Veterinary Pharmaceuticals Market Definition And Segments
Veterinary pharmaceuticals are a class of drugs that are pharmacologically active and used to control, prevent, and treat diseases in animals. They have an effect when administered to animals and are rapidly broken down into active ingredients due to small intestine metabolism.
The main types of veterinary pharmaceuticals include veterinary vaccines, veterinary antibiotics, veterinary parasiticides, and other types. Veterinary vaccines provide protection against one or more diseases, which can lower the severity or prevent certain diseases entirely. The routes of administration include oral and other routes of administration for animal types, including companion animals and livestock animals. The vaccines include inactivated vaccines, attenuated vaccines, recombinant vaccines, and others that are provided by various end-users such as veterinary hospitals, veterinary clinics, pharmacies and drug stores.
The veterinary pharmaceuticals market covered in this report is segmented –
1) By Type: Veterinary Vaccines, Veterinary Antibiotics, Veterinary Parasiticides, Other Veterinary Pharmaceuticals
2) By Type Of Animal: Livestock, Companion Animals
3) By Type Of Vaccine: Inactivated Vaccines, Attenuated Vaccines, Recombinant Vaccines, Other Vaccines
4) By Route Of Administration: Oral, Parenteral, Topical, Other Routes Of Administration
5) By End User: Veterinary Hospitals, Veterinary Clinics, Pharmacies And Drug Stores
The veterinary pharmaceuticals market size has grown strongly in recent years. It will grow from $32.53 billion in 2023 to $35.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increased pet population, the increased overall spending by individuals on pets, the growing penetration of e-commerce platforms promoting online pharmacies, the emerging markets growth, the increasing government initiatives and the increased disease prevalence.
The veterinary pharmaceuticals market size is expected to see strong growth in the next few years. It will grow to $46.54 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the increasing pet ownership, the increasing population growth, the increasing disposable income, the increasing urbanization, the increasing penetration of pet insurance and the growing government support will drive the market. Major trends in the forecast period include focus on stem cell therapy to treat animals, focus on application of nanotechnology in veterinary medicines to tackle antibiotic resistance, development of chewable tablets, focus on use of telemedicine platforms to reduce the impact of COVID-19, development of advanced vaccines, focus on super-combo parasiticides, use of subunit and virus-like particle (VLP)-based vaccines and focus on strategic partnerships and collaborations.
Rising Disease Prevalence Among Animals Fuels Growth In The Veterinary Pharmaceuticals Market
The increase in the prevalence rate of diseases among animals serves as one of the major drivers for the veterinary pharmaceuticals market. The increase in the incidence of diseases in livestock and companion animals will require medicines to treat the animals for the diseases. For instance, according to the Banfield State of Pet Health Report, the prevalence of diabetes in dogs has increased by 79.7% from 13.1 cases per 10,000 to 23.6 cases whereas the prevalence rate increased by 18% in cats. The increase in the prevalence rate of diseases among animals results in an increased demand for veterinary pharmaceuticals market.
Rising Pet Ownership Fuels Demand For Veterinary Pharmaceuticals
The increasing pet ownership is expected to boost the growth of the veterinary pharmaceuticals market going forward. Pet ownership refers to the legal and ethical responsibility of individuals or households for the care, maintenance, and well-being of domesticated animals, commonly known as pets. As pet ownership increases, there is a growing demand for specialized medications tailored to different species, breeds, and health conditions. This encourages pharmaceutical companies to develop a wider range of products to cater to specific pet health needs. For instance, in October 2023, according to the report published by the American Pet Products Association Inc., a US-based non-profit association, 66% of households in the US owned a type of pet, as compared to 62% in 2022. Dogs were discovered to be owned by 44.5% of American families, while cats were owned by 29% of households in 2022. Therefore, the increasing pet ownership is driving the growth of the veterinary pharmaceuticals market.
Major companies operating in the veterinary pharmaceuticals market report are Zoetis Inc., Merck & Co., Inc., Boehringer Ingelheim International Gmb, Elanco Animal Health Incorporated, Ceva Sante Animale, Virbac SA, Dechra Pharmaceuticals PLC, Vetoquinol S.A., Phibro Animal Health Corporation, Kyoritsu Seiyaku Corporation, National Meditek, Fartovet Industry Limited, Hebei Chengshengtang Animal Pharmaceutical, Shijiazhuang Fengqiang Animal Pharmaceutical Co,.Ltd., Vvaan Lifesciences Private Limited, Century Pharmaceuticals Limited, Cargill India Pvt. Ltd., Jurox Pty Ltd., Bayer, Veteq, Nimrod Veterinary Products Ltd., Bimeda, Orion Animal Health, Petmedix, Eco Animal Health, Teknofarma, Farmavet, Candioli Pharma, Suanfarma, Marino Ibericamed, MPA veterinary, Lamons Laboratories SA, Swetrade Pharmaceuticals AB, Animalcare, VET-AGRO Sp. z o. o, CANPOLAND SA, Cymedica,, VIC Group, NITA-FARM, Apicenna LLC, Delos Medica, Provet Group, VitOMEK LCC,, Bioveta AS, Veterinarski Zavod Subotica, PharmaGal s.r.o.,, Bond Vet, trifecta Pharmaceuticals USA LLC., Trifecta Pharmaceuticals USA LLC., Bio-Synthesis Inc., Small Door Veterinary, Fuzzy, Alberta Veterinary Laboratories Ltd., Veterinary Purchasing Co. Ltd.,, Maure, Peru Animal Hospital, Miami County Veterinary Clinic, Cindy Fouts, UCBVET, Syntec, Sauvet, Vetanco, Chemo Argentina, Brouwer, Agrovet Market Animal Health, Lemavet, Primo Veterinary Medicines Trading LLC., AL Kubara Veterinary Medicines Trading LLC., Eurovets Veterinary Suppliers, Physio Evolution, Herzliya Veterinary Hospital, Oron Veterinary Center, Dr Aviram Ezra – Veterinarian, Saudi Pharmaceutical Industries, DBK Pharma S.A.E., Dawa Limited, Aesthetics Limited, Neimeth International Pharmaceuticals, Osy-Adamu Pharmaceutical Co., M S J Afro Agro Pharmacy, Global Vet (U) Ltd
Lack Of Awareness About Animal Healthcare Poses A Significant Restraint To The Veterinary Pharmaceuticals Market
The veterinary pharmaceuticals market is being restrained by a lack of awareness about animal healthcare. According to the Animal Welfare Act 2006, proper healthcare means the pet should have regular vaccinations, a suitable diet, protection from pain and suffering, suffering and should be free from any kind of disease. According to the PDSA Animal Wellbeing (PAW) UK report, only 38% of people in the UK are aware of this legislation which shows a very less proportion of the population is aware of animal healthcare and acts as a major restraint for the veterinary pharmaceuticals market.
Regulation And Approval For Medical Products
The veterinary pharmaceuticals market is regulated by government agencies such as European Medicines Agency (EMA), USFDA (the US Food and Drug Administration), and others. For instance, the EU agencies require 6 to 12 months to approve veterinary medicinal products. Moreover, it requires all parts of the registration dossier to be submitted together, unlike the US-FDA, which accepts phased submissions. The US-FDA assesses each technical section for 6 months which may be extended to another 6 month cycle if questions or concerns are raised. However, the technical sections’ assessment is done simultaneously, and therefore, the manufacturers should identify the time-consuming steps and plan the work accordingly and estimate the date of approval. Also, the license validity and renewal of the application in the EU region is very difficult upon the existing regulatory policies. Therefore, the manufacturers of veterinary pharmaceuticals should plan well, communicate effectively to minimize the costs and reduce timelines.
Emergence Of Generic Drugs As A Key Trend In The Veterinary Pharmaceuticals Market
The rise of generic drugs for animal care is being seen as the latest trend in the veterinary pharmaceuticals market. The economical nature of generic drugs enables pet lovers to take care of their pets efficiently. The FDA has approved 22 generic animal drugs for cats and dogs, which has increased the adoption of generic drugs by veterinarians. According to a survey conducted on 520 veterinarians by Brakke and Trone Brand Energy Inc., around 80% of the veterinarians confirmed that they are using generic drugs to save the pet owners’ money. However, the lower margin of profit given by generic drug manufacturers compared with the heavy margins of branded drugs needs to be investigated by veterinarians.
Innovative Veterinary Pharmaceutical Products Meeting Unique Pet Health Needs
Major companies operating in the veterinary pharmaceuticals market are developing new products such as molidustat oral suspensions to meet larger customer bases, more sales, and increase revenue. Molidustat oral suspension refers to a medication used for the control of nonregenerative anemia associated with chronic kidney disease (CKD) in cats. For instance, in September 2023, Elanco Animal Health Incorporated, a US-based pharmaceutical company, launched, Varenzin-CA1 (molidustat oral suspension), the first and only medication to manage non-regenerative anemia in cats with chronic kidney disease (CKD) and received provisional approval from the U.S. Food and Drug Administration (FDA). Varenzin-CA1 has the unique feature of being an innovative needle-free oral suspension solution for cats that can be administered at home without the requirement for in-clinic injections. This is also the first medication for cats to receive expanded conditional approval, a route to the market that promotes the creation of novel therapies and broadens the options for treating animals with unusual conditions, serious or life-threatening illnesses, or illnesses for which there are no effective or available treatments.
North America was the largest region in the veterinary pharmaceuticals market in 2023. Asia-Pacific was the second-largest region in the global veterinary pharmaceuticals market report. The regions covered in the veterinary pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the veterinary pharmaceuticals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The veterinary pharmaceuticals market consists of sales of biological drugs, biosimilars, monoclonal antibodies, sedatives, and antihistaminic. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The veterinary pharmaceuticals research report is one of a series of new reports from The Business Research Company that provides veterinary pharmaceuticals statistics, including veterinary pharmaceuticals industry global market size, regional shares, competitors with veterinary pharmaceuticals share, detailed veterinary pharmaceuticals segments, market trends and opportunities, and any further data you may need to thrive in the veterinary pharmaceuticals industry. This veterinary pharmaceuticals research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.