as the U.K. The veterinary pharmaceuticals drugs industry in the U.S. is predicted to expand from USD 1 billion in 2018 to USD 2 billion in 2022, growing at a higher CAGR due to rising consumer awareness and rising disposable income.

North America dominates the global veterinary medication industry, accounting for more than 37.4% of the market share in 2020. Growth in this region is expected to be driven by increased animal adoption and new and improved products. The consumption of veterinary pharmaceuticals in industrialized nations is expanding due to high animal ownership and rigorous animal healthcare rules. Besides, R&D activities lead to the development of new treatments, increasing the demand further.

European nations are gaining ground due to favorable government rules such as the EU Veterinary Medicines Regulation and increased acceptance of pet insurance in Europe. Due to stringent animal health rules, the veterinary pharmaceuticals drugs industry in Europe will continue to rise.

Increasing the use of modern veterinary medications in Asia-Pacific, particularly in developing nations such as India and China, will drive market expansion over the forecast period. Animal health knowledge is growing in Asia-Pacific due to government initiatives, increased use of animals in agriculture, and rising disposable incomes, which leads to higher veterinary medicine spending.

The rising occurrence of zoonotic illnesses and advantageous reimbursement plans are primary contributors to the dominion. According to the Centers for Disease Control and Prevention, zoonotic infections are widespread in the U.S. and across the world. It is believed that 6 out of 10 identified infectious diseases can be transferred by animals, while animals cause 3 out of 4 emerging infections in humans. Further, the rising acceptance of pet health insurance in the U.S. is likely to boost the growth.

The market for veterinary medication in Asia-Pacific is predicted to rise rapidly over the projected period. Factors such as the increased popularity of companion animals and animal health hazards have fueled market expansion in the area. Further, rising expenditure on animal health and veterinary services and an increase in cattle population boost the veterinary medication industry.

Veterinary Pharmaceutical Drugs Market Segmentation

By Animal Type:

• Production
• Companio

By Product:

• Biologics
• Pharmaceuticals
• Medicated Feed Additives

By Regions:

• Americas
• Europe
• Asia-Pacific
• The Middle East and Africa